SF 1476

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; increasing contribution rates 
  1.3             for the correctional plan in the Minnesota state 
  1.4             retirement system; amending Minnesota Statutes 2000, 
  1.5             sections 352.92, subdivisions 1 and 2; and 352.93, 
  1.6             subdivision 2a. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2000, section 352.92, 
  1.9   subdivision 1, is amended to read: 
  1.10     Subdivision 1.  [EMPLOYEE CONTRIBUTIONS.] Employee 
  1.11  contributions of covered correctional employees must be in an 
  1.12  amount equal to 5.69 5.94 percent of salary.  
  1.13     Sec. 2.  Minnesota Statutes 2000, section 352.92, 
  1.14  subdivision 2, is amended to read: 
  1.15     Subd. 2.  [EMPLOYER CONTRIBUTIONS.] The employer shall 
  1.16  contribute for covered correctional employees an amount equal to 
  1.17  7.98 8.23 percent of salary. 
  1.18     Sec. 3.  Minnesota Statutes 2000, section 352.93, 
  1.19  subdivision 2a, is amended to read: 
  1.20     Subd. 2a.  [EARLY RETIREMENT.] Any covered correctional 
  1.21  employee who becomes at least 50 years old and who has at least 
  1.22  three years of allowable service is entitled upon application to 
  1.23  a reduced retirement annuity equal to the annuity calculated 
  1.24  under subdivision 2, reduced by two-tenths one-tenth of one 
  1.25  percent for each month that the correctional employee is under 
  1.26  age 55 at the time of retirement. 
  2.1      Sec. 4.  [EFFECTIVE DATE.] 
  2.2      Sections 1 to 3 are effective July 1, 2001.