HF 2683 Summary

• Eliminates the June 30, 2019 expiration date for the early separation incentive program, allowing Minnesota State Colleges and Universities to continue offering cash incentives up to one year of base salary or employer contributions to postretirement health care savings plans to eligible employees age 55+ with five years of service.

• Establishes new section 354B.211 consolidating coverage eligibility rules for Minnesota State Colleges and Universities employees, replacing prior section 354B.21, with default coverage by individual retirement account plan or Teachers Retirement Association based on prior service credit and employment date.

• Allows faculty members in eligible unclassified positions to elect transfer to Teachers Retirement Association coverage within one year of achieving tenure, with service credit purchase options including balances from individual retirement account and supplemental retirement plans.

• Modifies higher education supplemental retirement plan to automatically enroll eligible unclassified employees with two years of full-time service upon hire rather than requiring participation election, effective January 1, 2020.

• Makes nonsubstantive changes updating statutory references throughout retirement plan provisions and consolidating administrative and faculty position definitions.