Legislative Session number- 86

Bill Name: SF1180

Relating to retirement; allowing the state to automatically enroll participants
in the state retirement deferred compensation plan with an opt out provision,
requiring participating employers to provide necessary data to third-party
administrators and permitting employers to provide participant data to
facilitate electronic enrollment, requiring adherence to data privacy
regulation, prohibiting third-party participant solicitation; modifying the
definition of value for the state unclassified employees retirement plan,
requiring use of a third-party record keeper selected by the Minnesota state
retirement system (MSRS) board of directors to administer the unclassified
program, requiring adherence to data privacy regulation, prohibiting MSRS and
third-party participant solicitation, modifying investment options change of
choice, accrual date, disability benefit annuity payment and prospectus
distribution, transferring annuity reserves to the supplemental fixed interest
account, removing the limit on annual total administrative fees
(rt)