INDIVIDUAL RETIREMENT ACCOUNT PLAN (IRAP)

See also HIGHER EDUCATION SUPPLEMENTAL RETIREMENT PLAN

Accounting and bookkeeping

Financial and actuarial reporting practices, Minn. Statutes 2025 16A.055

Refund repayments, Minn. Statutes 2025 356.441

Actuarial valuations, copies, Minn. Statutes 2025 356A.07

Administration

Costs, payment, Minn. Statutes 2025 354B.25

Minnesota Historical Society, duties, Minn. Statutes 2025 354D.06, 354D.08

Minnesota State Colleges and Universities Board of Trustees, duties, Minn. Statutes 2025 136F.47, 354B.25, 354D.06

Annuities

Annuity contracts, Minn. Statutes 2025 354B.24, 354D.08

Assignment, Minn. Statutes 2025 354B.30

Automatic deposit, Minn. Statutes 2025 356.401

Creditors remedies, use prohibited, Minn. Statutes 2025 354B.30

Custodial accounts, Minn. Statutes 2025 354B.24, 354D.08

Qualified annuities, using for refund repayments, Minn. Statutes 2025 356.441

Assets, Minn. Statutes 2025 356.63, 356A.06

Assignments, annuities or benefits, Minn. Statutes 2025 354B.30

Attachment, annuities or benefits, exemption, Minn. Statutes 2025 354B.30

Benefits

Assignment, Minn. Statutes 2025 354B.30

Automatic deposit, Minn. Statutes 2025 356.401

Beginning date of distribution, Minn. Statutes 2025 356.635

Benefit provisions summary, Minn. Statutes 2025 356A.07

Creditors remedies, use prohibited, Minn. Statutes 2025 354B.30

Definitions, Minn. Statutes 2025 356.633, 356A.01

Distribution, notice, Minn. Statutes 2025 356.001

Eligible rollover distributions, Minn. Statutes 2025 356.633

Federal benefit limits, Minn. Statutes 2025 356.612

Fiduciaries, duties, Minn. Statutes 2025 356A.02

Internal Revenue Code compliance, Minn. Statutes 2025 356.612, 356.633

Ownership, Minn. Statutes 2025 354B.25, 354D.08

Required minimum distributions, death of participant, Minn. Statutes 2025 356.635

Subpoena authority, Minn. Statutes 2025 356.401

Breach of fiduciary duty

Cofiduciaries, liability, Minn. Statutes 2025 356A.10

Generally, Minn. Statutes 2025 356A.09

Indemnification, Minn. Statutes 2025 356A.11

Lawsuits, Minn. Statutes 2025 356A.12

Certificates and certification, economic interest statements, list of filings, Minn. Statutes 2025 356A.06

Cofiduciaries

Duties, generally, Minn. Statutes 2025 356A.10

Service of process on, Minn. Statutes 2025 356A.12

Compensation and salaries

Covered salary, Minn. Statutes 2025 354B.20

Fiduciaries, Minn. Statutes 2025 356A.06, 356A.08

Part-time teacher mobility program, Minn. Statutes 2025 354B.31

Contested cases, adverse determination of eligibility, benefits, or other rights, Minn. Statutes 2025 356A.07

Continuing education, fiduciaries, Minn. Statutes 2025 356A.13

Contracts and agreements

Financial institutions, investments, approval, Minn. Statutes 2025 354D.08

Professional or technical service contracts, exclusion, Minn. Statutes 2025 16C.08

Copies, plan documents, summaries, and reports, Minn. Statutes 2025 356A.07

Covered employment

Definitions, Minn. Statutes 2025 354B.20, 354D.01

Generally, Minn. Statutes 2025 354B.211

Covered persons, see Participants under this topic

Creditors remedies, annuities or benefits, use prohibited, Minn. Statutes 2025 354B.30

Custodian bank accounts, establishment, Minn. Statutes 2025 356.001

Data, access, marriage dissolution actions, Minn. Statutes 2025 356.49

Death of participant, required minimum distributions, Minn. Statutes 2025 356.635

Dedicated fund, uses, Minn. Statutes 2025 356.63

Default coverage, Minn. Statutes 2025 354B.211

Deferred annuities, former Teachers Retirement Association members, Minn. Statutes 2025 354B.26

Definitions

Generally, Minn. Statutes 2025 354B.20, 354D.01

Internal Revenue Code compliance, Minn. Statutes 2025 356.633

Loss of survivor benefits, Minn. Statutes 2025 356.406

Public pension fiduciary responsibility, Minn. Statutes 2025 356A.01, 356A.06

Depositories, designation, Minn. Statutes 2025 356A.06

Disclosure, fiduciaries, Minn. Statutes 2025 356A.03, 356A.06

Dissolution of marriage, retirement benefits or rights, information regarding, Minn. Statutes 2025 356.49

