MN SF2070

Authorizes participants in the public employees defined contribution plan who are at least age 66 to withdraw their account balance while remaining employed.

Termination of plan coverage under the in-service withdrawal option is irrevocable and prevents re-enrollment in the same plan or other retirement plans, except for 403(b), 457(b), or other supplemental plans.

Modifies plan language to specify that benefits are payable upon termination of service, retirement, disability, death, or in-service withdrawal at age 66 or older.

Requires participants seeking in-service distributions to submit a valid application on a form prescribed by the executive director before payment is made.

All amendments are effective the day following final enactment.