as introduced - 91st Legislature (2019 - 2020) Posted on 01/17/2019 02:37pm
A bill for an act
relating to retirement; increasing contribution rate for the higher education
individual retirement account plan; amending Minnesota Statutes 2018, section
354B.23, subdivision 3.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2018, section 354B.23, subdivision 3, is amended to read:
The employer contribution rate on behalf of
participants in the individual retirement account plan is six percent of salarynew text begin in fiscal year
2019, 6.55 percent in fiscal year 2020, 7.1 percent in fiscal year 2021, 7.65 percent in fiscal
year 2022, 8.2 percent in fiscal year 2023, and 8.75 percent in fiscal year 2024 and laternew text end .
new text begin
This section is effective the day following final enactment.
new text end