HCSP FAQs

You are automatically enrolled in the Plan as directed by the bargaining agreement and/or personnel policy of your employer. When MSRS receives the first contribution from your employer, an account will be established for you. MSRS will send you an “HCSP welcome packet” that includes an Information Guide, investment information, and the forms you need to get started.

There are several ways to keep informed.

• Login to your account online. Select "Go to Savings Plans" to review account information or initiate investment transactions 24/7.
  
• Call MSRS at 651-296-2761 or 1-800-657-5757, option 3. Representatives are available to answer plan-related questions and assist you with transactions during business hours (M - F, between 8 a.m. and 4:30 p.m. Central Time).

Participation in the HCSP does not limit your ability to have other types of tax-advantaged medical savings plans, such as an FSA, HSA, or HRA. You cannot, however, request reimbursement of the same expense from multiple plans. Also, please be aware that compatibility issues exist between a Health Savings Account (HSA)and other tax-advantaged medical savings plans, including the HCSP. For more detail, please see HCSP/HSA Compatibility (pdf).

The HCSP does not impose a minimum annual contribution amount. Generally, there is no maximum contribution limit; however, depending on the employer's HCSP plan design and number of employees in the group, limitations could apply.

No. Payouts can only be made for the reimbursement of eligible health care expenses.

No. The HCSP does not allow transfers or rollovers to another tax-advantaged medical savings plan.

No. The HCSP does not allow loans or emergency withdrawals. The Plan can only be used for the reimbursement of eligible medical expenses.

Contributions to your HCSP are automatically invested in the Money Market Fund unless you elect one or more of the investment options offered by the Plan. You can change your investment allocation or transfer any portion of your existing account balance at any time.

You could lose money by investing in the Money Market Fund. Although the fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

You can adjust the mix of investments in your HCSP account at any time. To initiate a transfer:

• Login to your account online. Select "Go to Savings Plans" to view your HCSP account information.
• Call MSRS at 651-296-2761 or 1-800-657-5757, option 3.

Transfer requests initiated prior to 3 p.m. Central Time will be processed at the close of the financial markets on that business day. Transfer requests initiated 3 p.m. Central Time or after or on non-business days will be processed at the close of the financial markets on the next business day.

Fees: there are no fees associated with an HCSP transfer.

• Stable Value Fund - Cannot transfer balances directly from Stable Value into the Money Market Fund. You may transfer to another fund option for 90 days before moving the balance to the Money Market Fund.
• All Vanguard Funds - If you transfer money out of a Vanguard fund, may not transfer money back into the same fund for a period of 30 calendar days.
• T Rowe Price Small Cap Stock Fund - Generally, two transfers into and out of the fund within a 180-day period may result in enforcement of the fund's excessive trading policy and procedures on future transfers into the fund for 90 days.
• Dodge & Cox Income Fund - The fund considers it a violation of the excessive trading policy if you sell or exchange shares within a short period of time after the shares were purchased.