1st Engrossment - 92nd Legislature (2021 - 2022) Posted on 05/19/2022 09:21am
A bill for an act
relating to retirement; general state employees retirement plan; correctional state
employees retirement plan; unclassified state employees retirement program;
legislators retirement plan; State Patrol retirement plan; general employees
retirement plan; public employees police and fire retirement plan; Teachers
Retirement Association; St. Paul Teachers Retirement Fund Association; higher
education individual retirement account plan; reducing employee contribution
rates; increasing postretirement adjustments; modifying vesting and return to work
requirements, decreasing employer contribution rates, and establishing a
supplemental employer contribution for the public employees police and fire
retirement plan; reducing the investment rate of return actuarial assumption;
increasing or adding direct state aids; increasing employer contributions; increasing
the pension adjustment revenue for school districts; appropriating money; amending
Minnesota Statutes 2020, sections 126C.10, subdivision 37; 352.04, subdivision
2; 352.92, subdivision 1; 352B.02, subdivision 1a; 353.01, subdivision 47; 353.27,
subdivision 2; 353.65, subdivisions 2, 3, 3b, by adding a subdivision; 354.42,
subdivisions 2, 3; 354A.12, subdivisions 2a, 3a, 3c; 354A.29, subdivision 7;
354B.23, subdivision 1; 356.215, subdivision 8; 356.415, subdivisions 1, 1c, 1d,
1e; 356.59; Minnesota Statutes 2021 Supplement, section 354A.12, subdivision
1; proposing coding for new law in Minnesota Statutes, chapters 352; 352B; 353;
354.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2020, section 352.04, subdivision 2, is amended to read:
(a) The employee contribution to the fund must be
equal to the following percent of salary:
deleted text begin
from July 1, 2014, to June 30, 2018 deleted text end |
deleted text begin
5.5 deleted text end |
|
deleted text begin
from July 1, 2018, to June 30, 2019 deleted text end |
deleted text begin
5.75 deleted text end |
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deleted text begin afterdeleted text end new text begin from July 1, 2019, to new text end June 30, deleted text begin 2019deleted text end new text begin 2022 new text end |
6 |
|
new text begin
after June 30, 2022 new text end |
new text begin
5.75 new text end |
(b) These contributions must be made by deduction from salary as provided in subdivision
4.
(c) Contribution increases under paragraph (a) must be paid starting the first day of the
first full pay period after the effective date of the increase.
Minnesota Statutes 2020, section 352.92, subdivision 1, is amended to read:
(a) Employee contributions of covered
correctional employees must be in an amount equal to the following percent of salary:
deleted text begin
from July 1, 2014, to June 30, 2018 deleted text end |
deleted text begin
9.1 deleted text end |
|
deleted text begin afterdeleted text end new text begin from July 1, 2018, tonew text end June 30, deleted text begin 2018deleted text end new text begin 2022 new text end |
9.6 |
|
new text begin
after June 30, 2022 new text end |
new text begin
7.5 new text end |
(b) These contributions must be made by deduction from salary as provided in section
352.04, subdivision 4.
(c) Contribution increases under paragraph (a) must be paid starting the first day of the
first full pay period after the effective date of the increase.
Minnesota Statutes 2020, section 352B.02, subdivision 1a, is amended to read:
(a) The member contribution is the following
percentage of the member's salary:
deleted text begin
from July 1, 2014, to June 30, 2016 deleted text end |
deleted text begin
13.4 deleted text end |
|
deleted text begin
from July 1, 2016, to June 30, 2018 deleted text end |
deleted text begin
14.4 deleted text end |
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deleted text begin
from July 1, 2018, to June 30, 2020 deleted text end |
deleted text begin
14.9 deleted text end |
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deleted text begin after June 30,deleted text end new text begin from July 1,new text end 2020new text begin , to June 30, 2022 new text end |
15.4 |
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new text begin
after June 30, 2022 new text end |
new text begin
10.5 new text end |
(b) These contributions must be made by deduction from salary as provided in section
352.04, subdivision 4.
(c) Contribution increases under paragraph (a) must be paid starting the first day of the
first full pay period after the effective date of the increase.
Minnesota Statutes 2020, section 353.27, subdivision 2, is amended to read:
(a) For a basic
member of the general employees retirement plan of the Public Employees Retirement
Association, the employee contribution is 9.10 percent of salary. For a coordinated member
of the general employees retirement plan of the Public Employees Retirement Association,
the employee contribution is the following percentage of salary plus any contribution rate
adjustment under subdivision 3b:
deleted text begin
Effective after December 31, 2010 deleted text end |
deleted text begin
6.25 deleted text end |
|
deleted text begin Effectivedeleted text end new text begin fromnew text end January 1, 2015new text begin , to June 30, 2022 new text end |
6.5 |
|
new text begin
after June 30, 2022 new text end |
new text begin
6.25 new text end |
(b) These contributions must be made by deduction from salary as defined in section
353.01, subdivision 10, in the manner provided in subdivision 4. If any portion of a member's
salary is paid from other than public funds, the member's employee contribution must be
based on the total salary received by the member from all sources.
Minnesota Statutes 2020, section 353.65, subdivision 2, is amended to read:
(a) For members other than members who were active
members of the former Minneapolis Firefighters Relief Association on December 29, 2011,
or for members other than members who were active members of the former Minneapolis
Police Relief Association on December 29, 2011, the employee contribution is an amount
equal to the following percentage of the total salary of each member, as follows:
deleted text begin
before January 1, 2019 deleted text end |
deleted text begin
10.8 percent deleted text end |
|
deleted text begin
from January 1, 2019, through December 31, 2019 deleted text end |
deleted text begin
11.3 percent deleted text end |
|
from January 1, 2020, deleted text begin and thereafterdeleted text end new text begin through June 30, 2022 new text end |
11.8 percent |
|
new text begin
after June 30, 2022 new text end |
new text begin
9.4 percent new text end |
(b) For members who were active members of the former Minneapolis Firefighters Relief
Association on December 29, 2011, the employee contribution is an amount equal to eight
percent of the monthly unit value under section 353.01, subdivision 10a, multiplied by 80
and expressed as a biweekly amount for each member. The employee contribution made
by a member with at least 25 years of service credit as an active member of the former
Minneapolis Firefighters Relief Association must be deposited in the postretirement health
care savings account established under section 352.98.
(c) For members who were active members of the former Minneapolis Police Relief
Association on December 29, 2011, the employee contribution is an amount equal to eight
percent of the monthly unit value under section 353.01, subdivision 10b, multiplied by 80
and expressed as a biweekly amount for each member. The employee contribution made
by a member with at least 25 years of service credit as an active member of the former
Minneapolis Police Relief Association must be deposited in the postretirement health care
savings account established under section 352.98.
