Minnesota State Colleges and Universities locating an eligible person's missing IRAP account or pay the eligible person $25,000 requirement provision

Minnesota Senate File 1213 requires Minnesota State Colleges and Universities (MN State) to either locate retirement accounts (IRAP) for specific former Winona State University employees or pay them $25,000. It applies to individuals employed at Winona State from 1991-1996 who provided pay stubs showing payroll deductions for IRAP contributions between 1991-1994. MN State must locate the accounts or make the $25,000 payment within 60 days of the bill's effective date. The bill addresses missing retirement accounts for this defined group of former employees.