Defined Benefit plan limits
The MSRS pension retirement plans are qualified plans under IRS Code 401(a). As such, IRS limits under Section 401(a) and 415 apply.
The 415 limits were designed to place caps on how much salary and contributions can be deferred in a retirement plan.
The contribution limits are governed specifically by IRS 401(a)(17).
Highly Compensated Limits
The maximum salaries for which contributions can be submitted to MSRS are as follows:
| Hired | 2024 |
Notes |
| July 1, 1993 or after | $345,000 | Salary limit maybe adjusted annually by the IRS |
| Before July 1, 1993 | $505,000 | Amount is adjusted by inflation |
If in any calendar year, a member of a MSRS pension retirement plan can make contributions up to the allowable limit described in MS Section 356.611.
Working Annuitants Limits
| Affects | 2024 |
| Those under full retirement age | $22,320 |
| Those who reach full retirement age during the calendar year | $59,520 |
| Those who attain full retirement age | No Limit |
When an employee reaches the maximum salary subject to retirement contributions, MSRS staff notifies the agency to discontinue the deductions for contributions until the first pay period of the next calendar year. If the employee has contributed on more than the allowable salary in any year, excess contributions are refunded to the employee and employer as deductions taken in error.
Defined Contribution plan limits
The maximum amount that may be contributed to a defined contribution plan is governed by 415(c)(1)(a).
The maximum amount is $66,000 for 2023 and $69,000 for 2024.
The annual maximum contribution limits for employees who participate in a 457(b) (like the MNDCP), a 403(b), 401(k)
or the federal governments' Thrift Savings Plan are:
| Participant Age | 2024 |
| Under Age 50 | $23,000 |
| Age 50 & Over | $30,500 |
| Catch-Up Provision | $46,000 |
Note: If you contribute both pre-tax and Roth after-tax dollars, your combined contributions cannot exceed the Annual Maximum Contribution Limits.
The limit also includes any employer matching contributions to your account.