Commissioner of management and budget required to establish a program allowing state employees to contribute to a Launch Account and have employer matching contributions to the Minnesota deferred compensation plan be redirected for deposit in a Launch Account.

Summary

The bill directs the commissioner of management and budget to set up a program that lets Minnesota state employees voluntarily contribute part of their pay and redirect their employer’s matching contributions from the state deferred compensation plan into a Launch Account. The goal is to give employees a way to save for a child’s qualified expenses without costing the state.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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