The bill amends Minnesota Statutes 2024, section 356.24, subdivision 1, to increase the maximum employer contribution for a supplemental retirement plan for employees of the Board of Trustees of the Minnesota State Colleges and Universities. Specifically, the maximum employer contribution is raised from $2,700 to $4,300, provided that the supplemental plan coverage is included in a personnel policy or collective bargaining agreement. This change aims to enhance the retirement benefits available to employees in this sector.

Additionally, the bill includes a new effective date provision, stating that the changes will take effect the day following final enactment. This ensures that the increased contribution limit can be implemented promptly, benefiting eligible employees as soon as possible.

Statutes affected:
Introduction: 356.24