Minnesota SF4587 modifies deferred compensation plan requirements, including annual fee disclosures and matching contribution limits.
Minnesota SF4587 amends deferred compensation plan requirements by mandating annual disclosures of fees impacting participants. It specifies that the plan must cover employees of school districts, state agencies, or other governmental subdivisions, but excludes certain higher education employees. Matching contributions must align with employee elective deferrals, up to specified limits. The bill also allows for employer contributions for qualified student loan payments. This act takes effect the day following final enactment.
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