Minnesota State IRAP

PLAN INFORMATION
Minnesota State offers this plan as part of workplace benefits. Now is a great time to understand what is offered - think about taking advantage of any opportunities to save and invest for the future. 
Learn what plans allow eligible employees to do.
Beginning on July 1, 2019, employee contributions to IRAP will increase. The increase will affect all IRAP participants, but the rate of increase depends on whether or not an employee still holds the right to elect change to the retirement plans and become a participant in the Teachers Retirement Association retirement plan (TRA).
 
For IRAP participants who have not yet achieved permanent or tenured status, or who achieved permanent or tenured status after July 1, 2018, and still retain the right to make an election to change retirement plans, the employee contribution will increase from 4.5% of gross pay to 7.5% of gross pay.
 
For IRAP participants who have achieved permanent status prior to July 1, 2018, or who have already become permanent and/or no longer have an opportunity to exercise an election to change retirement plans, the employee contribution rate will increase more gradually.
 
  • July 1, 2019: 5.15%
  • July 1, 2020: 5.8%
  • July 1, 2021: 6.45%
  • July 1, 2022: 7.1%
  • July 1, 2023: 7.75%
  • July 1, 2024: 7.75%
 
Beginning July 1, 2024, all IRAP participants will make employee contributions at the same rate (7.75%) as each other and at the same rate as employees who participate in TRA.
Contributions to this account will be 100% vested immediately.
EXPLORE OPTIONS
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