BULLETIN: Deadlines for Reducing Vacation Balances by ...



Office MemorandumDate:November 16, 2018To:Agency Payroll and Human Resources Staff FILLIN "Enter recipients' name and location" \* MERGEFORMAT From:Mary Muellner, Director, Statewide Payroll Services FILLIN "Enter sender's signature block" \* MERGEFORMAT Subject:Deadlines for Reducing Vacation Balances by Calendar Year End FILLIN "Enter subject" \* MERGEFORMAT Per bargaining agreements or compensation plans, vacation balances will be reduced for employees who have not reached the required minimum balance by calendar year end. This deadline affects a limited number of employees, such as those covered by the following plans: Office of the Governor Compensation PlanOffice of the Minnesota Attorney General Compensation PlanMN Judicial Branch Human Resources Rules Legislative Coordinating Commission Legislative PlanReport FIHR6510, Report of Employees Who Have Not Reached the Required Vacation Minimum (DocumentDirect/InfoPac ID HP6510), lists employees who may be in this position. (See memo Vacation Minimum and Floating Holiday Reports, dated 10/17/2018.)Eligible employees who have not reached the required minimum balance may elect to donate vacation hours or to convert them to deferred compensation in order to reduce their balances. Deadlines for these transactions are:12/31/2018Donations and conversions entered in Self ServiceConversions entered by agency staff on the Deferred Comp Conv/Mtch Option page must be entered by the end of the day on Monday, 12/31/2018, using an Option Date no later than 12/31/2018Donations entered by agency staff on the Leave Donation page must be entered by the end of the day Monday, 12/31/2018 , using a Donation Date no later than 12/31/2018Employees are not required to have a deferred compensation deduction set up to receive a vacation conversion. Their conversion will be processed and invested in the Vanguard Balanced Index Fund until/unless they have directed otherwise by accessing MSRS (Minnesota State Retirement System) and establishing an account User Name and Password. Employees now have one login account for pension plans, health care savi.ngs plans, and deferred compensation plans.TIP: After logging in, under My Information select the Defined Contribution Plans link. Choose the Minnesota Deferred Compensation Plan. Under Investments select View/Manage my investments. You can change your investments by selecting the Change My Investments button.Questions?For questions about enrollment, contact MSRS at 1-800-657-5757 or 651-296-2761.Agency Payroll and Human Resources staff should contact Lynda Hanly at 651-201-8074 or Lynda.Hanly@state.mn.us if there are questions about reducing leave balances.PLEASE SHARE THIS INFORMATION WITH APPROPRIATE AGENCY STAFF ................
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