(d) Contributions under this section must be made by deduction from salary in the manner
provided in subdivision 4. Where any portion of a member's salary is paid from other than
public funds, the member's employee contribution is based on the total salary received from
all sources.
Minnesota Statutes 2020, section 354.42, subdivision 2, is amended to read:
(a) The employee contribution to the fund is the
following percentage of the member's salary:
Period |
Basic Program |
Coordinated Program |
|
from July 1, 2014, through June 30, deleted text begin 2023deleted text end new text begin 2022 new text end |
11 percent |
7.5 percent |
|
after June 30, deleted text begin 2023deleted text end new text begin 2022 new text end |
deleted text begin 11.25deleted text end new text begin 10.75 new text end percent |
deleted text begin 7.75deleted text end new text begin 7.25 new text end percent |
(b) When an employee contribution rate changes for a fiscal year, the new contribution
rate is effective for the entire salary paid for each employer unit with the first payroll cycle
reported.
(c) This contribution must be made by deduction from salary. Where any portion of a
member's salary is paid from other than public funds, the member's employee contribution
must be based on the entire salary received.
Minnesota Statutes 2021 Supplement, section 354A.12, subdivision 1, is amended
to read:
(a) The contribution required to be paid by
each member of the St. Paul Teachers Retirement Fund Association is the percentage of
total salary specified below deleted text begin for the applicable association and programdeleted text end :
deleted text begin
Program deleted text end |
deleted text begin
Percentage of Total Salary deleted text end |
|
deleted text begin
St. Paul Teachers Retirement Fund Association deleted text end |
||
deleted text begin
basic program after June 30, 2016 deleted text end |
deleted text begin
10 percent deleted text end |
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deleted text begin
basic program after June 30, 2023 deleted text end |
deleted text begin
10.25 percent deleted text end |
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deleted text begin coordinated program after June 30deleted text end new text begin July 1new text end , 2016new text begin , to June 30, 2022 new text end |
7.5 percent |
|
deleted text begin coordinated programdeleted text end after June 30, deleted text begin 2023deleted text end new text begin 2022 new text end |
deleted text begin 7.75deleted text end new text begin 7.25 new text end percent |
(b) Contributions must be made by deduction from salary and must be remitted directly
to the St. Paul Teachers Retirement Fund Association at least once each month.
(c) When an employee contribution rate changes for a fiscal year, the new contribution
rate is effective for the entire salary paid by the employer with the first payroll cycle reported.
Minnesota Statutes 2020, section 354B.23, subdivision 1, is amended to read:
(a) Except for a participant described under
paragraph (b), the member contribution rate for participants in the individual retirement
account plan is equal to the coordinated employee contribution rate in section 354.42,
subdivision 2.
(b) The member contribution rate is the rate described in paragraph (c) for a participant
in the individual retirement account plan who:
(1) achieved tenure or its equivalent at a Minnesota state college or university before
July 1, 2018; or
(2) is an employee in an eligible unclassified administrative position, is not a faculty
member, and first contributed to the individual retirement account plan before July 1, 2018.
(c) The member contribution rate for a participant described in paragraph (b) is the
following percentage of salary:
deleted text begin
from July 1, 2019, to June 30, 2020 deleted text end |
deleted text begin
5.15 deleted text end |
|
deleted text begin
from July 1, 2020, to June 30, 2021 deleted text end |
deleted text begin
5.80 deleted text end |
|
from July 1, 2021, to June 30, 2022 |
6.45 |
|
from July 1, 2022, to June 30, 2023 |
7.10 |
|
deleted text begin
from July 1, 2023, to June 30, 2024 deleted text end |
deleted text begin
7.75 deleted text end |
After June 30, deleted text begin 2024deleted text end new text begin 2023new text end , the member contribution rate is the rate specified in paragraph
(a).
new text begin
Sections 1 to 8 are effective the day following enactment.
new text end
Minnesota Statutes 2020, section 354A.29, subdivision 7, is amended to read:
(a) Except as set forth in paragraph (c), each
person who has been receiving an annuity or benefit under the articles of incorporation, the
bylaws, or this chapter, whose effective date of benefit commencement occurred on or
before July 1 of the calendar year immediately before the adjustment, is eligible to receive
an annual postretirement adjustment, effective as of each January 1, as follows:
(1) deleted text begin there shall be nodeleted text end new text begin the new text end postretirement adjustment new text begin is one percent new text end on January 1, deleted text begin 2019,
and January 1, 2020deleted text end new text begin 2022new text end ; and
(2) the postretirement adjustment deleted text begin shall be onedeleted text end new text begin is 1.5 new text end percent on January 1, deleted text begin 2021deleted text end new text begin 2023new text end ,
and each January 1 thereafter.
(b) A postretirement adjustment is to be applied as a permanent increase to the regular
payment of each eligible member on January 1. For any eligible member whose effective
date of benefit commencement occurred after January 1 of the immediately preceding
calendar year, the amount of the postretirement adjustment must be reduced by 50 percent.
(c) Each person who retires on or after July 1, 2024, is entitled to an annual postretirement
adjustment, effective as of each January 1, beginning with the year following the year in
which the member attains normal retirement age.
(d) Paragraph (c) does not apply to members who retire under section 354A.31,
subdivision 6, paragraph (b), or who retire when the member is at least age 62 and has at
least 30 years of service under section 354A.31, subdivision 7.
Minnesota Statutes 2020, section 356.415, subdivision 1, is amended to read:
(a) Except as set forth in paragraph
(c), recipients of a retirement annuity, disability benefit, or survivor benefit from the general
state employees retirement plan, the legislators retirement plan, or the unclassified state
employees retirement program are entitled to an annual postretirement adjustment, effective
as of each January 1, as follows:
(1) effective January 1, 2019, through December 31, deleted text begin 2023deleted text end new text begin 2022new text end , a postretirement increase
of one percent must be applied each year to the amount of the monthly annuity or benefit
of each annuitant or benefit recipient who has been receiving an annuity or a benefit for at
least 12 full months as of the June 30 of the calendar year immediately before the adjustment;
(2) effective January 1, 2019, through December 31, deleted text begin 2023deleted text end new text begin 2022new text end , for each annuitant or
benefit recipient who has been receiving an annuity or a benefit for at least one full month,
but less than 12 full months as of the June 30 of the calendar year immediately before the
adjustment, a postretirement increase of 1/12 of one percent for each month that the person
has been receiving an annuity or benefit must be applied to the amount of the monthly
annuity or benefit of the annuitant or benefit recipient;
(3) effective January 1, deleted text begin 2024deleted text end new text begin 2023new text end , and thereafter, a postretirement increase of 1.5 percent
must be applied each year to the amount of the monthly annuity or benefit of each annuitant
or benefit recipient who has been receiving an annuity or a benefit for at least 12 full months
as of the June 30 of the calendar year immediately before the adjustment; and
(4) effective January 1, deleted text begin 2024deleted text end new text begin 2023new text end , and thereafter, for each annuitant or benefit recipient
who has been receiving an annuity or a benefit for at least one full month, but less than 12
full months as of the June 30 of the calendar year immediately before the adjustment, an
annual postretirement increase of 1/12 of 1.5 percent for each month that the person has
been receiving an annuity or benefit must be applied to the amount of the monthly annuity
or benefit of the annuitant or benefit recipient.
