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 qualify for deferred retirement annuities, as well as to enhance the reporting process for errors related to pension plans.

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 requirement for detailed reporting on operational errors, including their correction methods and associated costs. The bill also establishes effective dates for these changes, with some provisions taking effect retroactively from July 1, 2023, and others becoming effective the day following final enactment. These changes aim to streamline the administration of retirement benefits and ensure compliance with updated reporting standards.

Statutes affected:
Introduction: 352.22, 356.636