The current MGEC contract provides for the employer to match the first $300 and employee contributes to his/her deferred compensation account. Each year, to get the $300 matching funds, every employee needs to make an election to do one of the following. The employee can’t do both (get the deferred compensation match and convert vacation accrual to deferred compensation) in the same fiscal year. An employee needs to make their selection before the last pay period in June 2019.
- Receive the employer Deferred Compensation matching funds (see process below)
To select the employer match for deferred compensation, use the self-service on-line system (see below path to get there in Self Service) (some MnDOT locations require paper selection). (Main Menu > State of MN Self Service > Other Payroll > Deferred Comp Conv/Mtch > Deferred Comp Conv/Mtch Option)
- Convert up to forty vacation hours to Deferred Compensation
To convert vacation hours to deferred compensation, use the paper process provided by the employer. To be eligible to convert vacation to deferred compensation, the employee must be determined to be a “supervisor,” be at the top of his or her pay range, and have used three times as many hours vacation, in the prior fiscal year, as he/she wants to “cash out” or to convert in this fiscal year.