490.123 JUDGES' RETIREMENT FUND.
Subdivision 1. Fund creation; revenue and authorized disbursements.
(a) There is created
a special fund to be known as the "judges' retirement fund."
(b) The judges' retirement fund must be credited with all contributions; all interest,
dividends, and other investment proceeds; and all other income authorized by this chapter or
other applicable law.
(c) From this fund there are appropriated the payments authorized by this chapter, 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 and 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) The contribution under this subdivision is payable by salary deduction. The deduction
must be made by the state court administrator under section
, subdivisions 4, 5, and 8.
Subd. 1b. Employer contribution rate.
(a) The employer contribution rate to the fund
on behalf of a judge is 20.5 percent of salary. The employer obligation continues after a judge
exceeds the service credit limit in section
, subdivision 22.
(b) The employer contribution must be paid by the state court administrator. The employer
contribution is payable at the same time as member contributions are made under subdivision 1a
or as employee contributions are made to the unclassified program governed by chapter 352D for
judges whose service exceeds the limit in section
, subdivision 22, are remitted.
Subd. 1c. Additional employer contribution.
If 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 in
a month, the necessary amount is appropriated from the general fund to the executive director
of the Minnesota State Retirement System, upon the certification of the required amount 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Subd. 1d.[Repealed, 2002 c 220 art 10 s 40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. Commissioner of finance.
The commissioner of finance is the ex officio treasurer of
the judges' retirement fund. The commissioner's general bond to the state must be conditioned to
cover all liability for acting as the treasurer of the fund. All money received by the commissioner
under this section must be set aside in the state treasury to the credit of the judges' retirement fund.
Subd. 3. Investment.
(a) The executive director of the Minnesota State Retirement System
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.
(b) Assets from the judges' retirement fund must be transferred to the Minnesota
postretirement investment fund for retirement and disability benefits as provided in sections
(c) 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
in compliance with sections
History: 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; 2003 c 112 art 2 s 47; 2006 c 271 art 11 s 23-28,48