Purpose

The bill aims to adjust the rules and administrative processes for retirement plans managed by the Minnesota State Retirement System. It seeks to improve clarity and efficiency regarding retirement benefits for state employees.

Main Provisions

• Refund Repayment: Individuals who have received refunds from state or correctional employees' retirement plans can repay these refunds with interest. This applies to those rejoining or participating in certain retirement plans specified elsewhere in the legislation.
• Vesting Requirements: The bill introduces changes to vesting requirements for deferred retirement annuities, ensuring consistency across retirement plans.
• Reporting Requirements: Modifications are proposed for the annual reporting of errors related to the operation of these plans to bolster accountability and transparency.

Significant Changes

• The bill modifies existing statutes (Minnesota Statutes 2024, sections 352.22 and 356.636) to accommodate new procedures for repaying refunds and handling plan errors.
• Updates standardize terms for refund repayments and ensure more uniform application of vesting criteria among state retirement systems.

Relevant Terms

retirement plans, refund repayment, state employees, vesting requirements, deferred retirement annuities, annual reporting, Minnesota State Retirement System, plan operational errors.