Loading chat...
MN HF2775
Bill
Status
4/1/2019
Primary Sponsor
Cheryl Youakim
Click for details
AI Summary
-
Authorizes a specific eligible person born January 18, 1966, to elect Teachers Retirement Association (TRA) coordinated membership retroactively from January 3, 1995, despite not being offered this option previously.
-
Requires the eligible person to submit a written application to the TRA executive director and make contributions equal to the excess of what would have been owed under TRA coverage from January 3, 1995, plus compound interest at rates specified in Minnesota Statutes section 356.59, subdivision 4.
-
Transfers the value of the eligible person's higher education individual retirement account plan to TRA upon payment of required contributions.
-
Requires the Minnesota State system to pay any remaining amount owed to TRA (calculated under Minnesota Statutes section 356.551) within 60 days after receiving the eligible person's payments.
-
Expires the authority to make this retirement coverage election one year from the effective date of the section, which is the day following final enactment.
Legislative Description
Teachers Retirement Association; coverage election authority provided for Minnesota State employee not offered a coverage election.
Last Action
Introduction and first reading, referred to Government Operations
4/1/2019