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Minnesota Legislature

Office of the Revisor of Statutes

SF 243

as introduced - 91st Legislature (2019 - 2020) Posted on 01/17/2019 02:37pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10
1.11

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:

Section 1.

Minnesota Statutes 2018, section 354B.23, subdivision 3, is amended to read:


Subd. 3.

Employer contribution rate.

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 later
new text end.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end