Learn more about this exciting news in the Latest News section of this website.
The Board of Trustees recently approved amended plan documents for all of the plans under MSRP administration: 401(k); 401(a) match; 457; and 403(b). The restated plans are effective January 1, 2012. The amendments are largely technical in nature, and reflect changes in tax law over the last several years. These changes expand the definition of hardship to include certain emergencies for a non-dependent primary beneficiary of the participant; permission for a beneficiary to make a direct roll-over to an IRA; adoption of specialized rules for certain participants in military service; and explicit standards for contributing post-employment compensation such as accrued vacation pay. The amendments also integrate into the plan document various changes adopted since 2002, such as the Roth accounts and provisions relating to the Target Date funds.
The new plan documents are available on the Plan Descriptions page of this web site.
announces the ROTH
Retirement Savings option is now available.
Now any State employee can contribute to their own ROTH retirement savings-in their MSRP 457(b) Plan AND their MSRP 401(k) Plan accounts. Beginning 4/11/2011, you may choose to make after-tax payroll contributions to a Roth account (combined with or instead of pre-tax contributions) in your 457(b) and/or 401(k) account-up to the customary annual limits. Click here for more information.
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