This bill amends Minnesota Statutes 2024, section 356.24, subdivision 3, to modify certain requirements related to deferred compensation plans. Key changes include the removal of the requirement for plan administrators or vendors to file an annual copy of the fee and rate of return disclosure statement with the executive director of the Legislative Commission on Pensions and Retirement. Instead, the plan administrator or vendor is now only required to disclose this information directly to participants at least annually.

Additionally, the bill introduces provisions allowing public employers to make matching contributions based on qualified student loan payments, as defined by the Secure 2.0 Act of 2022. The matching contributions must adhere to specified limits, ensuring they do not exceed certain thresholds related to employee elective deferral contributions or the employee's compensation for the year. The bill also clarifies that contributions to the plan can include deductions from an employee's sick leave, vacation leave, or severance pay, which are not subject to the matching contribution requirements. The changes are set to take effect the day following final enactment.

Statutes affected:
Introduction: 356.24