1997 Minnesota Statutes

     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 11A.17.  
 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 be withdrawn from the fund or transferred to another account 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 section 352D.05 or 
 for benefit payments under sections 352D.06 to 352D.075. 

    (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 the 
 employee contribution specified in section 352.04, subdivision 2.

    (c) The employer contribution is an amount equal to six 
 percent of salary.  

    (d) These contributions must be made in the manner provided 
 in section 352.04, subdivisions 4, 5, and 6.  

    (e) 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 3.099, 
 subdivision 3, living expense payments under section 3.101, or 
 special session living expense payments under section 3.103. 

    HIST: 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