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 whose service does not exceed the service credit limit in section 490.121, subdivision 22, shall contribute to the fund from each salary payment a sum equal to 8.00 percent of salary.
(b) A judge not so covered whose service does not exceed the service credit limit in section 490.121, subdivision 22, 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 to the fund on behalf of a judge is 20.5 percent of salary and continues after a judge exceeds the service credit limit in section 490.121, subdivision 22.
The employer contribution must be paid by the state court administrator and is payable at the same time as member contributions under subdivision 1a or employee contributions to the unclassified plan in chapter 352D for judges whose service exceeds the limit in section 490.121, subdivision 22, 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. Repealed, 2002 c 220 art 10 s 40
Subd. 1e. Participation in the postretirement investment fund. Notwithstanding any laws to the contrary, all judges and survivors receiving a benefit under this chapter shall receive that benefit from the postretirement investment fund. Required reserves for those judges not receiving benefits from the postretirement investment fund as of July 1, 2002, shall be transferred to the postretirement investment fund to pay future benefits by July 31, 2002.
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; 1998 c 390 art 5 s 4,5; 2000 c 461 art 18 s 6,7; 2002 c 220 art 10 s 34