2005 Minnesota Statutes

     422A.10 Salary deductions. 

    Subdivision 1.    Member contribution; deductions.  (a) 
 There must be deducted and withheld from the basic salary, pay 
 or compensation of each employee in the contributing class an 
 amount equal to 9-1/4 percent of such salary, pay or 
 compensation, except as hereinafter provided.  

    (b) The retirement board may increase the percentage rate 
 of contribution to the retirement fund of any employee or 
 employees for the purpose of establishing and maintaining on an 
 actuarial basis a plan of insurance, survivors' benefits, or 
 other type of benefit or benefits, the cost of which must be 
 paid out of such extra percentage so authorized and deducted 
 from the employee's compensation, except as hereinafter 
 provided.  Any plan or plans so established and placed in 
 operation may be amended from time to time, or may be abandoned, 
 but if abandoned, any surplus remaining from the operation of a 
 plan must be the property of the fund, and must be credited to 
 the reserve for loss in investment account. 

    Subd. 2.    Mandatory member contributions.  Every 
 employee to whom this chapter applies is deemed to consent and 
 agree to the deductions made and provided for herein, and 
 payment with such reductions, for service, are a full and 
 complete discharge and acquittance of all claims and demands for 
 all services rendered by such person during the period covered 
 by such payment; except the person's claim to the benefits to 
 which the person may be entitled under the provisions of this 
 chapter.  

    Subd. 3.    Option to increase contributions.  Subject 
 to such terms and conditions and to such rules and regulations 
 as the retirement board may adopt, any contributor from time to 
 time may increase or decrease the contributor's rate of 
 contribution to the retirement fund, but in no event shall the 
 contribution be less than the minimum contribution specified in 
 the provisions of sections 422A.01 to 422A.25.  

    HIST: 1973 c 133 s 10; 1974 c 73 s 2; 1979 c 293 s 8; 1979 c 
 303 art 6 s 8; 1986 c 444; 1Sp2005 c 8 art 10 s 69,70