(b) An increase in annuity or benefit payments under this subdivision must be made
automatically unless written notice is filed by the annuitant or benefit recipient with the
executive director of the covered retirement plan requesting that the increase not be made.
(c) Members who retire on or after January 1, 2024, under the general state employees
retirement plan, the legislators retirement plan, or the unclassified state employees retirement
program are entitled to an annual postretirement adjustment of the member's retirement
annuity, effective as of each January 1, beginning with the year following the year in which
the member attains normal retirement age, as follows:
(1) if a member has been receiving an annuity for at least 12 full months as of the June
30 of the calendar year immediately before the date of the adjustment, a postretirement
increase equal to the percentage specified in paragraph (a), clause (3), must be applied,
effective on January 1, to the amount of the member's monthly annuity;
(2) if a member has been receiving an annuity for at least one full month, but less than
12 full months as of the June 30 of the calendar year immediately before the date of
adjustment, a postretirement increase of 1/12 of the percentage specified in paragraph (a),
clause (4), for each month that the member has been receiving an annuity must be applied,
effective on January 1, to the amount of the member's monthly annuity; or
(3) if a member has been receiving an annuity for fewer than seven months before the
date of adjustment, a postretirement increase shall not be applied until the next January 1
and the amount of the adjustment shall be the amount determined under clause (2).
(d) Paragraph (c) does not apply to members who retire under section 352.116,
subdivision 1, paragraph (c).
Minnesota Statutes 2020, section 356.415, subdivision 1c, is amended to read:
(a) Retirement annuity, disability benefit, or survivor benefit
recipients of the public employees police and fire retirement plan are entitled to an annual
postretirement adjustment, effective as of each January 1, as follows:
(1) new text begin through December 31, 2022, new text end for each annuitant or benefit recipient who will have
been receiving an annuity or benefit for at least 36 full months as of the immediate preceding
June 30, a postretirement increase of one percent must be applied each year to the amount
of the monthly annuity or benefit of the annuitant or benefit recipient; deleted text begin or
deleted text end
(2) new text begin through December 31, 2022, new text end for each annuitant or benefit recipient who has been
receiving deleted text begin thedeleted text end new text begin an new text end annuity or benefit for at least 25 full months, but less than 36 months as of
the immediate preceding June 30, a postretirement increase of 1/12 of one percent for each
full month that the person has been receiving an annuity or benefit during the fiscal year in
which the annuity or benefit was effective must be applied each year to the amount of the
monthly annuity or benefit of the annuitant or benefit recipientdeleted text begin .deleted text end new text begin ;
new text end
new text begin
(3) effective January 1, 2023, and thereafter, for each annuitant or benefit recipient who
has been receiving an annuity or benefit for at least 36 full months as of the immediate
preceding June 30, a postretirement increase of 1.5 percent must be applied each year to
the amount of the monthly annuity or benefit of the annuitant or benefit recipient; or
new text end
new text begin
(4) effective January 1, 2023, and thereafter, for each annuitant or benefit recipient who
has been receiving an annuity or benefit for at least 25 full months, but less than 36 months
as of the immediate preceding June 30, a postretirement increase of 1/12 of 1.5 percent for
each full month that the person has been receiving an annuity or benefit during the fiscal
year in which the annuity or benefit was effective must be applied to the amount of the
monthly annuity or benefit of the annuitant or benefit recipient.
new text end
(b) An increase in annuity or benefit payments under this section must be made
automatically unless written notice is filed by the annuitant or benefit recipient with the
executive director of the Public Employees Retirement Association requesting that the
increase not be made.
Minnesota Statutes 2020, section 356.415, subdivision 1d, is amended to read:
(a)
Except as set forth in paragraph (d), recipients of a retirement annuity, disability benefit,
or survivor benefit from the Teachers Retirement Association are entitled to an annual
postretirement adjustment, effective as of each January 1, as follows:
(1) effective January 1, 2019, through December 31, deleted text begin 2023deleted text end new text begin 2022new text end , a postretirement increase
of one percent must be applied each year to the amount of the monthly annuity or benefit
of each annuitant or benefit recipient who has been receiving an annuity or a benefit for at
least 12 full months as of the June 30 of the calendar year immediately before the adjustment;
(2) effective January 1, 2019, through December 31, deleted text begin 2023deleted text end new text begin 2022new text end , for each annuitant or
benefit recipient who has been receiving an annuity or a benefit for at least one full month,
but less than 12 full months as of the June 30 of the calendar year immediately before the
adjustment, a postretirement increase of 1/12 of one percent for each month the person has
been receiving an annuity or benefit must be applied to the amount of the monthly annuity
or benefit of the annuitant or benefit recipient;
(3) effective January 1, deleted text begin 2024deleted text end new text begin 2023new text end , and thereafter, a postretirement increasenew text begin of 1.5 percentnew text end
must be applied each year to the amount of the monthly annuity or benefit of each annuitant
or benefit recipient who has been receiving an annuity or a benefit for at least 12 full months
as of the June 30 of the calendar year immediately before the adjustmentdeleted text begin , at the following
rates:deleted text end new text begin ; and
new text end
deleted text begin
from January 1, 2024, through December 31, 2024 deleted text end |
deleted text begin
1.1 percent deleted text end |
|
deleted text begin
from January 1, 2025, through December 31, 2025 deleted text end |
deleted text begin
1.2 percent deleted text end |
|
deleted text begin
from January 1, 2026, through December 31, 2026 deleted text end |
deleted text begin
1.3 percent deleted text end |
|
deleted text begin
from January 1, 2027, through December 31, 2027 deleted text end |
deleted text begin
1.4 percent deleted text end |
|
deleted text begin
from January 1, 2028, and thereafter deleted text end |
deleted text begin
1.5 percent deleted text end |
(4) effective January 1, deleted text begin 2024deleted text end new text begin 2023new text end , and thereafter, for each annuitant or benefit recipient
who has been receiving an annuity or a benefit for at least one full month, but less than 12
full months, as of the June 30 of the calendar year immediately before the adjustment, an
annual postretirement increase of 1/12 of deleted text begin the applicable percentagedeleted text end new text begin 1.5 percent new text end for each
month that the person has been receiving an annuity or benefit must be applied to the amount
of the monthly annuity or benefit of the annuitant or benefit recipient. deleted text begin The applicable
percentages are the following:
deleted text end
deleted text begin
from January 1, 2024, through December 31, 2024 deleted text end |
deleted text begin
1.1 percent deleted text end |
|
deleted text begin
from January 1, 2025, through December 31, 2025 deleted text end |
deleted text begin
1.2 percent deleted text end |
|
deleted text begin
from January 1, 2026, through December 31, 2026 deleted text end |
deleted text begin
1.3 percent deleted text end |
|
deleted text begin
from January 1, 2027, through December 31, 2027 deleted text end |
deleted text begin
1.4 percent deleted text end |
|
deleted text begin
from January 1, 2028, and thereafter deleted text end |
deleted text begin
1.5 percent deleted text end |
(b) An increase in annuity or benefit payments under this section must be made
automatically unless written notice is filed by the annuitant or benefit recipient with the
executive director of the Teachers Retirement Association requesting that the increase not
be made.
