This bill, H.F. No. 2117, introduced in the Minnesota House of Representatives, pertains to a missing Higher Education Individual Retirement Account Plan (IRAP) account.

Summary of the Bill:

• Purpose: The bill requires Minnesota State Colleges and Universities (MN State) to locate the IRAP account for an eligible person or compensate them with $25,000 if the account cannot be found.

Key Provisions:

1. Definitions:

   • IRAP: Refers to the higher education individual retirement account plan under Minnesota Statutes Chapter 354B.
   • MN State: Refers to Minnesota State Colleges and Universities.
   • Board of Trustees: Defined by Minnesota Statutes section 354B.20, subdivision 11.

2. Location of Missing IRAP Account:

   • Who is eligible?
     
     • A person who was employed by Winona State University from July 1, 1991, to June 30, 1996.
     • Has pay stubs proving payroll deduction contributions to the IRAP between 1991 and 1994.

• What MN State must do:
  Within 60 days of the law's effective date, the Board of Trustees must:
  1. Locate the IRAP account where payroll deductions were deposited and provide:
     • Information on the institution holding the account.
     • An accounting of contributions and investment earnings.
     • Instructions for the individual to access their account.
  2. If the account cannot be found, MN State must pay the eligible person $25,000.

Intent of the Bill:

The bill seeks to assist a former employee of Winona State University in recovering their retirement funds or provide financial restitution if the retirement account cannot be found.