| 1 | 1 | | 1.1 A bill for an act |
|---|
| 2 | 2 | | 1.2 relating to retirement; higher education individual retirement account plan; requiring |
|---|
| 3 | 3 | | 1.3 Minnesota State Colleges and Universities to locate an eligible person's missing |
|---|
| 4 | 4 | | 1.4 IRAP account or pay the eligible person $25,000. |
|---|
| 5 | 5 | | 1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
|---|
| 6 | 6 | | 1.6 Section 1. MISSING IRAP ACCOUNT OF AN ELIGIBLE PERSON. |
|---|
| 7 | 7 | | 1.7 Subdivision 1.Definitions.(a) For purposes of this section, the following terms have |
|---|
| 8 | 8 | | 1.8the meanings given. |
|---|
| 9 | 9 | | 1.9 (b) "Board of trustees" has the meaning given in Minnesota Statutes, section 354B.20, |
|---|
| 10 | 10 | | 1.10subdivision 11. |
|---|
| 11 | 11 | | 1.11 (c) "IRAP" means the higher education individual retirement account plan established |
|---|
| 12 | 12 | | 1.12by Minnesota Statutes, chapter 354B. |
|---|
| 13 | 13 | | 1.13 (d) "MN State" means Minnesota State Colleges and Universities. |
|---|
| 14 | 14 | | 1.14 Subd. 2.Location of IRAP account required.(a) Notwithstanding any state law to the |
|---|
| 15 | 15 | | 1.15contrary, MN State must locate the IRAP account of the eligible person described in |
|---|
| 16 | 16 | | 1.16paragraph (b) to which contributions deducted from the eligible person's pay in 1991 through |
|---|
| 17 | 17 | | 1.171994 were deposited or pay the eligible person an amount of $25,000. |
|---|
| 18 | 18 | | 1.18 (b) The eligible person is a person who: |
|---|
| 19 | 19 | | 1.19 (1) was employed by Winona State University from July 1, 1991, to June 30, 1996; and |
|---|
| 20 | 20 | | 1.20 (2) has copies of pay stubs showing payroll deduction contributions to the IRAP dated |
|---|
| 21 | 21 | | 1.21December 27, 1991, March 20, 1992, August 21, 1992, March 5, 1993, and April 16, 1993, |
|---|
| 22 | 22 | | 1Section 1. |
|---|
| 23 | 23 | | 25-02374 as introduced01/16/25 REVISOR BD/MI |
|---|
| 24 | 24 | | SENATE |
|---|
| 25 | 25 | | STATE OF MINNESOTA |
|---|
| 26 | 26 | | S.F. No. 1213NINETY-FOURTH SESSION |
|---|
| 27 | 27 | | (SENATE AUTHORS: MILLER) |
|---|
| 28 | 28 | | OFFICIAL STATUSD-PGDATE |
|---|
| 29 | 29 | | Introduction and first reading02/10/2025 |
|---|
| 30 | 30 | | Referred to State and Local Government 2.1in amounts of $18.72 or $19.93, which must be considered as adequate proof that payroll |
|---|
| 31 | 31 | | 2.2deduction contributions were taken each per pay period beginning September 3, 1991, to |
|---|
| 32 | 32 | | 2.3October 31, 1994, for deposit into the eligible person's IRAP account. |
|---|
| 33 | 33 | | 2.4 (c) No later than 60 days after the effective date of this section, the board of trustees |
|---|
| 34 | 34 | | 2.5must either: |
|---|
| 35 | 35 | | 2.6 (1) locate the eligible person's IRAP account to which payroll deduction contributions |
|---|
| 36 | 36 | | 2.7were deposited and provide the eligible person with information regarding the individual |
|---|
| 37 | 37 | | 2.8or entity holding the IRAP account, an accounting of the amounts contributed and investment |
|---|
| 38 | 38 | | 2.9earnings thereon, and instructions on how the eligible person can access the account; or |
|---|
| 39 | 39 | | 2.10 (2) pay the eligible person an amount equal to $25,000. |
|---|
| 40 | 40 | | 2.11 EFFECTIVE DATE.This section is effective the day following final enactment. |
|---|
| 41 | 41 | | 2Section 1. |
|---|
| 42 | 42 | | 25-02374 as introduced01/16/25 REVISOR BD/MI |
|---|