(c) The retirement annuity payable to a person who retires before becoming eligible for
Social Security benefits and who has elected the optional payment as provided in section
354.35 must be treated as the sum of a period-certain retirement annuity and a life retirement
annuity for the purposes of any postretirement adjustment. The period-certain retirement
annuity plus the life retirement annuity must be the annuity amount payable until age 62,
65, or normal retirement age, as selected by the member at retirement, for an annuity amount
payable under section 354.35. A postretirement adjustment granted on the period-certain
retirement annuity must terminate when the period-certain retirement annuity terminates.
(d) Members who retire on or after July 1, 2024, are entitled to an annual postretirement
adjustment of the member's retirement annuity, effective as of each January 1, beginning
with the year following the year in which the member attains normal retirement age, as
follows:
(1) if a member has been receiving an annuity for at least 12 full months as of the June
30 of the calendar year immediately before the date of the adjustment, a postretirement
increase equal to the percentage specified in paragraph (a), clause (3), must be applied,
effective on January 1, to the amount of the member's monthly annuity;
(2) if a member has been receiving an annuity for at least one full month, but less than
12 full months as of the June 30 of the calendar year immediately before the date of
adjustment, a postretirement increase of 1/12 of the applicable percentage specified in
paragraph (a), clause (4), for each month that the member has been receiving an annuity
must be applied, effective on January 1, to the amount of the member's monthly annuity;
or
(3) if a member has been receiving an annuity for fewer than seven months as of the
January 1 of the year following the year in which the member attains normal retirement
age, a postretirement adjustment shall be applied effective as of the next January 1. The
amount of the adjustment shall be determined under clause (2).
(e) Paragraph (d) does not apply to members who retire under section 354.44, subdivision
6, paragraph (c), clause (3), or who retire when the member is at least age 62 and has at
least 30 years of service under section 354.44, subdivision 6, paragraph (c), (d), (e), or (f),
as applicable.
Minnesota Statutes 2020, section 356.415, subdivision 1e, is amended to read:
(a)
Retirement annuity, disability benefit, or survivor benefit recipients of the State Patrol
retirement plan are entitled to an annual postretirement adjustment, effective as of each
January 1, as follows:
(1) new text begin through December 31, 2022, new text end a postretirement increase of one percent must be applied
each year to the monthly annuity or benefit of each annuitant or benefit recipient who has
been receiving an annuity or a benefit for at least 12 full months as of the June 30 of the
calendar year immediately before the adjustment; deleted text begin and
deleted text end
(2) new text begin through December 31, 2022, new text end for each annuitant or benefit recipient who has been
receiving an annuity or a benefit for at least one full month, but less than 12 full months as
of the June 30 of the calendar year immediately before the adjustment, an annual
postretirement increase of 1/12 of one percent for each month that the person has been
receiving an annuity or benefit must be applied to the amount of the monthly annuity or
benefit of each annuitant or benefit recipientdeleted text begin .deleted text end new text begin ;
new text end
new text begin
(3) effective January 1, 2023, and thereafter, a postretirement increase of 1.5 percent
must be applied each year to the monthly annuity or benefit of each annuitant or benefit
recipient who has been receiving an annuity or benefit for at least 12 full months as of the
June 30 of the calendar year immediately before the adjustment; and
new text end
new text begin
(4) effective January 1, 2023, and thereafter, for each annuitant or benefit recipient who
has been receiving an annuity or benefit for at least one full month, but less than 12 full
months, as of the June 30 of the calendar year immediately before the adjustment, an annual
postretirement increase of 1/12 of 1.5 percent for each month that the person has been
receiving an annuity or benefit must be applied to the amount of the monthly annuity or
benefit of each annuitant or benefit recipient.
new text end
(b) An increase in annuity or benefit payments under this subdivision must be made
automatically unless written notice is filed by the annuitant or benefit recipient with the
executive director of the applicable covered retirement plan requesting that the increase not
be made.
new text begin
Sections 1 to 5 are effective the day following final enactment.
new text end
Minnesota Statutes 2020, section 353.65, subdivision 3, is amended to read:
(a) With
respect to members other than members who were active members of the former Minneapolis
Firefighters Relief Association on December 29, 2011, or for members other than members
who were active members of the former Minneapolis Police Relief Association on December
29, 2011, the employer contribution is an amount equal to the deleted text begin followingdeleted text end percentage of the
total salary of each member, as follows:
deleted text begin
before January 1, 2019 deleted text end |
deleted text begin
16.2 percent deleted text end |
|
deleted text begin
from January 1, 2019, through December 31, 2019 deleted text end |
deleted text begin
16.95 percent deleted text end |
|
from January 1, 2020, deleted text begin and thereafterdeleted text end new text begin through June 30, 2022 new text end |
17.7 percent |
|
new text begin
from July 1, 2022, and thereafter new text end |
new text begin
14.1 percent new text end |
(b) With respect to members who were active members of the former Minneapolis
Firefighters Relief Association on December 29, 2011, the employer contribution is an
amount equal to the amount of the member contributions under subdivision 2, paragraph
(b).
