1997 Minnesota Statutes

     354.42 Contributions by employer and employee. 

    Subdivision 1.  Repealed, 1974 c 289 s 59 

    Subd. 2.    Employee.  The employee contribution to the 
 fund is an amount equal to 5.0 percent of the salary of every 
 coordinated member and 9.0 percent of the salary of every basic 
 member.  This contribution must be made by deduction from 
 salary.  Where any portion of a member's salary is paid from 
 other than public funds, the member's employee contribution must 
 be based on the entire salary received.  

    Subd. 3.    Employer.  The employer contribution to the 
 fund is an amount equal to 5.0 percent of the salary of each 
 coordinated member and 9.0 percent of the salary of each basic 
 member.  

    Subd. 4.  Repealed, 1969 c 485 s 40 

    Subd. 5.    Additional employer contribution.  (a) To 
 amortize the unfunded actuarial accrued liability computed under 
 the entry age actuarial cost method and disclosed under the 
 annual actuarial valuations prepared by the commission-retained 
 actuary under section 356.215, an additional employer 
 contribution must be made in the amount of 1.64 percent of the 
 salary of each member.  

    (b) This contribution must be made in the manner provided 
 in section 354.52, subdivision 4.  

    (c) This subdivision is repealed once the actuarial value 
 of the assets of the plan equal or exceed the actuarial accrued 
 liability of the plan as determined by the actuary retained by 
 the legislative commission on pensions and retirement under 
 section 356.215.  The repeal is effective on the first day of 
 the first full pay period occurring after March 31 of the 
 calendar year following the issuance of the actuarial valuation 
 upon which the repeal is based. 

    Subd. 6.  Repealed, 1974 c 289 s 59 

    Subd. 7.    Erroneous salary deductions or direct 
 payments.  (a) Any deductions taken from the salary of an 
 employee for the retirement fund in error shall be refunded to 
 the employee upon discovery and verification by the employing 
 unit making the deduction, and the corresponding employer 
 contribution and additional employer contribution amounts 
 attributable to the erroneous salary deduction must be refunded 
 to the employing unit. 

    (b) If salary deductions and employer contributions were 
 erroneously transmitted to the retirement fund and should have 
 been transmitted to another Minnesota public pension plan, the 
 retirement association must transfer these salary deductions and 
 employer contributions to the appropriate public pension fund 
 without interest.  For purposes of this paragraph, a Minnesota 
 public pension plan means a plan specified in section 356.30, 
 subdivision 3, or the plan governed by chapter 354B. 

    (c) If a salary warrant or check from which a deduction for 
 the retirement fund was taken has been canceled or the amount of 
 the warrant or check has been returned to the funds of the 
 employing unit making the payment, a refund of the amount 
 deducted, or any portion of it that is required to adjust the 
 salary deductions, shall be made to the employing unit. 

    (d) Any erroneous direct payments of member paid 
 contributions or erroneous salary deductions that were not 
 refunded in the regular processing of an employing unit's annual 
 summary report shall be refunded to the member with interest 
 computed using the rate and method specified in section 354.49, 
 subdivision 2. 

    HIST: Ex1957 c 16 s 4; Ex1959 c 50 s 30; 1965 c 821 s 8-10; 
 1967 c 834 s 4-6; 1969 c 485 s 13-16; 1973 c 270 s 9; 1973 c 728 
 s 14-16; 1974 c 289 s 20,21; 1977 c 313 s 1; 1978 c 781 s 3; 
 1979 c 293 s 1,2; 1984 c 564 s 29; 1987 c 259 s 34; 1989 c 319 
 art 2 s 12; 1990 c 570 art 12 s 29,30; 1990 c 591 art 2 s 5; 
 1994 c 508 art 1 s 4; 1994 c 524 s 1; 1994 c 528 art 3 s 15,16; 
 1995 c 141 art 3 s 20; 1997 c 233 art 1 s 48-50