The bill proposes administrative changes to the statutes governing retirement plans administered by the Minnesota State Retirement System. Key modifications include updates to the vesting requirements for deferred retirement annuities and adjustments to the annual reporting requirements for operational and other errors. Specifically, it amends Minnesota Statutes 2024, sections 352.22 and 356.636, to clarify the conditions under which individuals can repay refunds and the eligibility criteria for deferred retirement annuities. The bill also mandates that reports be submitted detailing any operational errors corrected, excluding those corrected in the ordinary course of business.

Notable insertions in the bill include provisions that allow members of both the state employees retirement plan and the correctional state employees retirement plan to repay refunds with interest, and the establishment of specific eligibility requirements for deferred retirement annuities based on service time. Additionally, the bill specifies that annual reports must describe errors corrected, the methods of correction, and any associated costs. The effective dates for these changes are set for the day following final enactment for some sections and retroactively from July 1, 2023, for others.

Statutes affected:
Introduction: 352.22, 356.636