(c) With respect to members who were active members of the former Minneapolis Police
Relief Association on December 29, 2011, the employer contribution is an amount equal
to the amount of the member contributions under subdivision 2, paragraph (c).
new text begin
(d) Effective July 1, 2022, with respect to members other than members described in
paragraphs (b) and (c), the employing governmental subdivision must pay to the public
employees police and fire retirement plan a supplemental employer contribution. The
supplemental employer contribution is 3.6 percent of the total salary of each member. The
supplemental employer contribution remains in effect until the earlier of:
new text end
new text begin
(1) December 31 following two consecutive annual actuarial valuations, prepared under
section 356.215 by the actuary retained by the fund under section 356.214, which indicate
that the actuarial value of assets of the fund equals or exceeds 100 percent of the actuarial
accrued liabilities; or
new text end
new text begin
(2) July 1, 2048.
new text end
deleted text begin (d)deleted text end new text begin (e)new text end Contributions under this subdivision must be made from funds available to the
employing new text begin governmental new text end subdivision by the means and in the manner provided in section
353.28.
new text begin
This section is effective the day following final enactment.
new text end
Minnesota Statutes 2020, section 353.01, subdivision 47, is amended to read:
(a) "Vesting" means obtaining a nonforfeitable entitlement to an
annuity or benefit from a retirement plan administered by the Public Employees Retirement
Association by having credit for sufficient allowable service under paragraph (b), (c), or
(d), whichever applies.
(b) For purposes of qualifying for an annuity or benefit as a basic or coordinated plan
member of the general employees retirement plan of the Public Employees Retirement
Association:
(1) a public employee who first became a member of the association before July 1, 2010,
is 100 percent vested when the person has accrued credit for not less than three years of
allowable service in the general employees retirement plan; and
(2) a public employee who first becomes a member of the association after June 30,
2010, is 100 percent vested when the person has accrued credit for not less than five years
of allowable service in the general employees retirement plan.
(c) For purposes of qualifying for an annuity or benefit as a member of the local
government correctional service retirement plan:
(1) a public employee who first became a member of the association before July 1, 2010,
is 100 percent vested when the person has accrued credit for not less than three years of
allowable service in the local government correctional service retirement plan; and
(2) a public employee who first becomes a member of the association after June 30,
2010, is vested at the following percentages when the person has accrued credit for allowable
service in the local government correctional service retirement plan, as follows:
(i) 50 percent after five years;
(ii) 60 percent after six years;
(iii) 70 percent after seven years;
(iv) 80 percent after eight years;
(v) 90 percent after nine years; and
(vi) 100 percent after ten years.
(d) For purposes of qualifying for an annuity or benefit as a member of the public
employees police and fire retirement plan:
(1) a public employee who first became a member of the association before July 1, 2010,
is 100 percent vested when the person has accrued credit for not less than three years of
allowable service in the public employees police and fire retirement plan;
(2) a public employee who first deleted text begin becomesdeleted text end new text begin became new text end a member of the association after June
30, 2010, and before July 1, 2014, is vested at the following percentages when the person
has accrued credited allowable service in the public employees police and fire retirement
plan, as follows:
(i) 50 percent after five years;
(ii) 60 percent after six years;
(iii) 70 percent after seven years;
(iv) 80 percent after eight years;
(v) 90 percent after nine years; and
(vi) 100 percent after ten years; deleted text begin and
deleted text end
(3) a public employee who first deleted text begin becomesdeleted text end new text begin becamenew text end a member of the association after June
30, 2014, new text begin and is not a member of the association after June 30, 2022, new text end is vested at the following
percentages when the person has accrued credit for allowable service in the public employees
police and fire retirement plan, as follows:
(i) 50 percent after ten years;
(ii) 55 percent after 11 years;
(iii) 60 percent after 12 years;
(iv) 65 percent after 13 years;
(v) 70 percent after 14 years;
(vi) 75 percent after 15 years;
(vii) 80 percent after 16 years;
(viii) 85 percent after 17 years;
(ix) 90 percent after 18 years;
(x) 95 percent after 19 years; and
(xi) 100 percent after 20 or more yearsdeleted text begin .deleted text end new text begin ; and
new text end
new text begin
(4) a public employee who first became a member of the association after June 30, 2014,
and who is a member of the association after June 30, 2022, is 100 percent vested when the
person has accrued credit for not less than ten years of allowable service in the public
employees police and fire retirement plan.
new text end
new text begin
(a) Notwithstanding any state law to the contrary, including section 353.37, if an eligible
person described in paragraph (b) is receiving an annuity from the public employees police
and fire retirement plan, the eligible person may return to employment with a governmental
subdivision on or after the effective date without any reduction or suspension of the person's
annuity.
new text end
new text begin
(b) An eligible person is a person who:
new text end
new text begin
(1) has been separated from public service for at least 30 days;
new text end
new text begin
(2) is returning with the approval of the chief of the police or fire department or director
of the agency to a position that is covered by the public employees police and fire retirement
plan or the State Patrol retirement plan; and
new text end
new text begin
(3) if returning to a position covered by the State Patrol retirement plan, has not yet
attained age 60 or the mandatory retirement age specified in section 43A.34, subdivision
4, if later.
new text end
new text begin
(c) This section expires December 31, 2032.
new text end
new text begin
Sections 1 and 2 are effective July 1, 2022.
new text end
Minnesota Statutes 2020, section 356.215, subdivision 8, is amended to read:
(a) The actuarial valuation must use the applicable
following investment return assumption:
plan |
investment return assumption |
|
general state employees retirement plan |
deleted text begin
7.5%
deleted text end
new text begin
7% new text end |
|
correctional state employees retirement plan |
deleted text begin
7.5
deleted text end
new text begin
7 new text end |
|
State Patrol retirement plan |
deleted text begin
7.5
deleted text end
new text begin
7 new text end |
|
legislators retirement plan, and for the constitutional officers calculation of total plan liabilities |
0 |
|
judges retirement plan |
deleted text begin
7.5
deleted text end
new text begin
7 new text end |
|
general public employees retirement plan |
deleted text begin
7.5
deleted text end
new text begin
7 new text end |
|
public employees police and fire retirement plan |
deleted text begin
7.5
deleted text end
new text begin
7 new text end |
|
local government correctional service retirement plan |
deleted text begin
7.5
deleted text end
new text begin
7 new text end |
|
teachers retirement plan |
deleted text begin
7.5
deleted text end
new text begin
7 new text end |
|
St. Paul teachers retirement plan |
deleted text begin
7.5
deleted text end
new text begin
7 new text end |
|
Bloomington Fire Department Relief Association |
6 |
|
local monthly benefit volunteer firefighter relief associations |
5 |
|
monthly benefit retirement plans in the statewide volunteer firefighter retirement plan |
6 |
(b) The actuarial valuation for each of the covered retirement plans listed in section
356.415, subdivision 2, and the St. Paul Teachers Retirement Fund Association must take
into account the postretirement adjustment rate or rates applicable to the plan as specified
in section 354A.29, subdivision 7, or 356.415, whichever applies.