Division of plan, based on election or nonelection of Social Security coverage, Minn. Statutes 2025 355.091

Economic interest statements, fiduciaries, Minn. Statutes 2025 356A.06

Election of participation

Appointees, acting, interim, or temporary, Minn. Statutes 2025 354B.211

Arts Board employees, Minn. Statutes 2025 354D.02, 354D.04

Humanities Center employees, Minn. Statutes 2025 354D.02, 354D.04

Minnesota Historical Society employees, Minn. Statutes 2025 354D.02, 354D.04

Minnesota State Retirement System members, Minn. Statutes 2025 352.021

Technical colleges faculty, Minn. Statutes 2025 354B.211

Timeliness, Minn. Statutes 2025 354B.211

Employee contributions

Exemptions and exceptions, Minn. Statutes 2025 356.401

Federal compensation limits, Minn. Statutes 2025 356.611

Salary savings leave, effect, Minn. Statutes 2025 43A.49

Employees of the retirement plan, indemnification, breach of fiduciary duty, Minn. Statutes 2025 356A.11

Employer contributions

Additional contributions, Minn. Statutes 2025 354B.24

Arts Board employees, Minn. Statutes 2025 354D.05

Exemptions and exceptions, Minn. Statutes 2025 356.401

Generally, Minn. Statutes 2025 354B.23

Humanities Center employees, Minn. Statutes 2025 354D.05

Minnesota Historical Society employees, Minn. Statutes 2025 354D.05

Part-time teacher mobility program, Minn. Statutes 2025 354B.31

Sabbatical leave, Minn. Statutes 2025 354B.24

Employers

Benefit provision summaries, duties, Minn. Statutes 2025 356A.07

Contributions, see Employer contributions under this topic

Dissolution, allocation of receivables, Minn. Statutes 2025 356.98

Duties, Minn. Statutes 2025 356.001

Employing units

Contributions, see Employer contributions under this topic

Defined, Minn. Statutes 2025 354B.20

Establishment, Minn. Statutes 2025 356.24

Exclusions from coverage, Minn. Statutes 2025 354B.20

Execution (creditors remedies), annuities or benefits, exemption, Minn. Statutes 2025 354B.30

Fees, administrative expenses, Minn. Statutes 2025 354B.25

Fiduciaries

Activities, generally, Minn. Statutes 2025 356A.02

Assets, title, Minn. Statutes 2025 356A.06

Breach of conduct or duties, Minn. Statutes 2025 356A.09 to 356A.12

Compensation and salaries, Minn. Statutes 2025 356A.06, 356A.08

Continuing education, Minn. Statutes 2025 356A.13

Definitions, Minn. Statutes 2025 356A.01

Direct or indirect profits, Minn. Statutes 2025 356A.06

Disclosure, Minn. Statutes 2025 356A.03, 356A.06

Duties, Minn. Statutes 2025 356A.02, 356A.04, 356A.05

Economic interest statements, Minn. Statutes 2025 356A.06

Felony violations, documentation, service prohibition, Minn. Statutes 2025 356A.03

Generally, Minn. Statutes 2025 356A.01 to 356A.13

Investments, duties, Minn. Statutes 2025 356A.02, 356A.06

Nonliability, self-directed investments by participants, Minn. Statutes 2025 356A.06

Prohibited transactions, Minn. Statutes 2025 356A.06

Service of process on, Minn. Statutes 2025 356A.12

Standard of conduct, Minn. Statutes 2025 356A.04

Financial reports, copies, distribution, Minn. Statutes 2025 356.20, 356A.07

Forfeitures, limitations, Minn. Statutes 2025 356.614

Former participants, marriage dissolution actions, information requirements, Minn. Statutes 2025 356.49

Funds and accounts

Dedicated fund, Minn. Statutes 2025 356.63

Theft or embezzlement from, reporting by employees, Minn. Statutes 2025 609.456

Garnishment, annuities or benefits, exemption, Minn. Statutes 2025 354B.30

Governing board, see Board of trustees under MINNESOTA STATE COLLEGES AND UNIVERSITIES SYSTEM (MNSCU)

Governing body rules and policies, defined as plan documents, Minn. Statutes 2025 356A.01

