Maximum employer contribution increase authorization for the higher education supplemental retirement plan

This bill increases the maximum annual employer contribution limit for the higher education supplemental retirement plan from $2,700 to $4,300 per employee. It directly affects employees of Minnesota State Colleges and Universities covered by the supplemental retirement plan under chapter 354C. The key change amends Minnesota Statutes section 356.24 to allow matching employer contributions up to $4,300 yearly, replacing the previous $2,700 cap. The change applies to plans established in collective bargaining agreements or personnel policies for these employees.