MN HF4177

Authorizes a specific eligible person born June 3, 1966, to elect Teachers Retirement Association (TRA) coordinated member coverage retroactively from August 5, 2009, if they were not previously offered this election.

Requires the eligible person to submit a written application to the TRA executive director and make contributions equal to the excess employee contributions that would have been made from August 5, 2009, plus 8.5 percent annual compound interest.

Transfers the value of the eligible person's higher education individual retirement account plan to the TRA upon payment of required contributions under paragraph (d).

Obligates the Minnesota State system to transmit the remaining amount owed to the TRA executive director within 60 days after receiving the eligible person's payments, with the TRA calculating the purchase payment amount under Minnesota Statutes section 356.551.

The authority to make this retirement coverage election expires one year from the effective date, with the section becoming effective the day following final enactment.