(c) The actuarial valuation must use the applicable salary increase and payroll growth
assumptions found in the appendix to the standards for actuarial work adopted by the
Legislative Commission on Pensions and Retirement pursuant to section 3.85, subdivision
10. The appendix must be updated whenever new assumptions have been approved or
deemed approved under subdivision 18.
(d) The assumptions set forth in the appendix to the standards for actuarial work continue
to apply, unless a different salary assumption or a different payroll increase assumption:
(1) has been proposed by the governing board of the applicable retirement plan;
(2) is accompanied by the concurring recommendation of the actuary retained under
section 356.214, subdivision 1, if applicable, or by the approved actuary preparing the most
recent actuarial valuation report if section 356.214 does not apply; and
(3) has been approved or deemed approved under subdivision 18.
new text begin
This section is effective June 30, 2022.
new text end
Minnesota Statutes 2020, section 356.59, is amended to read:
Whenever the payment of interest is required
with respect to any payment, including refunds, remittances, shortages, contributions, or
repayments, the rate of interest is the rate or rates specified in subdivisions 2 to 5 for each
public retirement plan.
The interest rates for all retirement plans
administered by the Minnesota State Retirement System are as follows:
Annual |
Monthly |
||||
before July 1, 2015 |
8.5 percent |
0.71 percent |
|||
from July 1, 2015, to June 30, 2018 |
8.0 percent |
0.667 percent |
|||
deleted text begin after June 30,deleted text end new text begin from July 1, new text end 2018new text begin , to June 30, 2022 new text end |
7.5 percent |
0.625 percent |
|||
new text begin
after June 30, 2022 new text end |
new text begin
7.0 percent new text end |
new text begin
0.583 percent new text end |
The interest rates for all retirement
plans administered by the Public Employees Retirement Association are as follows:
before July 1, 2015 |
8.5 percent |
||||
from July 1, 2015, to June 30, 2018 |
8.0 percent |
||||
deleted text begin after June 30,deleted text end new text begin from July 1, new text end 2018new text begin , to June 30, 2022 new text end |
7.5 percent |
||||
new text begin
after June 30, 2022 new text end |
new text begin
7.0 percent new text end |
The interest rates for the retirement plan
administered by the Teachers Retirement Association are as follows:
Annual |
Monthly |
||||
before July 1, 2018 |
8.5 percent |
0.71 percent |
|||
deleted text begin after June 30,deleted text end new text begin from July 1, new text end 2018new text begin , to June 30, 2022 new text end |
7.5 percent |
0.625 percent |
|||
new text begin
after June 30, 2022 new text end |
new text begin
7.0 percent new text end |
new text begin
0.583 percent new text end |
The interest rates for the
retirement plan administered by the St. Paul Teachers Retirement Fund Association are as
follows:
Annual |
Monthly |
||||
before July 1, 2015 |
8.5 percent |
0.71 percent |
|||
from July 1, 2015, to June 30, 2018 |
8.0 percent |
0.667 percent |
|||
deleted text begin after June 30,deleted text end new text begin from July 1, new text end 2018new text begin , to June 30, 2022 new text end |
7.5 percent |
0.625 percent |
|||
new text begin
after June 30, 2022 new text end |
new text begin
7.0 percent new text end |
new text begin
0.583 percent new text end |
new text begin
This section is effective June 30, 2022.
new text end
new text begin
Beginning in 2022, the state shall pay $8,000,000
annually to the general state employees retirement fund.
new text end
new text begin
The commissioner of management and budget shall pay
the aid amount under subdivision 1 on or before October 1, 2022, and October 1 of each
year thereafter. The amount required is appropriated annually from the general fund to the
commissioner of management and budget.
new text end
new text begin
The aid under subdivision 1 continues until the earlier of:
new text end
new text begin
(1) December 31 following two consecutive annual actuarial valuations, prepared under
section 356.215 by the actuary retained by the fund under section 356.214, which indicate
that the actuarial value of assets of the fund equals or exceeds 100 percent of the actuarial
accrued liabilities; or
new text end
new text begin
(2) July 1, 2048.
new text end
new text begin
Beginning in 2022, the state shall pay $6,000,000
annually to the correctional state employees retirement fund.
new text end
new text begin
The commissioner of management and budget shall pay
the aid amount under subdivision 1 on or before October 1, 2022, and October 1 of each
year thereafter. The amount required is appropriated annually from the general fund to the
commissioner of management and budget.
new text end
new text begin
The aid under subdivision 1 continues until the earlier of:
new text end
new text begin
(1) December 31 following two consecutive annual actuarial valuations, prepared under
section 356.215 by the actuary retained by the fund under section 356.214, which indicate
that the actuarial value of assets of the fund equals or exceeds 100 percent of the actuarial
accrued liabilities; or
new text end
new text begin
(2) July 1, 2048.
new text end
new text begin
Beginning in 2022, the state shall pay $14,500,000
annually to the State Patrol retirement fund.
new text end
new text begin
The commissioner of management and budget shall pay
the aid amount under subdivision 1 on or before October 1, 2022, and October 1 of each
year thereafter. The amount required is appropriated annually from the general fund to the
commissioner of management and budget.
new text end
new text begin
The aid under subdivision 1 continues until the earlier of:
new text end
new text begin
(1) December 31 following two consecutive annual actuarial valuations, prepared under
section 356.215 by the actuary retained by the fund under section 356.214, which indicate
that the actuarial value of assets of the fund equals or exceeds 100 percent of the actuarial
accrued liabilities; or
new text end
new text begin
(2) July 1, 2048.
new text end
new text begin
Beginning in 2022, the state shall pay $17,000,000
annually to the general employees retirement fund of the Public Employees Retirement
Association.
new text end
new text begin
The commissioner of management and budget shall pay
the amount under subdivision 1 on or before October 1, 2022, and October 1 of each year
thereafter. The amount required is appropriated annually from the general fund to the
commissioner of management and budget.
new text end
new text begin
The aid under subdivision 1 continues until the earlier of:
new text end
new text begin
(1) December 31 following two consecutive annual actuarial valuations, prepared under
section 356.215 by the actuary retained by the fund under section 356.214, which indicate
that the actuarial value of assets of the fund equals or exceeds 100 percent of the actuarial
accrued liabilities; or
new text end
new text begin
(2) July 1, 2048.
new text end
Minnesota Statutes 2020, section 353.65, subdivision 3b, is amended to read:
(a) The state shall pay deleted text begin $4,500,000deleted text end new text begin $9,000,000new text end on deleted text begin October
1, 2018, anddeleted text end October 1, deleted text begin 2019deleted text end new text begin 2021new text end , to the public employees police and fire retirement plan.
