Bill > HF2022

This bill proposes to increase the maximum employer contribution for personnel employed by the Board of Trustees of the Minnesota State Colleges and Universities under their supplemental retirement plan. Specifically, the bill raises the annual maximum employer contribution from $2,700 to $4,300 per employee. This increase would apply when the supplemental retirement plan coverage is provided for in either a personnel policy or a collective bargaining agreement, and the employer contribution would match employee contributions on a dollar-for-dollar basis. The bill applies to employees not already covered by other deferred compensation plans, and the change would take effect the day after final enactment. The modification is aimed at providing more robust retirement benefits for higher education employees by allowing institutions to contribute more to their supplemental retirement plans.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2022&ssn=0&y=2025