Can I select both the Optional Deferred Compensation State Match AND a Vacation Leave Conversion?
No. If eligible, you may select either the Optional Deferred Compensation State Match or a Vacation Leave Conversion, but not both.
Optional Deferred Compensation State Match
Do I Need a Deduction?
Yes. You MUST have a deferred compensation (savings plan) deduction set up first.
How do I set up a saving plan?
In Self Service, use the Savings Plans page, otherwise, submit an enrollment form to MSRS.
Must I select the optional state match each year to receive it?
Yes. You will not receive the state match if you do not select it. You can select an option once each fiscal year.
Reminder: You can select either the optional state match OR vacation leave conversion, but not both.
Tip! Make your selection no later than the pay period end date to be processed in that pay period. The optional state match will occur as soon as possible if you have a deferred compensation (savings plan) deduction in place.
How do I select the optional state match?
In Self Service, use the Deferred Comp Conv/Mtch Option page, otherwise, submit the Selection of Deferred Compensation Option form to your agency payroll office.
- For Self Service: refer to Self Service Deferred Compensation Conversion/Match Option instructions.
- To submit the paper form: print the Selection of Deferred Compensation Option form from Self Service by clicking Other Payroll, and then Payroll Forms. Complete the form and return it to your agency payroll office.
Vacation Leave Conversion
Do I Need a Deduction?
No. You’re not required to have a deferred compensation deduction set up. Your conversion will be processed and invested in the Target Retirement Income Fund based on your date of birth and retirement year at age 65.
What if I want to change my default investment?
To change the default investment, go to https://www.msrs.state.mn.us/mndcp, establish an account, and choose an investment option.
Must I select a vacation conversion each year to receive it?
Yes. You can select a vacation conversion only once each fiscal year. Be aware that if you convert less than the maximum vacation you are allowed by your bargain unit/compensation plan, you will be unable to make a second selection in that fiscal year.
Reminder: You can select either the optional state match OR vacation leave conversion, but not both.
How do I select a vacation conversion?
In Self Service, use the Deferred Comp Conv/Mtch Option page, otherwise, submit the Selection of Deferred Compensation Option form to your agency payroll office.
- For Self Service: refer to Self Service Deferred Compensation Conversion/Match Option instructions.
- To submit the paper form: print the Selection of Deferred Compensation Option form from Self Service by clicking Other Payroll, and then Payroll Forms. Complete the form and return it to your agency payroll office.
