HF 2301

as introduced - 87th Legislature (2011 - 2012) Posted on 02/23/2012 03:02pm

A bill for an act
relating to education finance; authorizing school districts to levy for changes to
employer contribution for teacher retirement; amending Minnesota Statutes
2010, section 126C.41, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2010, section 126C.41, is amended by adding a
subdivision to read:

new text begin Subd. 7. new text end

new text begin Levy authority for additional teacher retirement costs. new text end

new text begin A school district
annually may levy for the costs associated with higher employer contribution rates to a
teacher retirement fund. The amount of the levy for each district must not exceed the
product of the salary of all coordinated members for the previous year times the difference
between the contribution rate for coordinated members for the current year and the
contribution rate for coordinated members as of June 30, 2011.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2013 and later.
new text end