HF 1753

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to retirement; increasing contribution rates
for certain correctional employees; amending Minnesota
Statutes 2004, section 352.92, subdivisions 1, 2.

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

Section 1.

Minnesota Statutes 2004, section 352.92,
subdivision 1, is amended to read:

Subdivision 1.

Employee contributions.

Employee
contributions of covered correctional employees must be in an
amount equal to deleted text begin 5.69 deleted text end new text begin a new text end percent of salary. new text begin Beginning July 1,
2005, through June 30, 2006, the employee contribution must be
equal to 6.4 percent of salary. Beginning July 1, 2006, through
June 30, 2007, the employee contribution must be equal to 7.0
percent of salary. Beginning July 1, 2007, through June 30,
2008, the employee contribution must be equal to 7.7 percent of
salary. Beginning July 1, 2008, the ongoing employee
contribution must be equal to 8.6 percent of salary.
new text end

Sec. 2.

Minnesota Statutes 2004, section 352.92,
subdivision 2, is amended to read:

Subd. 2.

Employer contributions.

The employer shall
contribute for covered correctional employees an amount equal to
deleted text begin 7.98 deleted text end new text begin a new text end percent of salary. new text begin Beginning July 1, 2005, through June
30, 2006, the employer contribution must be equal to 9.1 percent
of salary. Beginning July 1, 2006, through June 30, 2007, the
employer contribution must be equal to 10.1 percent of salary.
Beginning July 1, 2007, through June 30, 2008, the employer
contribution must be equal to 11.1 percent of salary. Beginning
July 1, 2008, the ongoing employer contribution must be equal to
12.1 percent of salary.
new text end

Sec. 3. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 and 2 are effective July 1, 2005.
new text end