MN SF1267

Allows eligible persons employed by Minnesota State Colleges and Universities System on or after June 30, 2009, to elect Teachers Retirement Association plan coverage instead of the default plan within one year of commencing employment.

Permits faculty members who are individual retirement account plan members and first achieve tenure after June 30, 2009, to transfer to Teachers Retirement Association coverage within one year of achieving tenure.

Transferring faculty members must purchase service credit in the Teachers Retirement Association for their entire period in the individual retirement account plan, with payment amounts determined under section 356.551.

Allows transferring faculty to use balances from individual retirement accounts, higher education supplemental retirement plans, or other specified sources to purchase service credit, with excess payments refunded to applicable sources.

Transfer authority expires for Minnesota State Colleges and Universities System faculty initially hired after June 30, 2014; effective date is July 1, 2009.