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HF 4081

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/22/2024 02:56pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Bill Text Versions

Engrossments
Introduction Posted on 02/20/2024

Current Version - as introduced

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A bill for an act
 relating to retirement; Public Employees Retirement Association; local government
correctional service retirement plan; increasing the multiplier used to calculate the
annuity amount; increasing employee and employer contribution rates; amending
Minnesota Statutes 2022, sections 353E.03; 353E.04, subdivision 3.

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

Section 1.

Minnesota Statutes 2022, section 353E.03, is amended to read:


353E.03 CORRECTIONAL SERVICE PLAN CONTRIBUTIONS.

Subdivision 1.

Member contributions.

A member of the deleted text begin local government correctional
service retirementdeleted text end plan shall make an employee contribution in an amount equal to deleted text begin 5.83deleted text end
new text begin 6.83 new text end percent of salary.

Subd. 2.

Employer contributions.

The employer shall contribute for a member of the
deleted text begin local government correctional service retirementdeleted text end plan an amount equal to deleted text begin 8.75deleted text end new text begin 10.25 new text end percent
of salary.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with the first full pay period
after July 1, 2024.
 new text end

Sec. 2.

Minnesota Statutes 2022, section 353E.04, subdivision 3, is amended to read:


Subd. 3.

Annuity amount.

(a) The average salary as defined in subdivision 2, multiplied
by 1.9 percent for each year of allowable servicenew text begin before July 1, 2024, and 2.2 percent for
each year of allowable service beginning on or after July 1, 2024new text end , determines the amount
of the normal retirement annuity.

(b) If a person has earned allowable service in the general employees retirement plan of
the Public Employees Retirement Association or the public employees police and fire
retirement plan before participation under this chapter, the retirement annuity representing
such service must be computed in accordance with the formula specified in sections 353.29
and 353.30 or 353.651, whichever applies.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2024.
 new text end