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353E.01 LOCAL GOVERNMENT CORRECTIONAL SERVICE RETIREMENT PLAN.
    Subdivision 1. Plan administration; fund. (a) The public employees local government
correctional service retirement plan is established as a separate plan to be administered by the
board of trustees and the executive director of the Public Employees Retirement Association.
(b) The board of trustees and the executive director shall undertake their activities in a
manner consistent with chapter 356A.
(c) The association shall maintain a special fund to be known as the public employees local
government correctional service retirement fund.
    Subd. 2. Revenue sources. Member contributions under section 353E.03, subdivision 1, and
employer contributions under section 353E.03, subdivision 2, and other amounts authorized by
law, including any investment return on invested fund assets, must be deposited in the fund.
    Subd. 3. Investment. (a) The public employees local government correctional service
retirement fund participates in the Minnesota postretirement investment fund.
(b) The amounts provided in section 353.271 must be deposited in that fund.
(c) The balance of any assets of the fund must be deposited in the Minnesota combined
investment fund as provided in section 11A.14, if applicable, or otherwise invested under section
11A.23.
    Subd. 4. Collection of contributions. The collection of member and employer contributions
is governed by section 353.27, subdivisions 4, 7, 7b, 10, 11, and 12.
    Subd. 5. Fund disbursement restricted. (a) The public employees local government
correctional service retirement fund and its share of participation in the Minnesota postretirement
investment fund may be disbursed only for the purposes provided for in this chapter.
(b) The proportional share of the necessary and reasonable administrative expenses of
the association and any benefits provided in this chapter, other than benefits payable from the
Minnesota postretirement investment fund, must be paid from the public employees local
government correctional service retirement fund. Retirement annuities, disability benefits,
survivorship benefits, and any refunds of accumulated deductions may be paid only from the
correctional service retirement fund after those needs have been certified by the executive
director and any applicable amounts withdrawn from the share of participation in the Minnesota
postretirement fund under section 11A.18.
(c) The amounts necessary to make the payments from the public employees local
government correctional service retirement fund and its participation in the Minnesota
postretirement investment fund are annually appropriated from those funds for those purposes.
History: 1999 c 222 art 2 s 7