new text begin (b)new text end By October 1 of each year after deleted text begin 2019deleted text end new text begin 2021new text end , the state shall pay deleted text begin $9,000,000deleted text end new text begin $84,000,000new text end
to the public employees police and fire retirement plan.
new text begin (c)new text end The commissioner of management and budget shall pay the aid specified in this
subdivision. The amount required is annually appropriated from the general fund to the
commissioner of management and budget.
deleted text begin
(b) The aid under paragraph (a) continues until the earlier of:
deleted text end
deleted text begin
(1) the first day of the fiscal year following the fiscal year in which the actuarial value
of assets of the fund equals or exceeds 100 percent of the actuarial accrued liabilities as
reported by the actuary retained under section 356.214 in the annual actuarial valuation
prepared under section 356.215; or
deleted text end
deleted text begin
(2) July 1, 2048.
deleted text end
Minnesota Statutes 2020, section 353.65, is amended by adding a subdivision to
read:
new text begin
The aid under subdivision 3b continues until the earlier of:
new text end
new text begin
(1) December 31 following two consecutive annual actuarial valuations, prepared under
section 356.215 by the actuary retained by the fund under section 356.214, which indicate
that the actuarial value of assets of the fund equals or exceeds 100 percent of the actuarial
accrued liabilities; or
new text end
new text begin
(2) July 1, 2048.
new text end
new text begin
Beginning in 2022, the state shall pay $7,000,000
annually to the Teachers Retirement Association.
new text end
new text begin
Beginning in 2022, the commissioner of management and
budget shall pay the aid amount under subdivision 1 on or before October 1, 2022, and
October 1 of each year thereafter. The amount required is appropriated annually from the
general fund to the commissioner of management and budget.
new text end
new text begin
The aid under subdivision 1 continues until the earlier of:
new text end
new text begin
(1) December 31 following two consecutive annual actuarial valuations, prepared under
section 356.215 by the actuary retained by the fund under section 356.214, which indicate
that the actuarial value of assets of the fund equals or exceeds 100 percent of the actuarial
accrued liabilities; or
new text end
new text begin
(2) July 1, 2048.
new text end
Minnesota Statutes 2020, section 354A.12, subdivision 3a, is amended to read:
(a)
The state shall pay $2,827,000 to the St. Paul Teachers Retirement Fund Association.
(b) In addition to other amounts specified in this subdivision, the state shall pay
$7,000,000 as state aid to the St. Paul Teachers Retirement Fund Association.
(c) In addition to the amounts specified in paragraphs (a) and (b), the state shall pay
$5,000,000 as state aid to the St. Paul Teachers Retirement Fund Association.
new text begin
(d) In addition to the amounts specified in paragraphs (a) to (c), the state shall pay
$12,000,000 as state aid to the St. Paul Teachers Retirement Fund Association beginning
in 2022.
new text end
deleted text begin (d)deleted text end new text begin (e) new text end The aid under this subdivision is payable October 1 annually. The commissioner
of management and budget shall pay the aid specified in this subdivision. The amount
required is appropriated annually from the general fund to the commissioner of management
and budget.
Minnesota Statutes 2020, section 354A.12, subdivision 3c, is amended to read:
deleted text begin (a)deleted text end The supplemental contributions payable to the St. Paul Teachers Retirement Fund
Association by Independent School District No. 625 under section 423A.02, subdivision 3,
and the aid under subdivision 3adeleted text begin , paragraphs (a) and (b),deleted text end continue until the earlier of:
(1) deleted text begin the first day of the fiscal yeardeleted text end new text begin December 31 new text end following deleted text begin the year indeleted text end new text begin two consecutive
annual actuarial valuations, prepared under section 356.215 by the actuary retained by the
fund under section 356.214, new text end which new text begin indicate that new text end the actuarial value of assets of the fund
equals or exceeds 100 percent of the actuarial accrued deleted text begin liability as reported by the actuary
retained under section 356.214 in the most recent annual actuarial valuation prepared under
section 356.215deleted text end new text begin liabilitiesnew text end ; or
(2) July 1, 2048.
deleted text begin
(b) The aid under subdivision 3a, paragraph (c), continues until the earlier of:
deleted text end
deleted text begin
(1) the first day of the fiscal year following the fiscal year in which the actuarial value
of assets of the fund equals or exceeds 100 percent of the actuarial accrued liabilities as
reported by the actuary retained under section 356.214 in the annual actuarial valuation
prepared under section 356.215; or
deleted text end
deleted text begin
(2) July 1, 2048.
deleted text end
new text begin
Sections 1 to 8 are effective the day following final enactment.
new text end
Minnesota Statutes 2020, section 126C.10, subdivision 37, is amended to read:
(a) A school district's pension adjustment
revenue equals the sum of:
(1) the greater of zero or the product of:
(i) the difference between the district's adjustment under Minnesota Statutes 2012, section
127A.50, subdivision 1, for fiscal year 2014 per adjusted pupil unit and the state average
adjustment under Minnesota Statutes 2012, section 127A.50, subdivision 1, for fiscal year
2014 per adjusted pupil unit; and
(ii) the district's adjusted pupil units for the fiscal year; and
(2) the product of the salaries paid to district employees who were members of the
Teachers Retirement Association and the St. Paul Teachersdeleted text begin 'deleted text end Retirement Fund Association
for the prior fiscal year and the district's pension adjustment rate for the fiscal year. The
pension adjustment rate for Independent School District No. 625, St. Paul, equals deleted text begin 0.84
percent for fiscal year 2019, 1.67 percent for fiscal year 2020, 1.88 percent for fiscal year
2021,deleted text end 2.09 percent for fiscal year 2022, deleted text begin 2.3deleted text end new text begin 2.55 new text end percent for fiscal year 2023, and deleted text begin 2.5deleted text end new text begin 3.0
new text end percent for fiscal year 2024 and later. The pension adjustment rate for all other districts
equals deleted text begin 0.21 percent for fiscal year 2019, 0.42 percent for fiscal year 2020, 0.63 percent for
fiscal year 2021,deleted text end 0.84 percent for fiscal year 2022, deleted text begin 1.05deleted text end new text begin 1.3 new text end percent for fiscal year 2023,
and deleted text begin 1.25deleted text end new text begin 1.75 new text end percent for fiscal year 2024 and later.
(b) For fiscal year deleted text begin 2025deleted text end new text begin 2027new text end and later, the state total pension adjustment revenue under
paragraph (a), clause (2), must not exceed the amount calculated under paragraph (a), clause
(2), for fiscal year deleted text begin 2024deleted text end new text begin 2026new text end . The commissioner must prorate the pension adjustment
revenue under paragraph (a), clause (2), so as not to exceed the maximum.
