HF2022

Purpose of the Bill

This bill aims to amend existing Minnesota retirement laws to increase the maximum employer contribution to supplemental retirement plans for employees of the Minnesota State Colleges and Universities.

Main Provisions

• The bill proposes an amendment to the Minnesota Statutes to increase the maximum employer contribution from $2,700 to $4,300 per year for each employee participating in certain supplemental retirement plans.
• It specifically concerns staff employed by the Board of Trustees of the Minnesota State Colleges and Universities who are not covered by other specified pension plans.
• The increased contribution is applicable only if the supplemental retirement plan coverage is included in personnel policies or collective bargaining agreements with the exclusive representative of the covered employees.

Significant Changes

• The significant change is the increase in the employer contribution cap from $2,700 to $4,300. This potentially offers greater retirement savings benefits for employees of the Minnesota State Colleges and Universities.

Relevant Terms

• Retirement
• Supplemental retirement plan
• Employer contribution
• Pension fund
• Collective bargaining agreement