Virtual Fair: Retirement Savings

While you can make changes to your voluntary retirement savings plan and meet with plan representatives throughout the year, Open Enrollment is a great time to evaluate your retirement savings progress and make adjustments based on your benefits elections.

Visit NetBenefits to schedule a meeting with the University’s Fidelity Retirement Planners.

Retiring soon?

If you're planning to retire in the next calendar year, review this "Planning for Retirement" document to ensure you're making informed decisions about your benefits elections. The document also has handy information and resources if you're thinking about retiring in the next few years.

Learn more

Early and mid-career

Near retirement

Retiree

Primary Retirement Plans

Faculty Retirement Plan (FRP)

Eligible faculty and P&A staff are automatically enrolled in the FRP, a defined contribution plan.

Learn more about the FRP options with the following resources:

Minnesota State Retirement System

Eligible Civil Service and Labor Represented staff are automatically enrolled in MSRS, a defined benefit or pension plan for public employees.

  • Speak with an MSRS representative by calling 651-296-2761 or 800-657-5757, option 3, Monday through Friday, from 8:00 a.m. to 4:30 p.m.
  • If you’re six months from retirement, consider scheduling an appointment with a University of Minnesota benefits counselor.

Video

Learn more about the MSRS benefit with the following resources:

Voluntary Retirement Plans

Optional Retirement Plan (ORP)

The Optional Retirement Plan provides a way for all employees to save more for their retirement future. The ORP is a 403(b) voluntary savings plan that you can start or stop anytime.There is no minimum and your investments are taken out of your paycheck by the University and you choose how you want to invest it. The plan offers pre-tax and Roth contribution options. 

457 Deferred Compensation Plan

The 457 Deferred Compensation Plan provides a way for all employees to save more for their retirement future. The 457 Plan is a voluntary savings plan that you can start or stop anytime. There is no minimum and your investments are taken out of your paycheck by the University and you choose how you want to invest it. This plan is a tax-deferred savings plan, so your investments are taken out pre-tax. 

Both the ORP and 457 Plans are offered through Fidelity. 

Resources

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