Mandate Details

Description:	Recommendation of legislation or alternatives that: (1) address the cost of transfers to the Teachers Retirement Assoc. (TRA) and Minn. State; (2) end the need for legislation for participants in the higher education IRA plan to transfer to TRA; (3) would have authorized transfer election by individuals covered by legislation in the last 10 sessions, had the recommended legislation been enacted; (4) require Minn. State to inform facilities and plan participants how to transfer to TRA; (5) require an annual report on the number of employees electing a transfer in the prior 12-month period and the cost of the transfer to each employee and Minn. State and the actuarial cost of the employee's pension benefit; (6) do not increase TRA's unfunded liability; and (7) include the number of participants in the higher education IRA plan eligible for a transfer under the recommended legislation and the cost to Minn. State if the eligible participants elect the transfer
Law:	2023 Minn. Laws Chap. 47 Art. 7 Sec. 3
Agency(ies)/Supplier(s):	Work Group on IRAP to TRA Transfers
Due Date:	01/05/2024
Frequency:	One time
Subjects:	Retirement Income
Committee/Agency Jurisdiction:	Legislative Commission on Pensions and Retirement
Note:	This mandate is not requiring the annual report it references; it requires recommendations.

Title	Publisher(s)	Publication Date	Coverage	Date Received	Report Link	Call #
Draft Legislation Recommended by the IRAP to TRA Work Group	Work Group on IRAP to TRA Transfers	February 7, 2024		02/08/2024	24-0619.pdf

Minnesota Legislative Reference Library, 645 State Office Building, Saint Paul, MN 55155