This bill amends Minnesota Statutes 2022, section 354B.23, subdivision 3, to modify the employer contribution rate for participants in the higher education individual retirement account plan. The current fixed rate of six percent is being replaced with a new percentage that will be determined and specified in the legislation.

Additionally, the bill includes a provision stating that the changes will take effect the day following the final enactment of the legislation. This adjustment aims to enhance the retirement benefits for participants in the individual retirement account plan by increasing the employer's financial contribution.

Statutes affected:
Introduction: 354B.23