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Can I opt out of the HCSP? <br />You may opt out if you: <br />• Are eligible for TRICARE retiree insurance benefits <br />• Have a service -connected disability <br />• Are a foreign national who plans to return to your country <br />of origin after you end employment <br />• Have comprehensive health insurance coverage provided <br />for life that is at least 70% paid for by an employer. The <br />coverage must be provided by a source other than your <br />current employer who sponsors your HCSP. <br />• Are a Native American eligible for tribal insurance coverage. <br />Once you opt out of participation in the HCSP, you cannot enroll at <br />any time in the future. <br />© For more information visit www.mnretire.gov/waiver-of- <br />participation or contact MSRS to request the appropriate <br />waiver form. <br />What federal and state laws <br />govern the HCSP? <br />The HCSP is a tax-exempt section 115 Governmental Integral Part <br />Trust. The HCSP assets can only be used for post -employment medical <br />expenses. The trust was approved by an IRS private letter ruling, which <br />ensures the tax-exempt status. Minnesota Statutes, Chapter 352.98 <br />authorizes Minnesota State Retirement System (MSRS) to offer the <br />HCSP to governmental employees who work for a city, county, school <br />district, political subdivision or the State of Minnesota. <br />Can I have multiple medical <br />savings plans? <br />Yes, you may invest in multiple tax -advantaged medical <br />savings plans such as a Health Savings Account (HSA), Health <br />Reimbursement Account (HRA) or Flexible Spending Account (FSA). <br />However, you cannot be reimbursed for the same expense from <br />more than one savings plan or deduct a reimbursed expense on <br />your federal income tax return. <br />How much are administrative fees? <br />The annual administrative fee is 0.65% of your account <br />balance. This fee is prorated and deducted monthly from your <br />account balance. The maximum annual fee is $140 (or $11.67 <br />per month). Fees are subject to change. <br />How do I monitor my account? <br />There are several ways to monitor and access your account. <br />Statements - A summary of your account information <br />will be available online or mailed to you quarterly. <br />Online 24/7 Access - Manage your HCSP account <br />anytime and as often as you like. <br />® Phone - Speak with an MSRS representative Monday <br />through Friday from 8:00 a.m. to 4:30 p.m. <br />Contact Us - We're Here To Help! <br />Phone: 1.800.657.5757 or 651.284.7730 <br />Web: www.mnretire.gov Email: info@mnretire.gov <br />Address: 60 Empire Drive, Suite 300 St. Paul, MN 55103 <br />Hours: Monday — Friday, 8:00 a.m. - 4:30 p.m. <br />The Health Care Savings Plan (HCSP) is administered by Minnesota State Retirement System (MSRS). <br />Plan administrative services provided by Voya Institutional Plan Services, LLC., a member of the Voya® family <br />of companies. <br />Retirement specialists are registered representatives of Voya Financial Partners, LLC (member <br />SI PC). This material is for informational purposes only and is not intended to provide investment, legal or tax <br />recommendations or advice. <br />