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MN HF3538
Bill
Status
Introduced
2/19/2020
Primary Sponsor
Linda Runbeck
Click for details
AI Summary
- Permits active employees in the Minnesota deferred compensation plan to request in-service withdrawals of lump-sum payments once they reach age 59 and one-half
- Plan document must allow withdrawals of all or a portion of a participant's account, with frequency determined by plan but at minimum once per plan year
- Plan administrator must permit participants to elect direct rollovers of in-service withdrawals to other eligible retirement plans
- Amends Minnesota Statutes 2018, section 352.965 by adding subdivision 10
- Effective date: July 1, 2020
Legislative Description
Minnesota deferred compensation retirement plan; in-service withdrawals permitted.
Last Action
Introduction and first reading, referred to Government Operations
2/19/2020
Committee Referrals
Government Operations2/19/2020
Full Bill Text
No bill text available