Retirement
Employment at WSU includes a combination of mandatory and voluntary retirement plan options. We encourage employees to review the full array of opportunities and to become actively involved in planning for your future throughout your career.
Mandatory Retirement Plans
Unclassified
IFO, ASF & Administrators
Unclassified employees (.25 FTE and above) participate in either the Individual Retirement Account Plan (IRAP) or Teacher Retirement Association (TRA). Full-time employees also participate in the Supplemental Retirement Plan (SRP) after completion of two years of employment. New employees have one year to review the provisions of the IRAP and TRA plans to determine retirement plan choice.
Contact Human Resources for the TRA election form.
Classified
AFSCME, MAPE, MMA, MNA, Commissioner's Plan, Managerial Plan
Classified employees participate in the Minnesota State Retirement System (MSRS) General Plan which is a defined benefit plan with all investments managed by the State Board of Investment. MSRS requires a vesting period and provides a guaranteed lifetime annuity to eligible retirees.
Voluntary Retirement Plans
Optional Retirement
All Employees may voluntarily participate in
the following retirement plans:
Preparing to Retire
As your retirement plans take shape, you have resources available
to you to assist in a smooth transition.
WSU Human Resources Department (HR)
Review
the Preparing for Retirement checklist and schedule a one-on-one
meeting with Human Resources to discuss your
eligibility for retirement and the retirement process. Within 6-8 weeks of
your retirement date HR will also meet with you to complete retiree insurance
forms.
WSU Retiree Center
Attend
a Pathways to Retirement event and discover the opportunities and privileges available
to WSU retirees. View the WSU retiree events calendar online.
Retirement Plan Administrator(s)
Meet
with your retirement plan administrator(s) about your retirement account. You
may have additional retirement plans to contact as well based on individual
investing and/or previous employment.
MINNESOTA STATE RETIREMENT SYSTEM (MSRS)
Plans Administered: Pension Fund, Health Care Savings
Plan (HCSP), 457 Plan
1-800-657-5757 or www.msrs.state.mn.us
TEACHERS RETIREMENT ASSOCIATION (TRA)
Plan Administered: Pension Fund
1-800-657-3669 or https://www.minnesotatra.org
TIAA
Plans Administered: Individual Retirement Account
Plan (IRAP), Supplemental (SRP), 403(b)
1-800-682-8969 or http://www.tiaa-cref.org/mnscu
State Employee Group Insurance Program (SEGIP)
The State of Minnesota offers options for continuing your
insurance coverages upon retirement to eligible State retirees. Here you
will find information about planning for retirement, electing your retirement
benefits, and maintaining your retiree coverages on the SEGIP
website.
Social Security
Contact the Social Security
Administration if you are planning to apply for Social Security benefits.
Medicare
Contact Medicare for information about applying for benefits if
you are approaching age 65 or are over the age of 65.
