MN HF3449

Legislators may elect to transfer from the unclassified retirement program to the general state employees retirement plan under the Minnesota State Retirement System

Election to transfer must be filed in writing with the executive director no later than one month after the person ceases to be a member of the legislature (including term expiration or death)

Upon transfer election, the executive director redeems the legislator's total shares and credits their account with contributions that would have been made under the general employees plan for their entire covered employment

If contributions paid to the unclassified program exceed what would have been paid to the general plan, the difference is refunded; if less, the legislator must pay the difference within six months or before annuity effective date

The election to transfer coverage is irrevocable during any period of covered employment, and takes effect the day following final enactment