2005 Minnesota Statutes

     354D.05 Contributions. 

    Subdivision 1.    Member contributions.  Eligible 
 employees who would otherwise be eligible to participate in the 
 Minnesota State Retirement System, the Public Employees 
 Retirement Association, or the Teachers Retirement Association, 
 but who participate in the individual retirement account plan, 
 shall make a member contribution in an amount equal to the 
 member contribution amount required by the plan for which the 
 individual was originally eligible for membership.  The 
 contribution must be made by payroll deduction each pay period 
 and must be in accordance with either section 403(b) or 414(h) 
 of the Internal Revenue Code.  

    Subd. 2.    Employer contributions.  The employer of 
 eligible employees described in subdivision 1 who are eligible 
 to participate in either the Minnesota State Retirement System 
 or the Public Employees Retirement Association shall make an 
 employer contribution to the plan in an amount equal to the 
 employer contribution amount required by the plan for which the 
 individual was originally eligible for membership.  The employer 
 of eligible employees described in subdivision 1 who are 
 eligible to participate in the Teachers Retirement Association 
 shall make an employer contribution to the plan in an amount 
 equal to the employer contribution required by section 354.42, 
 subdivision 3, and shall make an employer contribution to the 
 Teachers Retirement Association in an amount equal to the 
 employer contribution required by section 354.42, subdivision 5. 

    HIST: 1994 c 508 art 2 s 5; 1995 c 141 art 4 s 30