Minnesota 2025-2026 Regular Session

Minnesota House Bill HF1889

Introduced
3/5/25  
Refer
3/5/25  

Caption

Minnesota State Retirement System; administrative changes made to statutes governing retirement plans, changes conformed to vesting requirements for deferred retirement annuities, annual reporting requirements modified for plan operational and other errors, and reports required.

Impact

The proposed changes aim to clarify and streamline the processes surrounding the administration of Minnesota's retirement fund. By instituting more precise regulations for refund repayments and modifying the criteria for deferred annuities, the bill seeks to enhance the efficiency and functionality of retirement benefits for state employees. This includes establishing clearer vesting requirements, which could potentially help employees in planning their retirement more effectively. Furthermore, the annual report requirements for pension funds will help ensure better oversight and transparency in how retirement funds are managed.

Summary

House File 1889 proposes essential administrative changes to the Minnesota State Retirement System, focusing on the management of retirement plans for state and correctional employees. This bill amends several provisions related to refund repayments, deferred annuities, and the annual reporting requirements for pension funds. One significant aspect of the bill allows individuals who have received refunds from the state employees or correctional state employees retirement plans to repay those refunds with interest. This provision aims to provide a pathway for employees to restore their retirement contributions and entitlements after taking refunds.

Contention

While HB1889 is largely administrative in nature and appears to receive broad support, discussions may arise regarding the implications of the changes on current employees and retirees, particularly those who have previously obtained refunds. Concerns may include the potential financial burden of repaying refunds, as well as questions regarding how these changes could impact the overall fiscal health of the pension funds. Additionally, transparency in reporting requirements has raised queries among some stakeholders, who seek assurances that operational errors in fund management will be properly addressed without jeopardizing employee benefits.

Companion Bills

MN SF2884

Similar To Omnibus Pension bill

Previously Filed As

MN HF3956

Administrative changes made to the statutes governing pension plans administered by Minnesota State Retirement System, definition of salary modified, obsolete cross-reference replaced related to setting the clarifying director's salary, vesting requirement conforming changes made, and dependent child survivor benefits clarified.

MN HF1199

Administrative changes made to the statutes governing the retirement plans administered by the Minnesota State Retirement System, the Public Employees Retirement Association, and the Teachers Retirement Association; and experience requirements modified for a Teachers Retirement Association executive director.

MN SF1308

Administrative changes to the statutes governing the retirement plans administered by the Minnesota State Retirement System authorization

MN SF1742

Administrative changes to the statutes governing the retirement plans administered by the Public Employees Retirement Association

MN HF4899

Public Employees Retirement Association defined contribution plan; requirements for electing to participate in plan modified.

MN HF2222

Teacher Retirement Association and St. Paul Teacher Retirement Fund Association; unreduced retirement requirements amended, deferred annuities augmentation restored, additional service credit provided, postretirement adjustments modified, employer contributions increased, pension adjustment revenue increased for school districts, and money appropriated.

MN SF5062

Public Employees Retirement Association statewide volunteer firefighter plan provisions modifications and technical and conforming changes

MN SF2888

Minnesota prescription monitoring program reporting requirements and immunity from liability modification

MN HF5039

Public Employees Retirement Association statewide volunteer firefighter plan; defined contribution plan added, frequency of funding requirement determinations reduced, firefighters with previous service allowed to request service credit for vesting purposes, and other technical and administrative changes made.

MN HF3212

State Patrol retirement plan and public employees police and fire retirement plan provisions modified; employee contribution rates reduced; postretirement adjustments increased; vesting and return to work requirements modified, employer contribution rate decreased, and supplemental employer contribution added; and direct state aids increased and added.

Similar Bills

No similar bills found.