The bill amends Minnesota Statutes 2024, section 356.24, subdivision 1, to increase the maximum employer contribution to 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 retirement benefits for 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 will be implemented promptly, allowing for immediate benefits to eligible employees.

Statutes affected:
Introduction: 356.24