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SF2884 (Legislative Session 94 (2025-2026))

Minnesota State Retirement System retirement plans administrative changes authorization; conforming changes to vesting requirements for deferred retirement annuities establishment; annual reporting requirements modification for plan operational and other errors authorization

Related bill: HF1889

AI Generated Summary

Purpose of the Bill

This bill aims to make administrative changes to retirement plan statutes under the Minnesota State Retirement System. It seeks to revise vesting requirements, modify annual reporting obligations related to plan errors, and adjust processes for repaying refunds in state employee retirement plans.

Main Provisions

  • Vesting Requirements: The bill updates the conditions for deferred retirement annuities. This change ensures that the requirements align with other sections, facilitating consistent application across plans overseen by the Minnesota State Retirement System.

  • Reporting of Operational Errors: The bill amends the necessity for annual reporting of operational and other errors in retirement plans. This modification aims to streamline the reporting process, enhance transparency, and accountability in managing retirement plans.

  • Refund Repayment Process: The legislative text allows members of specific retirement plans, like the state employees and correctional state employees retirement plans, to repay refunds they previously received, including interest. If a member has received more than one refund, they are required to repay all refunds to reinstate their retirement eligibility.

Significant Changes to Existing Law

  • Conforming Changes: The bill seeks to bring clarity and uniformity to the vesting requirements and repayment procedures within the Minnesota State Retirement System. These changes are aimed at harmonizing the statutes with practical needs and ensuring fair treatment of all plan members.

  • Plan Amendments: The bill introduces updates to statutory language to better reflect current practices and expectations of the retirement plans. This involves adjusting Minnesota Statutes sections 352.22 and 356.636 to better align with retirement system operations and remedial reporting.

Relevant Terms

retirement plans, Minnesota State Retirement System, vesting requirements, deferred retirement annuities, operational errors, state employees retirement plan, correctional state employees retirement plan, refund repayment, interest, plan reporting, statutory amendment, transparency, accountability

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 23, 2025SenateFloorActionIntroduction and first reading
March 23, 2025SenateFloorActionReferred toState and Local Government

Citations

 
[
  {
    "analysis": {
      "added": [
        "Clarification on repayment terms and conditions."
      ],
      "removed": [
        ""
      ],
      "summary": "This bill makes administrative changes to statutes governing the refund repayment for state employees' retirement plans under section 352.22, subdivision 2b.",
      "modified": [
        "Repayment terms to align with section 352.23."
      ]
    },
    "citation": "352.22",
    "subdivision": "subdivision 2b"
  },
  {
    "analysis": {
      "added": [
        "New guidelines for reporting errors in retirement plans."
      ],
      "removed": [
        ""
      ],
      "summary": "This legislation modifies the annual reporting requirement for plan operational and other errors under section 356.636, subdivision 3.",
      "modified": [
        "Adjusts the frequency and detail of required reporting."
      ]
    },
    "citation": "356.636",
    "subdivision": "subdivision 3"
  }
]

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