Minnesota House Bill HF2117

Minnesota 2025-2026 Regular Session

• Introduced: 3/10/25
• Refer: 3/10/25

Caption

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.