MN HF871

Eliminates the sunset date that previously expired the retirement coverage transfer authority for Minnesota State Colleges and Universities system faculty hired after June 30, 2014.

Allows faculty members in the individual retirement account plan to transfer to the Teachers Retirement Association plan within one year of achieving tenure or its equivalent.

Faculty members transferring coverage must purchase service credit in the Teachers Retirement Association for their entire period under the individual retirement account plan, with the purchase amount determined under Minnesota Statutes section 356.551.

Permits faculty to use balances from the individual retirement account plan, higher education supplemental retirement plan, or other specified sources to pay for the service credit purchase.

Makes the amendment effective July 1, 2013, and amends Minnesota Statutes 2012, section 354B.21, subdivision 2.