SF1213 (Legislative Session 94 (2025-2026))
Minnesota State Colleges and Universities locating an eligible person's missing IRAP account or pay the eligible person $25,000 requirement provision
Related bill: HF2117
AI Generated Summary
The bill, S.F. No. 1213, requires Minnesota State Colleges and Universities to either locate a missing Individual Retirement Account Plan (IRAP) for eligible persons or pay them $25,000. This applies to former employees of Winona State University who worked between 1991 and 1996 and have evidence of IRAP contributions deducted from their paychecks during specific dates in the early 1990s. The institutions must provide the account details, including investment earnings, to the individual or compensate them if the account cannot be located within 60 days after the law is enacted.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 09, 2025 | Senate | Floor | Action | Introduction and first reading | |
| February 09, 2025 | Senate | Floor | Action | Referred to | State and Local Government |
Citations
[
{
"analysis": {
"added": [
"A mechanism for locating or compensating for missing IRAP accounts was added."
],
"removed": [],
"summary": "This bill modifies the handling of missing Individual Retirement Account Plan (IRAP) accounts by referring to definitions in section 354B.20.",
"modified": [
"Updated procedural references to use terminology consistent with section 354B.20."
]
},
"citation": "354B.20"
}
]