Announcements – Minnesota State University, Mankato

Tax Sheltering Back pay for IFO

From: Mullins, Therese A
Sent: Thursday, May 01, 2008 11:41 AM
To: IFO-Employees
Subject: Tax Sheltering Back pay

To All IFO:

Many faculty will be receiving lump-sum payments for retroactive pay on the May 23, 2008, paycheck. If you are going to receive a lump-sum payment and would like to tax shelter part or all of it in either the Tax Sheltered Annuity/403(b) plan or the Deferred Compensation Plan, you will need to enter two transactions in the Employee Self-Service web site, www.state.mn.us/employee. Attached are complete instructions from the Office of the Chancellor.

When you enter these transactions, please be sure to do the following:

Click on the words "Savings Plans," not "Deferred Compensation" or "403b Tax Sheltered Annuity."
Select a "Start Date" that is no later than May 13, 2008 (the last day of the pay period), and enter and save the transaction no later than May 13, 2008. The Self-Service web site will not allow you to back-date transactions.
Do a second transaction to reduce the deduction to your former amount or to zero if this is a one-time deduction; otherwise, the payroll system will attempt to take the larger deduction out of each subsequent paycheck. Use a "Start Date" between May 14, 2008, and May 27, 2008, for this second transaction.

See the Supplemental Instructions!

If you need any assistance, please contact:

Therese Mullins
Benefits Specialist
Minnesota State University, Mankato
Human Resources
336 Wigley Administration Center
Mankato, MN 56001

Phone: (507) 389-6942
Fax: (507) 389-2960
E-mail: therese.mullins@mnsu.edu