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Bill Summary 2026 Pension and Retirement Omnibus Bill (Chapter 106; HF 4074, 3rd Engr.) <br />transferred from covered employers to the Program by new section 187.13, which is added by Section <br />20. The covered employers' duty to provide information, which is in section 187.07, subdivision 3, is <br />repealed in Section 22. <br />Section 20 adds new section 187.13 ("Required Notices") to Chapter 187. This new section requires the <br />Program to provide information about the Program, procedures, and disclaimers, among other items, to <br />all covered employees within the first 7 days of employment (subdivision 1) and annual notice to <br />covered employees about the annual limits under federal law on contributions to IRAs (subdivision 2). <br />Section 21 adds new section 187.14 ("Confidentiality of Data and Nonsolicitation") to Chapter 187. This <br />new section prohibits disclosure of private data on individuals, unless permitted by an exception <br />(subdivision 1), and prohibits solicitation by recordkeepers and others of covered employees, account <br />owners, or beneficiaries (subdivision 2). <br />Section 22 repeals section 187.07, subdivision 3, which required covered employers to provide <br />information to new covered employees. That duty is transferred to the Program and appears in new <br />section 187.13, which is added by Section 20. <br />All sections are effective the day following final enactment. <br />Article 10: Supplemental Plans <br />Source: SF 4587 (Westlin)/HF 4694 (O'Driscoll) <br />Article 10 consists of one section that amends section 356.24, subdivision 3. Subdivision 3 defines <br />"deferred compensation plan," which is an exception to the prohibition against public employers <br />contributing public funds to pension or deferred compensation plans that are in addition to the primary <br />pension plan that covers public employees. Section 356.24 refers to these plans as "supplemental" to <br />distinguish them from the "primary" pension plans, which include the statewide pension plans <br />administered by MSRS, PERA, and TRA. <br />To satisfy the definition of "deferred compensation plan" under subdivision 3, plan vendors and <br />administrators are required to disclose annually to plan participants, for each investment fund, all fees <br />and rates of return over one-, five-, and ten-year periods, and file this disclosure with the Commission <br />executive director. <br />Section 1 amends paragraph (c) to eliminate the final sentence of the paragraph, which is the <br />requirement that the investment fee and rates of return disclosure be filed with the Commission <br />executive director. <br />Section 1 is effective the day following final enactment. <br />Article 1 1: Health Care Savings Plan <br />Source: SF 4764 (Nelson)/HF 4630 (Cho), as amended by 54764-1A <br />Legislative Commission on Pensions and Retirement Page 18 <br />