Bill > HF2117

This bill addresses a specific situation involving a missing Individual Retirement Account Plan (IRAP) for an employee who worked at Winona State University between 1991 and 1996. The bill requires Minnesota State Colleges and Universities (MN State) to either locate the employee's IRAP account with full details of contributions and investment earnings or pay the eligible person a flat sum of $25,000. The eligible person is specifically defined as someone who worked at Winona State University from July 1, 1991, to June 30, 1996, and has pay stubs documenting payroll deductions for IRAP contributions between December 1991 and October 1994. The board of trustees must take action within 60 days of the bill's enactment, either providing complete account information and access instructions or issuing the $25,000 payment. The bill is designed to resolve a long-standing issue of a potentially lost retirement account for a specific former employee, ensuring they receive either their actual retirement contributions and earnings or compensation equivalent to those funds.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2117&ssn=0&y=2025