Agenda - Council - 07/22/1980 - Laserfiche WebLink

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ENROLL~dENT PROCEDURES AND RESPONSIBILITIES FOR THE MINNESOTA PUBLIC EMPLOYEES' DEFERRED COMPE~qSATION PLAN' Outline of A. The Steps to Follow to Put the Plan in Effect; B. General Duties and Responsibilities of Employing Unit; and C. Responsibilities of the Minnesota State Retirement System in the Administration of the Plan. A. Steps to follow to initiate Plan. 1. Obtain Board, Council or other appointing authority approval as required by your Agency. Notify MSRS by letter of your Agency's intent to participate in the Minnesota Public Employees' Deferred Compensation Plan. Include your Agency's seven digit 'Minnesota Tax Identification Number' for our com- puter system. Additional informational material is available upon request. Assure that all employees are informed of the existence and provisions of the Plan. Review all employee's 'Applications for Participation' (MSRS 240) for completeness. All approved applications must be signed by the employer on the 'Employer Signature' line, as provided on the lower right portion of the application. Deductions are to begin the first full pay period thirty days following receipt of the completed application. Submit the completed applications to MSRS in groups based on the first pay period that deductions are to begin. 6. Submit with the applications the following information: (a) A list by payroll cycle or period of all who have approved appli- cation to participate in DCP. Participants on different pay period cycles must be reported separately. This list must contain the Social Security number, name, the amount deferred per pay period for each participant and the total to be withheld each pay period for your Agency. (b) The payroll cycle of each group, i.e., bi-weekly, semi-monthly, monthly, etc. (c) The pay period ending date of the first pay period for each group. 7. Submit for each pay period the following information. Reporting must be on a pay period basis with the following given for each pay period: (a) The dollar amount deducted that pay period and a check payable to: Minnesota State Retirement System - Deferred Compensation Plan. (b) A completed payroll reporting form. A copy of the form is supplied by the Minnesota State Retirement System upon receipt of applications. Participants on different pay cycles must be reported separately.