MN HF3118

Authorizes a specific eligible person born October 29, 1957, employed at Mesabi Range Community and Technical College as an instructor since 1993, to become a coordinated member of the Teachers Retirement Association with retroactive coverage from January 1, 1995.

Requires the eligible person to submit a written application and make employee contribution payments by September 1, 2014, calculated with 8.5 percent annual compound interest from the date contributions would have been made under TRA.

Requires transfer of the eligible person's higher education individual retirement account plan account value (minus compounded 1995 value) to the Teachers Retirement Association by September 15, 2014.

Directs the Minnesota State Colleges and Universities system to pay any remaining actuarial costs to TRA within one month, with the Commissioner of Management and Budget authorized to deduct unpaid amounts from system appropriations or aid if necessary.

Extends similar retroactive coverage rights to other eligible employees employed during January 1, 1994 to December 31, 1995, who were not offered plan elections as required by law, and requires the system to notify eligible persons by July 15, 2014.