Minnesota Legislature
SF 4069
as introduced - 92nd Legislature (2021 - 2022) Posted on 03/17/2022 10:39am
Current Version - as introduced
1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16
1.17
1.18 1.19 1.20 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 2.10 2.11 2.12 2.13 2.14 2.15 2.16 2.17 2.18 2.19 2.20 2.21 2.22 2.23 2.24
2.25
A bill for an act
relating to retirement; State Patrol retirement plan; modifying contribution rates;
amending Minnesota Statutes 2020, section 352B.02, subdivisions 1a, 1c.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2020, section 352B.02, subdivision 1a, is amended to read:
Subd. 1a.
Member contributions.
(a) The member contribution is the following
percentage of the member's salary:
| from July 1, 2014, to June 30, 2016 |
13.4 |
|
| from July 1, 2016, to June 30, 2018 |
14.4 |
|
| from July 1, 2018, to June 30, 2020 |
14.9 |
|
| deleted text begin after June 30deleted text end new text begin from July 1new text end , 2020new text begin , to June 30, 2022 new text end |
15.4 |
|
|
new text begin
from July 1, 2022, and thereafter 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.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day following final enactment.
new text end
Sec. 2.
Minnesota Statutes 2020, section 352B.02, subdivision 1c, is amended to read:
Subd. 1c.
Employer contributions and supplemental employer contribution.
(a) In
addition to member contributions, department heads shall pay a sum equal to the specified
percentage of the salary upon which deductions were made, which constitutes the employer
contribution to the fund as follows:
| from July 1, 2014, to June 30, 2016 |
20.1 |
|
| from July 1, 2016, to June 30, 2018 |
21.6 |
|
| from July 1, 2018, to June 30, 2019 |
22.35 |
|
| deleted text begin after June 30deleted text end new text begin from July 1new text end , 2019new text begin , to June 30, 2022 new text end |
23.1 |
|
|
new text begin
from July 1, 2022, and thereafter new text end |
new text begin
28 new text end |
(b) Department contributions must be paid out of money appropriated to departments
for this purpose.
(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.
(d) Effective July 1, 2018, department heads shall pay a supplemental employer
contribution. The supplemental contribution is 1.75 percent of the salary upon which
deductions are made from July 1, 2018, through June 30, 2019; three percent of the salary
upon which deductions are made from July 1, 2019, through June 30, 2020; five percent of
the salary which deductions are made from July 1, 2020, through June 30, 2021; and seven
percent of the salary upon which deductions are made thereafter. The supplemental
contribution must be paid starting the first day of the first full pay period after June 30,
2018. The supplemental contribution rate of seven percent remains in effect until the market
value of the assets of the State Patrol retirement plan of the Minnesota State Retirement
System equals or exceeds the actuarial accrued liability of the plan as determined by the
actuary retained under section 356.214. The expiration of the supplemental employer
contribution is effective the first day of the first full pay period of the fiscal year immediately
following the issuance of the actuarial valuation upon which the expiration is based.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day following final enactment.
new text end