MN HF1409

Allows legislators to elect coverage under the general state employees retirement plan instead of the unclassified state employees retirement program.

Permits legislators with no more than seven years of allowable service to make this transfer election, with the option to elect by one month following termination of covered employment.

Provides that currently serving legislators with more than seven years of service as of July 1, 2013 may elect this transfer before July 1, 2015.

Requires the Minnesota State Retirement System to redeem unclassified program shares and credit equivalent contributions to the general employees retirement plan account, adjusting for any difference between employee contributions paid versus contributions that would have been paid under the general plan.

Transfer election is irrevocable during any period of covered employment, effective July 1, 2013.