Bill > HF2386

This bill makes several administrative changes to statutes governing retirement plans administered by the Public Employees Retirement Association (PERA), focusing on clarifying membership, election, and participation rules. The bill modifies provisions related to monthly salary thresholds, requiring that the $425 monthly salary threshold for mandatory retirement plan coverage must be stipulated in advance and consistently applied. It introduces a new 60-day requirement for filing membership elections for various public employees, including elected or appointed officials, city managers, physicians, and volunteer personnel. The bill also adjusts the calculation of disability benefits for local government correctional employees, increasing the percentage multiplier for years of service after June 30, 2025. Additionally, the legislation provides more flexibility for executive directors to correct operational errors in pension plans without being constrained by traditional time limitations, and ensures these corrections align with Internal Revenue Service guidelines. Most provisions of the bill will become effective on July 1, 2025, with some sections taking effect immediately following final enactment. The changes aim to streamline retirement plan administration, provide clearer guidelines for employee participation, and ensure more accurate and efficient management of public employee retirement systems.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2386&ssn=0&y=2025