Employees are eligible for the Supplemental Retirement Plan (SRP) on July 1 following completion of two full-time years of service as a faculty member, in an unclassified educational administration position, as a MnSCU Administrator, or any combination thereof. A full-time year must be earned within one fiscal year.
Partial years of service are not cumulative over several years. However, the two full-time years do not have to be earned in consecutive fiscal years. All unclassified service with the Community Colleges, State Universities and Technical Colleges count toward earning the required two full-time years of service.
Once an employee has met the eligibility requirements, all future service (in eligible positions) will be covered by the Supplemental Retirement Plan. Future service includes part-time appointments and service following a termination or leave. Future service does not include additional employment following retirement.
Participation in SRP is mandatory upon meeting the eligibility requirements. Upon becoming eligible, employees receive notification of their eligibility along with information on the investment options available in the Plan. The employee is set up on the payroll system effective July 1 of the fiscal year in which they become eligible for the plan. Payroll deductions will begin when they meet the $6,000 compensation minimum for the Plan.