1997 Minnesota Statutes

     490.123 Judges' retirement fund. 

    Subdivision 1.    Fund creation; revenue and authorized 
 disbursements.  The "judges' retirement fund" must be credited 
 with all contributions, all interest, and all other income 
 authorized by law.  From this fund there are appropriated the 
 payments authorized by sections 490.121 to 490.132, in the 
 amounts and at the times provided, including the necessary and 
 reasonable expenses of the Minnesota state retirement system in 
 administering the fund and the transfers to the Minnesota 
 postretirement investment fund.  

    Subd. 1a.    Member contribution rates.  (a) A judge who 
 is covered by the federal old age, survivors, disability, and 
 health insurance program shall contribute to the fund from each 
 salary payment a sum equal to 6.27 percent of salary.  

    (b) A judge not so covered shall contribute to the fund 
 from each salary payment a sum equal to 8.15 percent of salary. 

    (c) The contribution under this subdivision is payable by 
 salary deduction. 

    Subd. 1b.    Employer contribution rate.  The employer 
 contribution rate on behalf of a judge is 22 percent of salary. 

    The employer contribution must be paid by the state court 
 administrator and is payable at the same time as member 
 contributions under subdivision 1a are remitted. 

    Subd. 1c.    Additional employer contribution.  In the 
 event that the employer contribution under subdivision 1b and 
 the assets of the judges retirement fund are insufficient to 
 meet reserve transfers to the Minnesota postretirement 
 investment fund or payments of survivor benefits before July 1, 
 1993, the necessary amount is appropriated from the general fund 
 to the executive director of the Minnesota state retirement 
 system, upon certification by the executive director to the 
 commissioner of finance. 

    Subd. 1d.    Judges not participating in postretirement 
 fund.  For retired judges not participating in the 
 postretirement fund, as defined in section 11A.18, the amount 
 necessary to pay retirement benefits is appropriated from the 
 general fund to the executive director of the Minnesota state 
 retirement system.  The executive director shall certify to the 
 commissioner of finance the total amount required to pay such 
 benefits each year on or before July 15.  The certification 
 shall include the number of anticipated benefit recipients, 
 including survivors and designated beneficiaries, the total 
 estimated requirements for each recipient group, and the total 
 amount for all groups.  The commissioner of finance shall, after 
 any necessary reconciling adjustments or corrections, transfer 
 the total required amount to a separate account within the 
 judges' retirement fund.  Any unencumbered balance at the end of 
 the first year does not cancel, but is available for the second 
 year.  Any unencumbered balance remaining on June 30 of the 
 second year of a biennium cancels and shall be credited to the 
 general fund.  

    Subd. 2.    Treasurer.  The state treasurer shall be ex 
 officio treasurer of the judges' retirement fund and the 
 treasurer's general bond to the state shall be so conditioned as 
 to cover all liability for acting as treasurer of this fund.  
 All moneys received by the treasurer pursuant to this section 
 shall be set aside in the state treasury to the credit of the 
 judges' retirement fund.  The treasurer shall transmit monthly 
 to the executive director described in section 352.03, 
 subdivision 5, a detailed statement of all amounts so received 
 and credited to the fund.  The treasurer shall pay out the fund 
 only on warrants issued by the commissioner of finance, upon 
 vouchers signed by said executive director; provided that 
 vouchers for investment may be signed by the secretary of the 
 state board of investment.  

    Subd. 3.    Investment.  The director referred to in 
 subdivision 2 shall, from time to time, certify to the state 
 board of investment such portions of the judges' retirement fund 
 as in the director's judgment may not be required for immediate 
 use.  Assets from the judges' retirement fund shall be 
 transferred to the Minnesota postretirement investment fund for 
 retirement and disability benefits as provided in sections 
 11A.18 and 352.119.  The state board of investment shall 
 thereupon invest and reinvest sums so transferred, or certified, 
 in such securities as are duly authorized legal investments for 
 such purposes under section 11A.24.  

    HIST: 1973 c 492 s 14; 1973 c 744 s 3; 1980 c 607 art 14 s 45 
 subd 2; s 46; art 15 s 16; 1980 c 614 s 155; 1981 c 224 s 228; 
 1986 c 444; 1988 c 709 art 10 s 1; 1991 c 345 art 1 s 103; 1992 
 c 363 art 1 s 18; 1992 c 492 s 2; 1992 c 513 art 4 s 45