Small steps can make a BIG difference!
Consider increasing the amount you contribute to your MNDCP each time you get a raise. While it may be tempting to spend the extra cash, contributing $25 more a paycheck has the potential to make a BIG difference in your retirement savings.
|
Contribution |
10 Years |
20 Years |
30 Years |
|
$25 |
$8,891 |
$25,061 |
$54,366 |
How to change your contribution amount
You have three options to update your MNDCP contribution amount:
1. Login to your account online
- Select Go to Savings Plans at the top right of the page
Note: If you have multiple defined contribution plans, you must choose MNDCP
-
Select Contributions & Savings
-
Select Manage Contributions
-
Select Update My Contributions
Choose Percentage or Dollar Amount radio button
Enter the amount you would like to contribute each pay period
or use the slider to select the amount. And choose if you would
like to contribute pre-tax or Roth after-tax dollars -
Select Save Contribution Updates
To automatically increase your savings annually, select the Yes
radio button. If you do not want to automatically increase your
savings yearly, select the No radio button -
Select Continue
-
Review the changes and select Submit
-
Select Close to return to your account information
2. Submit a Quick Deferral Change form
3. Contact the MSRS Service Center at
800.657.5757
Hennepin County Employees
Login to APEX and follow these instructions:
-
Select Deferred Compensation under benefits
-
Select Enroll/Change Deferred Comp
About employer matching dollars
Please confirm with your employer directly if they offer matching dollars to your MNDCP account.
If you are a State employee, most unions match a portion of your contributions to the MNDCP. More Info