SF 1213

Introduction - 94th Legislature (2025 - 2026)

Posted on 02/11/2025 11:32 a.m.

A bill for an act
relating to retirement; higher education individual retirement account plan; requiring
Minnesota State Colleges and Universities to locate an eligible person's missing
IRAP account or pay the eligible person $25,000.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin MISSING IRAP ACCOUNT OF AN ELIGIBLE PERSON.
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new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin (a) For purposes of this section, the following terms have
the meanings given.
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new text begin (b) "Board of trustees" has the meaning given in Minnesota Statutes, section 354B.20,
subdivision 11.
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new text begin (c) "IRAP" means the higher education individual retirement account plan established
by Minnesota Statutes, chapter 354B.
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new text begin (d) "MN State" means Minnesota State Colleges and Universities.
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new text begin Subd. 2. new text end

new text begin Location of IRAP account required. new text end

new text begin (a) Notwithstanding any state law to the
contrary, MN State must locate the IRAP account of the eligible person described in
paragraph (b) to which contributions deducted from the eligible person's pay in 1991 through
1994 were deposited or pay the eligible person an amount of $25,000.
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new text begin (b) The eligible person is a person who:
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new text begin (1) was employed by Winona State University from July 1, 1991, to June 30, 1996; and
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new text begin (2) has copies of pay stubs showing payroll deduction contributions to the IRAP dated
December 27, 1991, March 20, 1992, August 21, 1992, March 5, 1993, and April 16, 1993,
in amounts of $18.72 or $19.93, which must be considered as adequate proof that payroll
deduction contributions were taken each per pay period beginning September 3, 1991, to
October 31, 1994, for deposit into the eligible person's IRAP account.
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new text begin (c) No later than 60 days after the effective date of this section, the board of trustees
must either:
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new text begin (1) locate the eligible person's IRAP account to which payroll deduction contributions
were deposited and provide the eligible person with information regarding the individual
or entity holding the IRAP account, an accounting of the amounts contributed and investment
earnings thereon, and instructions on how the eligible person can access the account; or
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new text begin (2) pay the eligible person an amount equal to $25,000.
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new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end