Retirement can seem a long way off, but saving while you work is important for your long-term wellbeing.
- Primary Retirement Plans
- Save More Through Voluntary Retirement Plans for All
- Webinar and Seminar Videos and Handouts
- More Retirement Resources
- Looking for Help?
Benefits-eligible employees are automatically enrolled into a primary retirement plan based on their employee group:
Faculty Retirement Plan: For Faculty and P&A Staff
Faculty and P&A are invested in a defined contribution plan known as a 401(a) plan administered by Securian Retirement Services. Learn more about plan eligibility, performance, and the Senate Committee on Faculty Affairs Retirement Subcommittee.
Minnesota State Retirement System (MSRS): For Civil Service and Labor-Represented Staff
This is a defined benefit savings plan, also known as a pension. If you’re eligible, you are automatically enrolled starting on your first day of work at the U. The hiring department and you will need to complete the MSRS form and send it to the form to Total Compensation in the Office of Human Resources in order to get your online account set up. Learn more about the MSRS General Plan.
Faculty and staff can save additional money for retirement through the University through a voluntary plan. Save as little as $200 a year and build your retirement savings over time. Watch this short video to learn more about both plan options:
You can invest in one or both plans:
- Optional Retirement Plan (ORP)
- Section 457 Deferred Compensation Plan
- Compare the Optional Retirement and Section 457 Plans (pdf)
- You are eligible if you are faculty, P&A, Civil Service, or Labor-Represented staff employee paid on a continuous basis.
The University of Minnesota's annual Pre-Retirement Planning Seminars is designed to help you and your spouse prepare for retirement. Watch recent sessions by clicking the links below. You can see links to the presentation handouts when you open the online presentation window.
- Employee Benefits, Supplemental Medical, Dental, and Life Insurance (pdf), presented by Melissa Unruh, Employee Benefits
- Social Security and Medicare (pdf) and When to Start Receiving Retirement Benefits (pdf), presented by Rhonda Whitenack, Social Security Administration
View the presentation online (video)
- Employee Benefits, Income Taxes, and Minimum Required Distributions (pdf), presented by Diane Ellis, Securian Retirement
- Estate Planning (pdf), presented by Jessica Johnson, JD, Gray Plant Mooty
Free webinars on a range of personal finance topics were held during National Retirement Security Week in 2016 for all employees. Recordings of three sessions are available to view anytime:
- Retirement Basics: Taking the Right Steps. Retirement saving and investing doesn’t need to be complicated. In fact, there are some basic concepts that, if applied, will help increase your odds for a successful, and comfortable retirement. In this presentation, we will explore the basic strategies you can use for saving and investing for your retirement. Specifically, when to start saving and understanding the role of time; how much to save and understanding the need to save a reasonable amount; and, investing smart by understanding the need to balance risk and return. This recorded presentation is provided by Securian Retirement Services.
- Retirement Roadmap: Keeping Your Dreams on Course. While retirement is unique for everyone, there are some key steps you can take to help map out your ideal retirement. Whether you have many years until retirement or it’s just on the horizon, understanding your goals and how to fund your retirement is an important step. This presentation will help you begin to create your retirement roadmap by defining your destination and how you want to spend your retirement; understanding the various phases of retirement you will experience and how you may fund these phases; and, identifying financial roadblocks and hazardous detours on your retirement journey. This recorded presentation is provided by Securian Retirement Services.
- Your Retirement and Social Security: Exploring Your Best Options. Understanding your potential sources of income for your retirement years is an important step in building a comfortable retirement. In fact, deciding when and how to claim Social Security is one of the biggest decision pre-retirees have to make. This presentation will help you understand the role Social Security may play during your retirement years. You will also learn about risks faced by retirees; the basics of Social Security—what it provides, who is eligible to receive it, and when benefits begin; claiming strategies that you can use to maximize your Social Security benefits; and, resources you can use to help you explore your options. This recorded presentation is provided by Securian Retirement Services.
- Compare all of the retirement plans (primary and voluntary) (pdf)
- Review annual plan reports (automatic and voluntary)
- University retirement-related workshops and events
- List of investment companies (automatic and voluntary plans)
- Investment performance results (automatic and voluntary plans)
- Read more about small steps toward your retirement future
- Call the Benefits Contact Center at 4-UOHR (612-624-8647 or 800-756-2363) and talk to a counselor.
- Faculty Retirement Plan participants can contact Securian Retirement Services at 651-665-3670 or 800-421-3334 and talk with a representative or plan a face-to-face meeting.
- Minnesota State Retirement System participants can call 651-296-2761 or 800-657-5757.