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. The previous cap of $2,700 is raised to $4,300, allowing for a dollar-for-dollar match of employee contributions, provided that the supplemental plan coverage is included in a personnel policy or collective bargaining agreement.

Additionally, the bill includes a new effective date clause stating that the changes will take effect the day following final enactment. This amendment aims to enhance the retirement benefits available to employees in the higher education sector, thereby promoting better financial security for those individuals.

Statutes affected:
Introduction: 356.24