May 4, 2010
Reminder to make your selection to deferred compensation for FY 10 before the deadline.
Automatic Deferred Compensation Match - The MGEC collective bargaining agreement (Article 17, Section 13), provides for an “Employer-paid deferred compensation match”. Employees in MGEC (Employer Paid Match = $300.00) will receive this “Employer-paid deferred compensation match” automatically, provided the employee has a deferred compensation deduction in place. The employee is not required to complete a form to receive this match. Normally this match occurs the first pay day in July, provided the employee has a deferred compensation deduction in place. However, this date may differ if the employee did not have a deferred compensation deduction in place at that time.
Compensatory Time Conversion - MGEC employees may also choose to convert up to 40 hours of compensatory time to deferred compensation once each fiscal year.
Deadlines - It is strongly encouraged to enter deferred compensation matches prior to the deadlines whenever possible.
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6/8/2010 |
Last Pay Period to process deferred compensation match for FY 2010 |
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6/22/2010 |
First pay period to process deferred compensation match for FY 2011 |
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7/6/2010 |
This is the split pay period Compensatory time conversion may be processed on the split pay period. Compensatory time conversion with effective dates of June 23-30 will apply to FY 2010, and those with effective dates of July 1-6 will apply to FY 2011. (In Employee Self Service, the effective date is the date of entry). |
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6/7/2011 |
Last pay period to process deferred compensation match for FY 2011. |
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6/21/2011 |
Last pay period to process vacation leave conversion for FY 2011. |
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7/5/2011 |
This is the split pay period. Compensatory time conversion may be processed on the split pay period. Compensatory time conversions with effective dates of June 22-30 will apply to FY 2011, and those with effective dates of July 1-5 will apply to FY 2012. (In Employee Self Service, the effective date is the date of entry). |
Forms The selection of Deferred Compensation Option form: http://www.mmb.state.mn.us/doc/sema4/forms/seledefcomp.pdf
Employee Self Service web-site: https://www.s4web.state.mn.us/psp/employee/?cmd=login&languageCd=ENG&
Employees who need to enroll in the Minnesota State Deferred Compensation Plan can find plan information and an enrollment form at www.mndcplan.com .
Questions - Contact your payroll administrator. If you are not sure who that is, please click on this link: http://ihub.employee/contacts_by_office.html and select your office. If you have questions about deferred compensation plans, contact Minnesota State Retirement System, 651–296-2761 or 1-800-657-5757