Minnesota State Retirement System (MSRS) Profile

Overview

The Minnesota State Retirement System (MSRS) is a prominent public institution that manages retirement plans offering retirement, survivor, and disability benefits for over 56,000 active Minnesota state employees. It was founded in 1929 and is headquartered at 60 Empire Drive, Suite 300, St. Paul, MN 55103-3000. MSRS provides monthly benefits to more than 44,000 retirees, ensuring economic security for its members.

Leadership

Erin Leonard serves as the Executive Director, overseeing the strategic direction and operational management of MSRS. Her expertise in public pension management plays a vital role in navigating industry changes and implementing new initiatives.

Mary Benner is the Chair of the MSRS Board of Directors, appointed by the Governor, with her term lasting until January 4, 2027. The Board, consisting of 11 members, includes both elected and appointed directors who uphold the fiduciary responsibility to the members and beneficiaries of all MSRS plans.

Michael LeDoux is an elected representative for the State Patrol Retirement Plan, with a term ending in 2026.

Joseph Sullivan represents the General/Unclassified Plans, maintaining engagement with a broad member base.

Wesley Skoglund represents retirees of all plans, focusing on the needs of retired members.

Services and Operations

MSRS manages six defined benefit trust funds, providing a wide range of services including:

Pension Plans: Comprehensive retirement plan management and benefit disbursement.

Deferred Compensation Plan (MNDCP): Assists employees with managing investments and contributions.

Health Care Savings Plan (HCSP): Offers options for covering health-related expenses post-retirement.

Communications and Accessibility

MSRS prioritizes member engagement through:

Webinars and seminars aimed at enhancing understanding of retirement benefits.

A strong LinkedIn presence, used for updates and community building.

Direct contact channels, including 651-296-2761 and info@msrs.us for inquiries and support.

Governance and Strategic Plans

The MSRS Board formulates policies, oversees disability and benefit appeals, and supervises plan administration. Bi-monthly meetings facilitate continuous oversight and adaptive strategy development, responding to evolving retirement needs.

Competitor Profiling

Key Competitors

Public Employees Retirement Association (PERA): Manages defined benefit plans for local government workers.

Teachers Retirement Association (TRA): Oversees retirement plans mainly for educators and academic staff.

These organizations work alongside MSRS to extend retirement benefits to public sectors across Minnesota.

Retirement Plans and Benefits

MSRS oversees various retirement plans, including:

A General Employees Retirement Plan for state employees and civil service workers.

The Minnesota Deferred Compensation Plan (MNDCP), enhancing retirement savings options.

Specialized plans for specific groups like military affairs and state patrol.

Plan details are accessible via [Deferred Compensation Plan](http://www.msrs.state.mn.us/about-mndcp) and [Pension Plans](http://www.msrs.state.mn.us/pension-plans-forms-docs).

Strategic Position and Financial Insights

As of the 2023 fiscal year, MSRS manages assets worth approximately $88 billion, serving 328,444 active members and 264,635 annuitants. Employer contributions, totaling $1.83 billion, significantly support the sustainability of MSRS plans.

Legislation and Policy

The Legislative Commission on Pensions and Retirement influences pension policy development in Minnesota, ensuring stability and fairness in public pension funds. Statutes like Sections 3.85 and Chapter 352 of the Minnesota Statutes underpin MSRS operations.

Engagement and Communication

MSRS enhances member engagement through detailed plan comparisons, counseling services, and organized outreach programs. Stakeholders can access resources or seek personalized assistance via [Contact Us](http://www.msrs.state.mn.us/contactus).

This detailed report encapsulates the strategic positioning, governance, and competitive landscape of the Minnesota State Retirement System, providing a comprehensive framework for stakeholder engagement and analysis.