MN HF3718

Allows two specific Mesabi Range Community and Technical College faculty members to elect Teachers Retirement Association (TRA) coordinated membership retroactive to July 19, 2000 or September 15, 2000, if they were not offered a coverage election by Minnesota State Colleges and Universities System.

Eligible persons must have been continuously employed at the college and contributing to the higher education individual retirement account plan since the applicable date, classified as unlimited full-time as of August 21, 2012, and became eligible for TRA coverage under Laws 2009, chapter 169, article 6, section 1.

Employees electing TRA coverage must pay the difference between what they would have contributed to TRA and what they actually contributed to the individual retirement account plan, plus 8.5 percent annual compound interest from the original contribution dates.

Upon payment, the employee's higher education individual retirement account plan balance transfers to TRA, and Minnesota State Colleges and Universities System must reimburse TRA within 60 days for remaining purchase payment amounts.

The authority to make a retirement coverage election expires on January 1, 2017, and the bill becomes effective the day following final enactment.