MN SF3366

Authorizes two specific Mesabi Range Community and Technical College faculty members to elect Teachers Retirement Association (TRA) coverage retroactive to July 19, 2000, or September 15, 2000, despite not being offered this election upon reaching tenure.

Eligible persons must have been employed at the college since July 19, 2000 or September 15, 2000, 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.

Eligible employees must submit a written application to the TRA executive director and pay the difference between TRA employee contributions they would have made and their actual individual retirement account plan contributions, plus 8.5 percent annual compound interest.

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

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