2004 Minnesota Statutes

     422A.12 Credits; individual record. 

    Subdivision 1.    Salary deductions.  The city comptroller or 
 other person having 
 supervision of the payment of salaries to employees shall cause 
 the deductions to be withheld from all specific appropriations 
 for the particular salaries or compensation from which the 
 deductions are made and from all allotments out of lump sum 
 appropriations for payments of such salaries or compensation for 
 each fiscal year; and a record of these sums shall be entered to 
 the credit of the various employees from whose salaries 
 deductions have been made.  

    Subd. 2.    Credits.  At the close of each fiscal year there 
 shall be 
 credited within the deposit accumulation fund to accounts 
 representing contributions by the municipality and to accounts 
 representing the accumulated amount of each contributing 
 employee in proportion to the average quarterly balance in each 
 such account during said fiscal year the amount of income from 
 investments earned on the accumulated funds in possession of the 
 board, after having deducted from the total of such income (1) 
 the amounts otherwise required as interest for various 
 allowances or purposes specified in sections 422A.01 to 422A.25 
 and (2) an amount to be set aside to liquidate actual or to 
 amortize prospective losses on investments in the accumulation 
 account.  The net balance of the investment earnings to be so 
 distributed shall be distributed at the greatest multiple of 
 one-tenth of one percent up to and including a maximum of the 
 interest assumption rate provided for in section 422A.06, 
 subdivision 5 of all such accounts.  Any undistributed excess 
 earnings or losses determined to be earnings or losses 
 attributable to the employers' contributions shall be 
 distributed or charged to the employers' reserve accounts in 
 proportion to the employers' average quarterly balances.  Any 
 undistributed excess earnings or losses determined to be 
 earnings or losses attributable to the employees' contributions 
 shall be distributed or charged to the employers' reserve 
 accounts in proportion to the number of covered employees 
 employed by each employer.  If income from investments is 
 insufficient to enable the crediting of the maximum interest 
 amount to the employee and employer accounts, the maximum 
 interest will first be credited to the employee accounts.  If 
 income is insufficient to cover the amounts credited to the 
 employee accounts, the insufficiency attributable to each 
 employer group of employees' accounts will be made up by a 
 charge against the reserve account of that employer.  The amount 
 that shall be set aside annually to liquidate losses on 
 investments shall be such amount as the board may deem necessary 
 for such purpose but not in excess of one mill on the dollar of 
 the gross amount received as income on the cash and investments 
 in the fund. 

    HIST: 1973 c 133 s 12; 1974 c 76 s 9; 1992 c 480 s 2