MN HF2668

Authorizes a specific St. Cloud State University employee born November 30, 1955, to elect Teachers Retirement Association (TRA) coverage retroactively from July 1, 2001.

Eligible person must have been initially employed in a clerical position covered by Minnesota State Retirement System on November 27, 1989, then hired as an academic adviser on July 1, 2001, and covered by the higher education individual retirement account plan without previously electing TRA coverage.

Requires submission of a written application to the TRA executive director and transfer of the entire individual retirement account balance to TRA, with any shortfall paid within 30 days based on Minnesota Statutes section 356.551.

TRA coverage becomes effective after the executive director receives the application and required payments, granting retroactive service and salary credit from July 1, 2001, and replaces individual retirement account plan coverage.

Election authority expires January 1, 2020, and becomes effective the day following final enactment.