Minnesota State Retirement System (MSRS) is pleased to announce the selection of Empower Retirement (formerly Great-West Financial) as our new recordkeeper. Effective July 1, 2015, Empower will replace Voya Financial® as the recordkeeper.
MSRS selected Empower, a leader in the financial services industry, as a result of a thorough vendor selection process. Empower is a retirement plan provider to many state, municipal, and county governments.
Which MSRS Plans are affected?
The following MSRS-administered plans are affected:
· Minnesota Deferred Compensation Plan (MNDCP)
· Health Care Savings Plan (HCSP)
· Unclassified Retirement Plan
· Hennepin County 1% Supplemental Retirement Plan
What do I need to do?
The transition to Empower will happen automatically and should be relatively transparent to you. However, starting in late June there will be a blackout period during which time you will not be able to make changes to your account. Detailed information about the blackout period will be mailed to you in May.
The account online website and access will change to improve the user experience. In early July, a new PIN and login instructions will be mailed to you. Otherwise, almost everything else will remain the same: MSRS will continue to administer the plans, answer participant calls, and process transactions.
How will MSRS keep me informed during the transition?
Information and updates about the upcoming recordkeeper change will be available on this website and in plan newsletters. In May, you will receive a Transition Guide with more detail about the blackout dates.
What is a recordkeeper?
A recordkeeper provides investment accounting services, access to the account online website that allows you to view your account information and process transactions, and other functions needed to operate a retirement plan.
We are excited about our new relationship with Empower Retirement.