Bill > SF1213

This bill requires Minnesota State Colleges and Universities (MN State) to resolve an issue with a missing Individual Retirement Account Plan (IRAP) for a specific former employee of Winona State University. The bill applies to an individual who worked at Winona State University from July 1, 1991, to June 30, 1996, and has documented payroll deduction contributions to IRAP between 1991 and 1994. Within 60 days of the bill's enactment, MN State must either: (1) locate the employee's IRAP account and provide complete information about the account, including its current location, a full accounting of contributions and investment earnings, and instructions for accessing the account, or (2) pay the eligible person a flat sum of $25,000. The bill specifically notes that the pay stubs showing deductions of $18.72 or $19.93 during specified dates will be considered adequate proof of consistent payroll contributions to the IRAP account. The legislation is designed to provide resolution and potential compensation for a long-standing issue with a missing retirement account for this specific employee.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1213&ssn=0&y=2025