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.

This bill directs the Commissioner of Management and Budget to create a program allowing Minnesota state employees to save for their children's future through a "Launch Account." Under the new rules, employees could voluntarily contribute part of their own pay and redirect their employer's matching retirement contributions into this special savings account. The program must be available to all state employees by July 2026 and requires participants to open an account by designating a parent or guardian as the account holder. This legislative change aims to help state workers build long-term financial security for their dependents without costing the state additional money.