2003 Minnesota Statutes

     356.611 Limitation on public employee salaries for 
  pension purposes. 

    Subdivision 1.    State salary limitations.  (a) 
 Notwithstanding any provision of law, bylaws, articles of 
 incorporation, retirement and disability allowance plan 
 agreements, or retirement plan contracts to the contrary, the 
 covered salary for pension purposes for a plan participant of a 
 covered retirement fund enumerated in section 356.30, 
 subdivision 3, may not exceed 95 percent of the salary 
 established for the governor under section 15A.082 at the time 
 the person received the salary. 

    (b) This section does not apply to a salary paid: 

    (1) to the governor; 

    (2) to an employee of a political subdivision in a position 
 that is excluded from the limit as specified under section 
 43A.17, subdivision 9; or 

    (3) to a state employee in a position for which the 
 commissioner of employee relations has approved a salary rate 
 that exceeds 95 percent of the governor's salary. 

    (c) The limited covered salary determined under this 
 section must be used in determining employee and employer 
 contributions and in determining retirement annuities and other 
 benefits under the respective covered retirement fund and under 
 this chapter. 

    Subd. 2.    Federal compensation limits.  For members 
 first contributing to a covered pension plan enumerated in 
 section 356.30, subdivision 3, on or after July 1, 1995, 
 compensation in excess of the limitation set forth in Internal 
 Revenue Code 401(a)(17) may not be included for contribution and 
 benefit computation purposes.  The compensation limit set forth 
 in Internal Revenue Code 401(a)(17) on June 30, 1993, applies to 
 members first contributing before July 1, 1995. 

    HIST: 1994 c 528 art 4 s 11; 1995 c 262 art 1 s 15; 2002 c 392 
 art 11 s 43