Minnesota HF5093 establishes a program for state employees to contribute to a Launch Account and redirect employer matching contributions for deposit.

Minnesota HF5093 mandates the Commissioner of Management and Budget to create a program enabling state employees to contribute to a Launch Account. The program allows employees to voluntarily contribute a portion of their compensation and redirect employer matching contributions from the Minnesota deferred compensation plan to a Launch Account. The program must comply with Internal Revenue Code sections 128 and 530A. Contributions must be made through an election on IRS Form 4547 or an online tool.

Minnesota HF5093 establishes a program for state employees to contribute to a Launch Account and redirect employer matching contributions for deposit.

Minnesota HF5093 mandates the Commissioner of Management and Budget to create a program enabling state employees to contribute to a Launch Account. The program allows employees to voluntarily contribute a portion of their compensation and redirect employer matching contributions from the Minnesota deferred compensation plan to a Launch Account. The program must comply with Internal Revenue Code sections 128 and 530A. Contributions must be made through an election on IRS Form 4547 or an online tool.