MN SF2749

Authorizes a specific individual born October 29, 1957, employed as an instructor at Mesabi Range Community and Technical College since 1993, to elect Teachers Retirement Association (TRA) coverage retroactively from January 1, 1995, and purchase past service credit.

Requires the eligible individual to submit a written application to TRA's executive director and make retroactive employee contributions (with 8.5 percent annual compound interest) before September 1, 2014, to obtain coverage effective September 1, 2014.

Authorizes transfer of the individual's higher education retirement account plan balance above its compounded 1995 value to TRA on or before September 15, 2014, with Minnesota State Colleges and Universities (MnSCU) system responsible for any actuarial cost not covered by employee contributions.

Extends eligibility to other MnSCU employees employed during January 1, 1994 to December 31, 1995, who were not offered TRA election coverage as required by law and are still employed with the individual retirement account plan and have not received plan benefits.

Requires MnSCU board to notify eligible persons by July 15, 2014, and report to the Legislative Commission on Pensions and Retirement by February 1, 2015, on identified individuals and those selecting TRA coverage; this broader provision expires July 1, 2015.