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HF 1757

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

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Rtf

Current Version - as introduced

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A bill for an act
 relating to retirement; increasing contribution rates
for certain state employees; amending Minnesota
Statutes 2004, sections 352.04, subdivisions 2, 3;
352D.04, subdivision 2.

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

Section 1.

Minnesota Statutes 2004, section 352.04,
subdivision 2, is amended to read:


Subd. 2.

Employee contributions.

The employee
contribution to the fund must be equal to 4.0 percent of
salary. new text begin On July 1, 2007, the employee contribution must be
equal to 4.25 percent of salary. On July 1, 2008, the employee
contribution must be equal to 4.50 percent of salary. On July
1, 2009, the employee contribution must be equal to 4.75 percent
of salary. On July 1, 2010, the employee contribution must be
equal to 5.0 percent of salary.new text end These contributions must be
made by deduction from salary as provided in subdivision 4.

Sec. 2.

Minnesota Statutes 2004, section 352.04,
subdivision 3, is amended to read:


Subd. 3.

Employer contributions.

The employer
contribution to the fund must be equal to 4.0 percent of
salary. new text begin On July 1, 2007, the employer contribution must be
equal to 4.25 percent of salary. On July 1, 2008, the employer
contribution must be equal to 4.50 percent of salary. On July
1, 2009, the employer contribution must be equal to 4.75 percent
of salary. On July 1, 2010, the employer contribution must be
equal to 5.0 percent of salary.
new text end

Sec. 3.

Minnesota Statutes 2004, section 352D.04,
subdivision 2, is amended to read:


Subd. 2.

Contribution rates.

(a) The money used to
purchase shares under this section is the employee and employer
contributions provided in this subdivision.

(b) The employee contribution is an amount equal to deleted text begin the
employee contribution specified in section 352.04, subdivision 2
deleted text end new text begin four percent of salarynew text end .

(c) The employer contribution is an amount equal to six
percent of salary.

(d) These contributions must be made in the manner provided
in section 352.04, subdivisions 4, 5, and 6.

(e) For members of the legislature, the contributions under
this subdivision also must be made on per diem payments received
during a regular or special legislative session, but may not be
made on per diem payments received outside of a regular or
special legislative session, on the additional compensation
attributable to a leadership position under section 3.099,
subdivision 3, living expense payments under section 3.101, or
special session living expense payments under section 3.103.

(f) For a judge who is a member of the unclassified plan
under section 352D.02, subdivision 1, paragraph (c), clause
(16), the employee contribution rate is eight percent of salary,
and there is no employer contribution.

Sec. 4. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 to 3 are effective July 1, 2007.
 new text end