Minnesota HF4694: Deferred compensation plan requirements modified.

What the bill says

A bill for an act relating to retirement; modifying certain deferred compensation plan requirements; amending Minnesota Statutes 2024, section 356.24, subdivision 3.

From the introduced text, March 25, 2026:

A bill for an act relating to retirement; modifying certain deferred compensation plan requirements; amending Minnesota Statutes 2024, section 356.24, subdivision 3. Section 1. Minnesota Statutes 2024, section 356.24, subdivision 3, is amended to read: Subd. 3. Deferred compensation plan. (a) As used in this section: (1) "deferred compensation plan" means a plan that satisfies the requirements of this subdivision; (2) "plan administrator" means the individual or entity defined as the plan administrator in the plan document for the Minnesota deferred compensation plan under section 352.965 or a deferred compensation plan under section 457(b) of the Internal Revenue Code; and (3) "vendor" means the provider of an annuity contract, custodial account, or retirement income account under a tax-sheltered annuity plan under section 403(b) of the Internal Revenue Code. (b) The plan (2) a tax-sheltered annuity plan under section 403(b) of the Internal Revenue Code; or (3) a deferred compensation plan under section 457(b) of the Internal Revenue Code. (c) For each investment fund available to participants under the plan, other than in a self-directed brokerage account or fixed annuity contract, the plan administrator or vendor discloses at least annually to participants a statement that sets forth (1) all fees, including administrative, maintenance, and investment fees, that impact the rate of return on each investment fund available under the plan, and …

Read the full official text

Sponsors

• Tim O'Driscoll (R) · primary sponsor

Latest actions

1. March 25, 2026: Introduction and first reading, referred to State Government Finance and Policy

Common questions

What is HF4694?

HF4694 is a bill in the Minnesota Legislature (94th Legislature 2025-2026): Deferred compensation plan requirements modified.

What does HF4694 do?

In its own words: A bill for an act relating to retirement; modifying certain deferred compensation plan requirements; amending Minnesota Statutes 2024, section 356.24, subdivision 3.

What is the status of HF4694?

In committee as of March 25, 2026. Latest action: Introduction and first reading, referred to State Government Finance and Policy (March 25, 2026).

Who sponsored HF4694?

Tim O'Driscoll (R).

Where is the official record for HF4694?

On the Minnesota Legislature website: https://www.revisor.mn.gov/bills/bill.php?f=HF4694&y=2025&ssn=0&b=house