Information services, Minn. Statutes 2025 356.97

Interest rates, omitted deductions, Minn. Statutes 2025 354B.23

Investment of funds

Fiduciaries, duties, Minn. Statutes 2025 356A.02, 356A.06

Financial institutions, selection, review, Minn. Statutes 2025 354B.25, 354D.08

Investment products, Minn. Statutes 2025 354B.25

Participant investment responsibility, Minn. Statutes 2025 356.646

Reports about, Minn. Statutes 2025 356.219

Requirements, generally, Minn. Statutes 2025 356A.06

Lawsuits, breach of fiduciary duty, Minn. Statutes 2025 356A.12

Leaves of absence, sabbatical leave, Minn. Statutes 2025 354B.24

Liability, cofiduciaries, Minn. Statutes 2025 356A.10

Loans by, Minn. Statutes 2025 354B.30

Mail and mailing

Benefit distribution notice, Minn. Statutes 2025 356.001

Retirement annuities, information, applications, Minn. Statutes 2025 356.46

Member contributions

Additional contributions, Minn. Statutes 2025 354B.24

Arts Board employees, Minn. Statutes 2025 354D.05

Generally, Minn. Statutes 2025 354B.23

Humanities Center employees, Minn. Statutes 2025 354D.05

Minnesota Historical Society employees, Minn. Statutes 2025 354D.05

Minnesota State Retirement System refunds, transfer to, Minn. Statutes 2025 354D.07

Part-time teacher mobility program, Minn. Statutes 2025 354B.31

Sabbatical leave, Minn. Statutes 2025 354B.24

Members, see Participants under this topic

Military service credit, Internal Revenue Code compliance, Minn. Statutes 2025 356.638

Offset amount, Minn. Statutes 2025 354B.20

Participants

Benefit distribution upon plan termination, Minn. Statutes 2025 356.001

Contributions, see Member contributions under this topic

Death caused by surviving beneficiary, loss of survivor benefits, Minn. Statutes 2025 356.406

Definitions, Minn. Statutes 2025 354B.20, 356.406, 356A.01

Employment condition, Minn. Statutes 2025 354B.22

Marriage dissolution actions, information requirements, Minn. Statutes 2025 356.49

Payments by, administration expenses, Minn. Statutes 2025 354B.25, 354D.08

Proof of death, notice received, Minn. Statutes 2025 356.001

Reemployed first class city Teachers Retirement Association retirees, ineligibility, Minn. Statutes 2025 354A.31

Reemployed retired teachers, ineligibility, Minn. Statutes 2025 352.1155, 354.445

Reports received, Minn. Statutes 2025 356.20, 356A.07

Retirees, insurance benefits, purchase, Minn. Statutes 2025 43A.27

Self-directed investments, nonliability of fiduciaries, Minn. Statutes 2025 356A.06

Payments by

Allowable expenses, Minn. Statutes 2025 356.001

Benefit distribution upon plan termination, Minn. Statutes 2025 356.001

Fiduciaries, duties, Minn. Statutes 2025 356A.02

Payroll deductions

Member contributions, Minn. Statutes 2025 354B.23, 354B.24

Omitted deductions, Minn. Statutes 2025 354B.23

Plan documents, copies to members, Minn. Statutes 2025 356A.07

Prior service credit

Purchase procedures, strike periods, Minn. Statutes 2025 356.195

Purchases, Minn. Statutes 2025 356.551

Purpose, Minn. Statutes 2025 356.001

Records and record keeping

Fiduciaries, duties, Minn. Statutes 2025 356A.02

Investments, liquidity documentation, Minn. Statutes 2025 356A.06

Refunds

Automatic deposit, Minn. Statutes 2025 356.401

Excess administrative expenses, Minn. Statutes 2025 354B.25, 354D.08

Repayment to, Minn. Statutes 2025 356.441

Reports given

Administrative expenses, Minn. Statutes 2025 354B.25

Investment of funds, Minn. Statutes 2025 356.219

Marriage dissolution actions, pension benefits or rights, Minn. Statutes 2025 356.49

Retirement annuities, Minn. Statutes 2025 356.46

Retirement plan alternatives, see Election of participation under this topic

Sabbatical leave, Minn. Statutes 2025 354B.20, 354B.24

Salary, see Compensation and salaries under this topic

Salary savings leave, effect, Minn. Statutes 2025 43A.49

Service credit, salary savings leave, effect, Minn. Statutes 2025 43A.49

Social Security

Coverage, eligibility, Minn. Statutes 2025 354B.22

Teachers Retirement Association members, Minn. Statutes 2025 354.05, 354B.22

Spouses, retirement annuities, Minn. Statutes 2025 356.46

Statutes of limitations, breach of fiduciary duty, Minn. Statutes 2025 356A.12

Subpoenas, overpayment of benefits, Minn. Statutes 2025 356.401

Supplemental investment fund, investment options, Minn. Statutes 2025 354B.25

Survivor benefits

Generally, Minn. Statutes 2025 356.406

Overpayment of benefits, subpoenas, Minn. Statutes 2025 356.401

Termination of plan or fund, Minn. Statutes 2025 356.001

Theft or embezzlement from, reporting by employees, Minn. Statutes 2025 609.456

Transfer of coverage, technical colleges faculty, effect, Minn. Statutes 2025 354B.211

Transfer of funds, Teachers Retirement Association

Transfers from, Minn. Statutes 2025 354B.23

Transfers to, Minn. Statutes 2025 354B.215

Unclaimed plan account amounts, Minn. Statutes 2025 354B.20, 354B.25