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HF 2942

Commissioner of employment and economic development required to disclose information, and administrative and technical changes made to the Minnesota Secure Choice Retirement Program Act.

2025-2026 Regular Session Introduced by Leon Lillie and 1 co-sponsor

The bill mandates DEED to disclose key information about the Minnesota Secure Choice Retirement Program to improve transparency and accountability, alongside administrative updates

Introduction and first reading, referred to State Government Finance and Policy
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Bill Summary · HF 2942

Summary of HF 2942 (2025-2026) – Minnesota

Overview

HF 2942 proposes two related changes to the Minnesota Secure Choice Retirement Program Act:
1) Requirements for the Commissioner of Employment and Economic Development (DEED) to disclose certain information.
2) Administrative and technical updates to the Minnesota Secure Choice Retirement Program (MSCSP) Act.

The bill was introduced in April 2025 and referred to the State Government Finance and Policy committee. Primary sponsors include co-sponsors Leon Lillie and Danny Nadeau.

1) Purpose and intent

  • Ensure greater transparency by mandating disclosure of specified information by the DEED Commissioner.
  • Implement administrative and technical changes intended to refine the operation and administration of the Minnesota Secure Choice Retirement Program Act.

2) Key provisions and changes

A. Disclosure requirements by the Commissioner of DEED

  • The Commissioner would be required to disclose specific information related to the MSCSP program, its operation, funding, governance, or related administrative matters.
  • Disclosure aims to improve accountability, provide stakeholders (employers, employees, state policymakers) with essential program data, and facilitate informed decision-making about program administration and participation.

B. Administrative and technical changes to the MSCSP Act

  • The bill includes various administrative improvements to the statute governing the Minnesota Secure Choice Retirement Program.
  • Potential areas for updates (typical within this type of reform) may include:
    • Clarifications of program eligibility, enrollment, or plan design.
    • Updates to reporting and data collection requirements.
    • Adjustments to governance or oversight mechanisms.
    • Refinements to the process for implementing, modifying, or terminating program components.
  • While specifics are not enumerated in the provided summary, the intent is to streamline administration and ensure more robust program operations.

3) Who is affected

  • State government and DEED: Responsible for compliance with new disclosure requirements and for implementing the administrative/technical updates to the MSCSP Act.
  • Employers and employees participating in or interacting with the Minnesota Secure Choice Retirement Program: May experience changes in information availability, administrative processes, and program governance.
  • Stakeholders (e.g., policymakers, advocates, program administrators): Gains access to enhanced transparency and potentially improved program reporting and oversight.

4) Procedural and timeline aspects

  • Introduction and first reading occurred on April 1, 2025.
  • Referral: State Government Finance and Policy committee.
  • As a 2025-2026 session bill, the proposal would move through committee hearings, potential amendments, and votes before advancing to the full legislature for consideration. Specific timelines (committee deadlines, floor votes) would be determined by the legislative calendar and subsequent committee actions.

5) Practical implications

  • Increased transparency: With mandated disclosures, stakeholders can better assess program performance, funding, and outcomes.
  • Administrative modernization: Technical updates may reduce administrative burden, improve data accuracy, and enhance program governance.
  • Budgetary and policy impact: Depending on the exact disclosures and changes, there could be implications for state administrative costs or requirements for program reporting and accountability.

If you’d like, I can tailor this summary to include hypothetical specifics (e.g., typical disclosure items or potential fiscal implications) or track updates from committee actions as they become available.

Compiled from official sources — confirm details with the bill’s official record.

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