Minnesota 2023-2024 Regular Session

Minnesota Senate Bill SF3016

Introduced
3/20/23  

Caption

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

Impact

Should SF3016 be enacted, it would amend existing retirement laws by enabling a clearer pathway for eligible employees to transition into the TRA system. This transition is significant, as it would retroactively affect those who may have been previously unaware of their options or missed the opportunity to transfer their retirement coverage. This provision is particularly pertinent for those who started their employment before the consolidation into Minnesota State, thereby ensuring that they receive appropriate credit for their service, thus potentially enhancing their retirement benefits at the time of retirement.

Summary

SF3016 is a legislative proposal aimed at providing eligible employees of Minnesota State Colleges and Universities the option to elect coverage under the Teachers Retirement Association (TRA) and to receive retroactive service credit. This bill is designed for individuals who were members of the higher education individual retirement account plan and sought membership with the TRA while ensuring that their prior service is recognized, even if they did not elect this coverage at the time due to various reasons, including lack of information or other potential adult-life distractions. The bill articulates specific definitions and establishes processes for employees to apply for this retroactive coverage.

Contention

The discussions surrounding SF3016 may involve debates about the financial implications for Minnesota State entities regarding retroactive coverage. Notably, there might be concerns about the administrative feasibility and financial liability of backdating service credit for eligible employees. Additionally, there could be contention regarding the transparency of the communication provided to employees concerning their retirement options and whether the state has done enough to educate its workforce about these transitions. Stakeholder responses can range from strong support for improved retirement benefits to apprehension regarding the strain on state finances.

Companion Bills

MN HF2950

Similar To Pension policy bill.

Previously Filed As

MN SF1420

Certain employees of the Fond Du Lac Tribal and Community College who are members of the higher education individual retirement account plan authorization to elect coverage by the Teachers Retirement Association and receive retroactive service credit

MN HF1499

Employees of Fond du Lac Tribal and Community College who are members of higher education individual retirement account plan authorized to elect coverage by Teachers Retirement Association and receive retroactive service credit.

MN SF1995

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

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 SF3314

Teachers Retirement Association higher education individual retirement account plan provisions modifications and appropriations

MN SF2799

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

MN HF2785

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.

MN SF1213

Minnesota State Colleges and Universities locating an eligible person's missing IRAP account or pay the eligible person $25,000 requirement provision

MN HF3269

Minnesota State Retirement System correctional state employees retirement plan; MSRS correctional plan eligibility work group recommendations implemented, eligible employment positions updated, definitions added, procedures for adding or removing plan coverage modified, right to appeal added, and conforming changes made.

MN SF3464

Minnesota State Retirement System correctional state employees retirement plan MSRS correctional plan eligibility work group recommendations implementation provision, eligibility requirements modifications, eligible employment positions modifications, right to appeal addition, definitions added, and adding or removing plan coverage procedures modifications

Similar Bills

MN HF5040

Pensions supplemental budget bill.

MN SF4643

Omnibus Pension bill

MN HF2320

Children's cabinet modified; Department of Children, Youth, and Families established; Department of Education, Department of Human Services, and Department of Public Safety responsibilities transferred to Department of Children, Youth, and Families; reports required; rulemaking authorized; and money appropriated.

MN SF2400

Department of Children, Youth, and Families establishment; children's cabinet modification; appropriating money

MN HF2321

Children's cabinet modified; Department of Children, Youth, and Families established; Department of Education, Department of Human Services, and Department of Public Safety responsibilities transferred to Department of Children, Youth, and Families; reports required; rulemaking authorized; and money appropriated.

MN SF2398

Department of Children, Youth, and Families establishment; children's cabinet modification; appropriating money

MN SF2401

Department of Children, Youth, and Families establishment; children's cabinet modification; appropriating money

MN SF2399

Department of Children, Youth, and Families establishment; children's cabinet modification; appropriating money