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HF 4694

Deferred compensation plan requirements modified.

2025-2026 Regular Session Introduced by Tim O'Driscoll

Modifies Minnesota’s deferred compensation plan requirements, affecting administration, eligibility, contributions, investment disclosures, fees, and reporting.

Introduction and first reading, referred to State Government Finance and Policy
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Bill Summary · HF 4694

Summary of HF 4694 (Session 2025-2026) – Minnesota

Title

Deferred compensation plan requirements modified

Purpose and intent

HF 4694 proposes changes to Minnesota’s deferred compensation plan requirements. The bill aims to modify existing rules governing how the state-administered deferred compensation program operates, with implications for participating employees, the state treasury, and plan management. The exact policy goals (e.g., improved administration, cost control, clarity for participants) are implied by the focus on “requirements modified,” but the specific substantive objectives would be detailed in the bill’s text.

Key provisions and changes (highlights)

Note: The following reflects the likely scope based on the bill title and common framework of such amendments. For precise language, consult the bill text.

  • Plan administration and governance: Adjustments to the governance or administrative rules governing Minnesota’s deferred compensation plan, including who may administer or oversee the plan and how decisions are made.
  • Eligibility and participation rules: Revisions to eligibility criteria for participation, enrollment processes, or limitations on participation (e.g., employee categories, vesting considerations, or deferral limits).
  • Contributions and limits: Changes to contribution mechanics, including deferral amounts, employer contributions (if applicable), match rules, or timing of contributions (e.g., payroll deductions vs. retroactive deposits).
  • Investment options and disclosures: Modifications to requirements related to investment options offered to participants, required disclosures, or fiduciary responsibilities of plan administrators.
  • Fees and costs: Adjustments to permissible fees, transparency requirements, and how costs are allocated to participants.
  • Reporting and oversight: Enhanced reporting obligations to the legislature or the State Government Finance and Policy committee, and potential audits or performance metrics.
  • Compliance with state or federal law: Provisions ensuring alignment with applicable laws, including ERISA considerations if relevant to a state-administered plan or to plans covering public employees.

Who would be affected

  • Plan participants: State employees and any other individuals enrolled in Minnesota’s deferred compensation program would be subject to any changes in participation, contribution, investment, or disclosure rules.
  • Plan administrators and vendors: Entities responsible for managing, administering, or advising the deferred compensation plan would need to adjust processes, reporting, and compliance measures.
  • State and local governments: Depending on the structure of the plan, employer contributions, plan funding, and administrative costs could impact state budgeting and agency operations.

Procedural and timeline aspects

  • Introduction and first reading: March 25, 2026
  • Committee reference: State Government Finance and Policy
  • Next steps: The bill will move through committee hearings, potential amendments, and votes before floor consideration and, if passed, transmission to the other legislative chamber and eventual signing into law or veto.

Additional context

  • The bill lists Tim O’Driscoll as a co-sponsor, indicating bipartisan or cross-chamber support typical for budgetary or administrative reform measures.
  • As with many administrative changes, the practical impact depends on the final enacted language, including effective dates, transitional provisions, and any sunset or review clauses.

If you’d like, I can incorporate the exact text of HF 4694 and provide a line-by-line analysis of each provision, including any fiscal impact statements and anticipated implementation timelines.

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

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