Higher education supplemental retirement plan; maximum employer contribution increased.

HF 2022 amends Minnesota Statutes to increase the maximum annual employer contribution for the supplemental retirement plan covering employees of the Minnesota State Colleges and Universities (MnSCU) system. Specifically, it raises the cap from $2,700 to $4,300 per employee per year for employer matching of employee contributions under this plan. This change directly affects MnSCU employees participating in the supplemental retirement plan, as it allows their employers to contribute more toward their retirement savings. The provision applies only to plans established under collective bargaining agreements or personnel policies that require dollar-for-dollar matching of employee contributions. The bill does not create new retirement programs but adjusts the funding limit for an existing plan.