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Early retirement incentive

Published (6/1/2010)
By Patty Ostberg
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Eligible state employees can have two years of health and dental insurance coverage deposited into their health care savings plan as an early retirement incentive, under a new law.

Sponsored by Rep. Loren Solberg (DFL-Grand Rapids) and Sen. Tom Bakk (DFL-Cook), the law is applicable for an employee with at least 15 years of contributions in certain retirement funds; who accepts the incentive no later than Dec. 31, 2010; retires no later than June 30, 2011, and is not in receipt of certain state retirement plans during the month preceding the termination of qualified employment.

The employee can use the funds for health care expenses.

The employee’s appointed authority has the discretion whether to offer the retirement incentive. Employees who accept the incentive may not be reemployed or hired as a consultant by any agency or entity that participates in the State Employee Group Insurance Program for three years.

The Minnesota Management & Budget commissioner must report to the Legislature by April 2, 2011, the number of employees accepting the incentive.

The law is effective May 14, 2010.

HF2038/ SF1481*/CH337

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