1997 Minnesota Statutes

     353.65 Contributions. 

    Subdivision 1.  The public employees police and fire fund 
 is established for police officers and firefighters who meet the 
 eligibility criteria under section 353.64.  Employee 
 contributions, employer contributions, other than the excess 
 contribution established by section 69.031, subdivision 5, 
 paragraphs (2), clauses (b) and (c), and (3), and other amounts 
 authorized by law, including all employee and employer 
 contributions of members transferred must be deposited in the 
 public employees police and fire fund.  

    Subd. 2.  The employee contribution is an amount equal to 
 7.6 percent of the total salary of the member.  This 
 contribution must be made by deduction from salary in the manner 
 provided in subdivision 4.  Where any portion of a member's 
 salary is paid from other than public funds, the member's 
 employee contribution is based on the total salary received from 
 all sources.  

    Subd. 3.  The employer contribution shall be an amount 
 equal to 11.4 percent of the total salary of every member.  This 
 contribution shall be made from funds available to the employing 
 subdivision by the means and in the manner provided in section 
 353.28. 

    Subd. 3a.    Change in employee and employer contributions 
 in certain instances.  (a) If, after four consecutive fiscal 
 years beginning July 1, 1994, the regular actuarial valuation of 
 the public employees police and fire fund under section 356.215 
 indicates that the fund has no unfunded actuarial accrued 
 liability and that there is a sufficiency in excess of 0.5 
 percent of covered payroll when the total actuarial funding 
 requirements of the fund are compared to the total support, the 
 employee and employer contribution rates must be decreased as 
 determined under paragraph (c) to a level such that the 
 sufficiency equals 0.5 percent of covered payroll based on the 
 most recent actuarial valuation. 

    (b) If, after four consecutive fiscal years beginning July 
 1, 1994, the regular actuarial valuation of the public employees 
 police and fire fund under section 356.215 indicates that the 
 fund has an unfunded actuarial accrued liability and that there 
 is a deficiency in excess of 0.5 percent of covered payroll when 
 the total actuarial funding requirements of the fund are 
 compared to the total support, the employee and employer 
 contribution rates must be increased as determined under 
 paragraph (c) so that no deficiency exists based on the most 
 recent actuarial valuation. 

    (c) The increase or decrease in employee and employer 
 contribution rates required under paragraphs (a) and (b) must 
 maintain the current ratio in employer and employee contribution 
 rates of 40 percent employee contribution and 60 percent 
 employer contribution. 

    (d) The contribution rate increase or decrease must be 
 determined by the executive director of the public employees 
 retirement association. 

    (e) The contribution rate increase or decrease is effective 
 on the first full payroll period beginning after June 30 
 following receipt by the association of the fourth consecutive 
 annual actuarial valuation disclosing the deficiency or 
 sufficiency specified in paragraph (a) or (b). 

    (f) A contribution rate increase or decrease under 
 paragraph (a) or (b) must not occur prior to receipt by the 
 association of the 1997 regular actuarial valuation of the 
 police and fire fund under section 356.215.  A contribution rate 
 increase or decrease under paragraph (a) or (b) must not occur 
 within four years of a prior increase or decrease under 
 paragraph (a) or (b).  

    Subd. 4.  The head of each department of the various 
 governmental subdivisions is hereby directed to cause employee 
 contributions to be deducted in the manner and subject to the 
 terms provided in section 353.27, subdivision 4.  

    Subd. 5.  Repealed, 1973 c 753 s 85 

    Subd. 6.  All contributions other than the excess 
 contribution established by section 69.031, subdivision 5, 
 paragraphs (2), clauses (b) and (c), and (3) shall be credited 
 to the fund and all interest and other income of the fund shall 
 be credited to said fund.  The retirement fund shall be 
 disbursed only for the purposes herein provided.  The expenses 
 of said fund and the annuities herein provided upon retirement 
 shall be paid from said fund.  

    Subd. 7. Repealed, 1996 c 390 s 41 

    HIST: 1959 c 650 s 33; 1965 c 714 s 6-8; Ex1967 c 53 s 6-8; 
 1971 c 297 s 5; 1973 c 753 s 69,70; 1979 c 216 s 18; 1987 c 296 
 s 6; 1988 c 709 art 5 s 22; 1989 c 319 art 6 s 3-5; 1992 c 432 
 art 2 s 18; 1993 c 352 s 1-3; 1994 c 528 art 2 s 12; 1994 c 632 
 art 3 s 56; 1995 c 262 art 4 s 1