Minnesota HF4694 modifies deferred compensation plan requirements for public employers.

Minnesota HF4694 amends the deferred compensation plan requirements for public employers. The bill specifies that employer matching contributions must match, on a dollar-for-dollar basis, employee elective deferral contributions, up to certain limits. It also allows contributions from employee sick leave, vacation leave, or severance pay. The bill mandates that plan administrators disclose fees and rates of return annually. The changes apply to employees of school districts, state agencies, and other governmental entities, excluding certain higher education employees.

Minnesota HF4694 modifies deferred compensation plan requirements for public employers.

Minnesota HF4694 amends the deferred compensation plan requirements for public employers. The bill specifies that employer matching contributions must match, on a dollar-for-dollar basis, employee elective deferral contributions, up to certain limits. It also allows contributions from employee sick leave, vacation leave, or severance pay. The bill mandates that plan administrators disclose fees and rates of return annually. The changes apply to employees of school districts, state agencies, and other governmental entities, excluding certain higher education employees.