This bill proposes administrative changes to the statutes governing retirement plans administered by the Minnesota State Retirement System. Key amendments include modifications to the vesting requirements for deferred retirement annuities, adjustments to the annual reporting requirements for operational and other errors, and the introduction of new reporting obligations. Specifically, the bill amends Minnesota Statutes 2024, sections 352.22 and 356.636, to clarify the conditions under which employees can repay refunds and to outline the requirements for deferred annuities based on service time and plan membership.

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, as well as the establishment of clearer criteria for eligibility for deferred retirement annuities. Additionally, the bill mandates that annual reports detail any operational or eligibility errors corrected, excluding those addressed in the ordinary course of business. The effective dates for these changes are specified, with some provisions taking effect retroactively from July 1, 2023, and others becoming effective the day following final enactment.

Statutes affected:
Introduction: 352.22, 356.636