Certain deferred compensation plan requirements modification

This bill modifies Minnesota's deferred compensation plan requirements to improve transparency and flexibility for public sector employees. It mandates that plan administrators or vendors annually disclose all fees and historical rates of return for investment funds in an easily understandable format, while removing the previous requirement to file these statements with the Legislative Commission on Pensions and Retirement. The legislation also updates matching contribution rules to allow employers to match employee deferrals on a dollar-for-dollar basis up to specified limits and permits matching contributions toward qualified student loan payments under the Secure 2.0 Act. These changes apply to employees of school districts, state agencies, and other governmental subdivisions, excluding those covered by the Higher Education Supplemental Retirement Plan.