(c) Notwithstanding section 123A.26, subdivision 1, a cooperative unit, as defined in
section 123A.24, subdivision 2, qualifies for pension adjustment revenue under paragraph
(a), clause (2), as if it was a district, and the aid generated by the cooperative unit shall be
paid to the cooperative unit.
new text begin
This section is effective the day following final enactment.
new text end
Minnesota Statutes 2020, section 354.42, subdivision 3, is amended to read:
(a) The regular employer contribution to the fund by Special School
District No. 1, Minneapolis, is an amount equal to the applicable following percentage of
salary of each coordinated member and the applicable percentage of salary of each basic
member specified in paragraph (c).
The additional employer contribution to the fund by Special School District No. 1,
Minneapolis, is an amount equal to 3.64 percent of the salary of each teacher who is a
coordinated member or who is a basic member.
(b) The regular employer contribution to the fund by Independent School District No.
709, Duluth, is an amount equal to the applicable percentage of salary of each old law or
new law coordinated member specified for the coordinated program in paragraph (c).
(c) The employer contribution to the fund for every other employer is an amount equal
to the applicable following percentage of the salary of each coordinated member and the
applicable following percentage of the salary of each basic member:
Period |
Coordinated Member |
Basic Member |
|||
deleted text begin
from July 1, 2014, through June 30, 2018 deleted text end |
deleted text begin
7.5 percent deleted text end |
deleted text begin
11.5 percent deleted text end |
|||
deleted text begin
from July 1, 2018, through June 30, 2019 deleted text end |
deleted text begin
7.71 percent deleted text end |
deleted text begin
11.71 percent deleted text end |
|||
deleted text begin
from July 1, 2019, through June 30, 2020 deleted text end |
deleted text begin
7.92 percent deleted text end |
deleted text begin
11.92 percent deleted text end |
|||
deleted text begin
from July 1, 2020, through June 30, 2021 deleted text end |
deleted text begin
8.13 percent deleted text end |
deleted text begin
12.13 percent deleted text end |
|||
from July 1, 2021, through June 30, 2022 |
8.34 percent |
12.34 percent |
|||
from July 1, 2022, through June 30, 2023 |
deleted text begin 8.55deleted text end new text begin 8.8 new text end percent |
deleted text begin 12.55deleted text end new text begin 12.8 new text end percent |
|||
after June 30, 2023 |
deleted text begin 8.75deleted text end new text begin 9.25 new text end percent |
deleted text begin 12.75deleted text end new text begin 13.25 new text end percent |
(d) When an employer contribution rate changes for a fiscal year, the new contribution
rate is effective for the entire salary paid for each employer unit with the first payroll cycle
reported.
new text begin
This section is effective the day following final enactment.
new text end
Minnesota Statutes 2020, section 354A.12, subdivision 2a, is amended to read:
(a) The employing units
shall make the following employer contributions to the teachers retirement fund association:
(1) for each coordinated member of the St. Paul Teachers Retirement Fund Association,
the employing unit shall make a regular employer contribution to the retirement fund
association in an amount equal to the designated percentage of the salary of the coordinated
member as provided below:
deleted text begin
after June 30, 2016 deleted text end |
deleted text begin
6.25 percent deleted text end |
|
deleted text begin
after June 30, 2017 deleted text end |
deleted text begin
6.5 percent deleted text end |
|
deleted text begin
after June 30, 2018 deleted text end |
deleted text begin
7.335 percent deleted text end |
|
deleted text begin
after June 30, 2019 deleted text end |
deleted text begin
8.17 percent deleted text end |
|
deleted text begin
after June 30, 2020 deleted text end |
deleted text begin
8.38 percent deleted text end |
|
after June 30, 2021 |
8.59 percent |
|
after June 30, 2022 |
deleted text begin 8.8deleted text end new text begin 9.05 new text end percent |
|
after June 30, 2023 |
deleted text begin 9deleted text end new text begin 9.5 new text end percent |
(2) for each basic member of the St. Paul Teachers Retirement Fund Association, the
employing unit shall make a regular employer contribution to the respective retirement fund
in an amount according to the schedule below:
deleted text begin
after June 30, 2016 deleted text end |
deleted text begin
9.75 percent of salary deleted text end |
|
deleted text begin
after June 30, 2017 deleted text end |
deleted text begin
10 percent of salary deleted text end |
|
deleted text begin
after June 30, 2018 deleted text end |
deleted text begin
10.835 percent of salary deleted text end |
|
deleted text begin
after June 30, 2019 deleted text end |
deleted text begin
11.67 percent of salary deleted text end |
|
deleted text begin
after June 30, 2020 deleted text end |
deleted text begin
11.88 percent of salary deleted text end |
|
after June 30, 2021 |
12.09 percent of salary |
|
after June 30, 2022 |
deleted text begin 12.3deleted text end new text begin 12.55 new text end percent of salary |
|
after June 30, 2023 |
deleted text begin 12.5deleted text end new text begin 13 new text end percent of salary |
(3) for each basic member of the St. Paul Teachers Retirement Fund Association, the
employing unit shall make an additional employer contribution to the respective fund in an
amount equal to 3.64 percent of the salary of the basic member;new text begin and
new text end
(4) for each coordinated member of the St. Paul Teachers Retirement Fund Association,
the employing unit shall make an additional employer contribution to the respective fund
in an amount equal to 3.84 percent of the coordinated member's salary.
(b) The regular and additional employer contributions must be remitted directly to the
St. Paul Teachers Retirement Fund Association at least once each month. Delinquent amounts
are payable with interest under the procedure in subdivision 1a.
(c) Payments of regular and additional employer contributions for school district or
technical college employees who are paid from normal operating funds must be made from
the appropriate fund of the district or technical college.
(d) When an employer contribution rate changes for a fiscal year, the new contribution
rate is effective for the entire salary paid by the employer with the first payroll cycle reported.
new text begin
This section is effective the day following final enactment.
new text end
new text begin
The sum indicated is appropriated from the
general fund to the Department of Education for the fiscal year designated. This sum is in
addition to appropriations made for the same purpose in any other law.
new text end
new text begin
For general education aid under Minnesota Statutes,
section 126C.13, subdivision 4:
new text end
new text begin
$ new text end |
new text begin
12,774,000 new text end |
new text begin
..... new text end |
new text begin
2023 new text end |
new text begin
The 2023 appropriation includes $0 for 2022 and $12,774,000 for 2023.
new text end
new text begin
This section is effective June 30, 2022.
new text end
new text begin
$30,000 in fiscal year 2023 is appropriated from the general fund to the Legislative
Coordinating Commission for the Legislative Commission on Pensions and Retirement.
new text end