Plan Now Brochure
4 | 1 3 2 4 Set a Savings Goal - Aim for 15% Consider aiming high. Retirement professionals recommend saving at least 15% of your salary each year.2 This amount may seem like a lot, but it combines all of your retirement savings contributions including those to your pension plan and voluntary savings accounts.
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Eligibility to Receive Reimbursements Instructions to ...
www.msrs.state.mn.usD. Reimbursement of one-time expenses Refer to IRS Publication 502 at www. irs.gov for a complete list of eligible expenses. Complete Section 3 of the Reimbursement Request form after you have incurred eligible healthcare expenses totaling $75 or more. You may include multiple expenses on one form and attach additional pages, if necessary.
Health Care Savings Plan At-A-Glance
www.msrs.state.mn.uswithholding rate, a 7.05% state tax withholding rate and a 7.65% FICA (Social Security and Medicare) tax rate. Individual tax rates may vary based on total taxable income and filing status for the year. Severance Paid in Cash Severance Payment $10,000 Federal Income Tax $ -2,200 State Income Tax - 705 FICA Tax - 765 $6,330 Net Payout in Cash
General Employees RETIREMENT PLAN
www.msrs.state.mn.usMinnesota Deferred Compensation Plan (MNDCP) and the Health Care Savings Plan (HCSP). This handbook is a general summary of the beneft provisions of the retirement plan. The benefts described apply to active members of the plan at the date this handbook was issued. Unless otherwise stated, if there is any difference
to retirement. - MSRS
www.msrs.state.mn.usIncome Tax Reporting : All or most of your monthly beneft is subject to federal and state income taxes. Each January, MSRS will send you a Form 1099-R. This form shows the total beneft payments you received during the previous year; the amount that is taxable income; and the amount withheld for federal or Minnesota state taxes, if any.
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