Minnesota State Colleges and Universities required to locate a specific eligible person's missing IRAP account or pay the eligible person $25000.

This bill requires Minnesota State Colleges and Universities to locate the IRAP (higher education retirement) account for specific former Winona State University employees who worked from 1991-1996 and have documented payroll deductions for contributions made between 1991-1994. If the account cannot be located within 60 days of the bill's effective date, the institution must pay the eligible person $25,000. The bill specifically applies to employees with verified pay stubs showing deductions for those years, as proof of contributions. It does not create new retirement benefits but addresses a historical record-keeping issue for a defined group of former employees.