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IRAP to TRA Work Group

IRAP to TRA Work Group

The IRAP to TRA Work Group delivers legislative proposal to the LCPR

The IRAP to TRA work group may have discovered the solution that will end the need for annual legislation to benefit single individuals. For many years, the Commission has considered special legislation for MN State employees who want to transfer from the IRAP to TRA, because they had not received notice or were unaware of the option to transfer when they were first eligible to do so.

The proposed legislation, recently delivered to the LCPR, establishes a new process that authorizes an eligible person to transfer to TRA, begin accruing service credit toward a TRA pension, and purchase past service credit. For each eligible person, the purchase of past service credit is funded by the following:

  • The eligible person’s IRAP account
  • An amount from a new state-funded account, for as long as funds are available
  • Other retirement funds, if directed by the eligible person

LCPR Convenes IRAP to TRA Work Group

The LCPR has convened a work group to discuss recommending general legislation that would allow for certain participants in the higher education individual retirement account plan (IRAP), administered by Minnesota State Colleges and Universities, to transfer to the Teachers Retirement Association. The work group is mandated under Laws 2023, Ch 47, Art. 7, Sec. 3.

The work group met four times between July 26 and November 6. Below are links to the agendas and meeting materials.