Minneslate Logo

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 updates to the Minnesota State Retirement System, specifically concerning retirement plans for state employees and correctional officers. It seeks to streamline processes and ensure consistency in retirement plan management.

Main Provisions

  • Vesting Requirements: Changes will be aligned with current statutes to ensure deferred retirement annuities vesting requirements are up to date.
  • Refund Repayment: Allows members who previously received a refund from the state employees retirement plan or correctional state employees retirement plan to repay these refunds with interest. This applies to members rejoining any of the specified retirement plans.
  • Annual Reporting: The bill modifies the requirements for annual reporting on operational and other errors within the retirement plans, aiming for increased transparency and efficiency.

Significant Changes

  • The bill amends specific Minnesota Statutes sections, particularly affecting sections 352.22 subdivisions 2b, 3, and 356.636 subdivision 3. These changes focus on repayment terms for refunds and the standardization of administrative procedures across retirement plans.

Relevant Terms

  • Retirement Plans
  • State Employees Retirement Plan
  • Correctional State Employees Retirement Plan
  • Refund Repayment
  • Vesting Requirements
  • Deferred Retirement Annuities
  • Administrative Changes
  • Annual Reporting

Bill text versions

Actions

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

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill amends the Minnesota Statutes section 352.22 regarding the repayment of refunds for state employees retirement plans.",
      "modified": [
        "Clarifies the conditions and process for repaying refunds with interest for state employees retirement plans."
      ]
    },
    "citation": "352.22"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "The bill references conditions consistent with section 352.23 for the repayment of refunds.",
      "modified": [
        "Refers to existing terms and conditions for refund repayments."
      ]
    },
    "citation": "352.23"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "Section 356.311 is cited to specify eligible retirement plans.",
      "modified": [
        "Specifies the eligibility requirements for refund repayments within designated retirement plans."
      ]
    },
    "citation": "356.311"
  }
]

Sponsors