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 creates a program allowing state employees to contribute to a "Launch Account," which is a savings account for a child's future. Employees can choose to have a portion of their pay or their employer's matching contributions to the deferred compensation plan go into this new account instead. This program aims to encourage long-term savings for children and strengthen family financial security.

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