Minnesota State Colleges and Universities required to locate a specific eligible person's missing IRAP account or pay the eligible person $25000.
Impact
The bill seeks to rectify the situation of missing IRAP accounts by ensuring MN State takes appropriate action either to find these accounts or compensate the eligible individuals financially. This move affirms the state's commitment to upholding the rights of employees and fulfilling its obligations regarding retirement contributions. If enacted, this bill could enhance the financial security of those affected by restoring their access to their retirement funds.
Summary
House File 2117 (HF2117) mandates that Minnesota State Colleges and Universities (MN State) locate missing accounts from the higher education individual retirement account plan (IRAP) for eligible individuals or provide a payment of $25,000. This legislation specifically targets those who were employed by Winona State University between July 1, 1991, and June 30, 1996, and who have documented contributions made to their IRAP accounts during that period.
Contention
Potential points of contention may arise surrounding the feasibility and potential costs associated with locating these missing accounts or the impact on the state’s budget. There may also be concerns regarding the evidence required to prove eligibility and the state's responsibility in managing retirement fund discrepancies. Stakeholders may discuss how the provisions of this bill align with overall retirement reform and if it sets a precedent for similar claims regarding retirement accounts across other state employers.
Similar To
Minnesota State Colleges and Universities locating an eligible person's missing IRAP account or pay the eligible person $25,000 requirement provision
Eligible employees of Minnesota State Colleges and Universities authorization who are members of the higher education individual retirement account plan to elect coverage by the Teacher Retirement Association and receive retroactive service credit
Employee of Minnesota State Colleges and Universities who is a member of the higher education individual retirement account plan authorization to elect coverage by the Teachers Retirement Association
Transfer of service credit authorization from the Minnesota State Retirement System general plan to the Minnesota State Retirement System correctional plan upon payment by an eligible member
Correctional state employees retirement plan; transfer of service credit from Minnesota State Retirement System general plan to Minnesota State Retirement System correctional plan upon payment by eligible member authorized.
Notice of medical assistance program required for employed persons with disabilities, and medical assistance eligibility requirements modified for employed persons with disabilities.
Minnesota State Colleges and Universities member colleges NextGen project payment prohibition; Minnesota State Colleges and Universities appropriation for NextGen project funding authorization