Minnesota State Tax Sheltered Annuity

Minnesota State Tax Sheltered Annuity

Minnesota State provides you with the opportunity to save for your retirement through the MnSCU Tax Sheltered Annuity Plan. All employees are eligible to participate in the Plan. To enroll in the plan, go to TIAA’s Minnesota State portal and select “Enroll Now”. Voluntary enrollment in the Tax Sheltered Annuity Plan (TSA) is not final until you elect your contribution amount on the State of Minnesota Employee Self-Service web site. If you are already enrolled in the plan but wish to change the amount of your contributions, you may update this in Employee Self Service.  The Plan offers both pre- tax and after-tax (Roth) payroll deferral options.

Please be aware that the law limits the amount you may defer under this and other plans in any tax year. For 2022, the limit under all plans of this type is generally $20,500 although larger limits may apply if you are age 50 or over. Each participant only gets one limit for contributions to all 403(b) plans, so if you are also a participant in a 403(b) plan of another employer, your combined contributions to that plan and to the Minnesota State Tax Sheltered Annuity Plan in 2022 are generally limited to $20,500. If you participate in more than one 403(b) plan, you are responsible for tracking and reporting the amount of all of your contributions to the plans so that the total amount of all your contributions to all plans in which you participate do not exceed the limit. Note also that the sum of all of your contributions, and those of your employers, to all 403(b) plans that you participate in are generally limited to the lesser of $61,000, or 100% of your compensation in 2021.

If you have any questions, please contact the Human Resources Office at: hr@mnstate.edu or 218-477-2157.