MN SF4230

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

Election to transfer must be filed in writing within one month after ceasing to be a legislator, including after term expiration or death of the member

Upon transfer, the executive director redeems the legislator's shares and credits equivalent contributions to their general employees retirement plan account, with any difference in contribution amounts either refunded or owed by the individual

Legislators who do not file a transfer election are deemed to have chosen to remain in the unclassified program

The bill takes effect the day following final enactment