A. Vacation
Leave Conversion/Deferred Compensation Match
It is important to note that to receive
either of these benefits, you are required to participate in
the Deferred Compensation Program and you must complete the “Selection of Deferred
Compensation” form no
later than June 7th of each year.
The selection of Deferred Compensation form
is available at: www.finance.state.mn.us/agencyapps/sema4/forms.html
1. Vacation Leave
Conversion:
If you are at the top of your salary range or will attain
the top of the salary range in this fiscal year, you may
convert to your deferred compensation account, one (1)
hour of vacation leave for each of three (3) hours used
in the previous fiscal year, up to a maximum of 40 hours.
Supervisors electing this vacation conversion option forfeit
the State paid matching contribution.
2. State
Contribution Match to Deferred Compensation Plan:
The State paid contribution to your deferred compensation
account will be on a dollar for dollar match basis and will
be up to $200.00 for this fiscal year and $300.00 for each
fiscal year thereafter.
B. Compensatory
Time Conversion:
Supervisors (those who are eligible
for and have compensatory banks) may convert up to forty
(40) hours of their compensatory time bank, to deferred compensation,
at the time of their choosing, once per fiscal year by completing
the “Selection
of Deferred Compensation” form. Supervisors who elect
this option are also eligible for either A.1 or A.2 above.
Please note that converting leave to
your deferred compensation account may have a positive impact
on your monthly pension benefits due to the fact that when
the leave is converted during your “High
Five” it will
increase the income that your pension benefit is based on.
Questions
concerning these benefits may be directed to your agency’s
payroll or Human Resources Staff or to MMA.
