Retirement and Savings Plans

MSRS retirement and savings plans are governed by state and federal laws, rules, and regulations.

MSRS continually monitors retirement and savings plan changes. We will notify you of any changes that impact MSRS benefits.

State Legislation

Our plan provisions are established and maintained by Minnesota statutes. Legislation is required to make changes to benefits or modify pension contribution amounts.

The Legislative Commission on Pensions and Retirement (LCPR) is a bipartisan commission within the Minnesota Legislature. The LCPR reviews and recommends pension and retirement-related legislation that provides benefits for public employees across the State of Minnesota. The commission includes members from both the Minnesota House of Representatives and Senate.

Each year, the LCPR develops an omnibus pension bill.

  • This bill travels through the respective committees of the Minnesota House of Representatives and Senate.
  • Once finalized, the bill is voted on by both chambers and then sent to the Minnesota Governor.

To sign the bill into law, the bill must be approved by Minnesota House of Representatives, the Senate, and the Governor.

Federal Legislation

While plan provisions are governed at the state level, federal legislation may also impact our retirement and savings plans. Some examples of this include changes to the required minimum distribution age, federal taxation of benefits, and coordinating pension benefits with Social Security.

Other Rules and Regulations

Other rules and regulations also govern our retirement and savings plans. For example, the Internal Revenue Service (IRS) adjusts contribution limits and catch-up provisions every year that impact our MNDCP and pension plans.