Employer participation in the HCSP is voluntary. They are eligible to participate in the HCSP if they make retirement contributions and take retirement deductions on behalf of employees of the state or a political subdivision, including officers or employees covered by a plan or fund specified in chapter 353D, 354B, 354D, 424A, or section 356.20, subd. 2.
The terms of HCSP participation and funding mechanisms must be stated in a written personnel policy or bargaining agreement.
MSRS must pre-approve all new and revised/modifed HCSP contract language.
An employer who wishes to enroll a group in the plan must provide MSRS with a copy of the HCSP language included in the bargaining agreement or employer's personnel policy.
Each employee group must be approved. Approval for an employer union/non-union group does not constitute approval for all groups added under the employer.
Only employees who belong to a group approved by MSRS to participate in the HCSP can contribute to the plan.
HCSP Employer Enrollment - Forms to Complete
Complete an HCSP Contract Approval/Renewal form (pdf) and provide MSRS with copy of the revised HCSP contract language.
HCSP contract language modifications must be approved by MSRS.
Important! HCSP language modifications can be made no less than every two years. This is to prevent an employer from revising the HCSP language to accommodate an individual. For example, let's say contract specifies that severance will be paid to the HCSP and an employee who is retiring does not want severance to be paid to the HCSP. The employer cannot revise the HCSP during the 2-year period to accommodate the individual who is retiring. It can only be revised after the 2-year period is reached.
Complete a Banking Change Request form (pdf) and mail, fax or email to MSRS.
This form authorizes our recordkeeper, Empower, to add employer bank account information to their system. Empower will use the bank account information to fund participant contribution data files and will only debit the amount authorized when you complete your participant contribution data batch.
ACH debit funding eliminates any delay in processing the contribution file that would otherwise result from a manual transfer of funds from you, the employer.