352D.04 INVESTMENT OPTIONS.
Subdivision 1. Investment options.
(a) A person exercising an option to participate in the
retirement program provided by this chapter may elect to purchase shares in one or a combination
of the income share account, the growth share account, the international share account, the money
market account, the bond market account, the fixed interest account, or the common stock index
account established in section
. The person may elect to participate in one or more of the
investment accounts in the fund by specifying, on a form provided by the executive director, the
percentage of the person's contributions provided in subdivision 2 to be used to purchase shares in
each of the accounts.
(b) A participant may indicate in writing on forms provided by the Minnesota State
Retirement System a choice of options for subsequent purchases of shares. Until a different
written indication is made by the participant, the executive director shall purchase shares in
the supplemental fund as selected by the participant. If no initial option is chosen, 100 percent
income shares must be purchased for a participant. A change in choice of investment option is
effective no later than the first pay date first occurring after 30 days following the receipt of the
request for a change.
(c) Shares in the fixed interest account attributable to any guaranteed investment contract as
of July 1, 1994, may not be withdrawn from the fund or transferred to another account until the
guaranteed investment contract has expired, unless the participant qualifies for withdrawal under
or for benefit payments under sections
(d) A participant or former participant may also change the investment options selected
for all or a portion of the participant's shares previously purchased in accounts, subject to the
provisions of paragraph (c) concerning the fixed interest account. Changes in investment options
for the participant's shares must be effected as soon as cash flow to an account practically permits,
but not later than six months after the requested change.
Subd. 2. Contribution rates.
(a) The money used to purchase shares under this section is the
employee and employer contributions provided in this subdivision.
(b) The employee contribution is an amount equal to four percent of salary.
(c) The employer contribution is an amount equal to six percent of salary.
(d) For members of the legislature, the contributions under this subdivision also must be
made on per diem payments received during a regular or special legislative session, but may not
be made on per diem payments received outside of a regular or special legislative session, on the
additional compensation attributable to a leadership position under section
3, living expense payments under section
, or special session living expense payments
(e) For a judge who is a member of the unclassified plan under section
1, paragraph (c), clause (16), the employee contribution rate is eight percent of salary, and there is
no employer contribution.
(f) These contributions must be made in the manner provided in section
4, 5, and 6.
History: 1971 c 604 s 4; 1973 c 624 s 5; 1974 c 152 s 13; 1980 c 607 art 14 s 38; 1981 c
224 s 70; 3Sp1981 c 2 art 1 s 68; 1983 c 128 s 34; 1986 c 356 s 9; 1986 c 444; 1988 c 453 s 10;
1989 c 319 art 1 s 13; 1992 c 539 s 11; 1993 c 307 art 1 s 35; 1994 c 528 art 1 s 12; 1994 c 604
art 1 s 12; 1997 c 233 art 2 s 5,6; 2000 c 461 art 18 s 2; 2006 c 271 art 1 s 8
The amendment to subdivision 2 by Laws 2006, chapter 271, article 1, section 8, is
effective July 1, 2007. Laws 2006, chapter 271, article 1, section 9.