Bill Text: MN SF2441 | 2013-2014 | 88th Legislature | Introduced

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Bill Title: Minnesota state retirement system (MSRS) general state employees and correctional state employees employee and employer contribution rates modification

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-03-06 - Referred to State and Local Government [SF2441 Detail]

Download: Minnesota-2013-SF2441-Introduced.html

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A bill for an act

relating to retirement; general state employees and correctional state employees
retirement plans of the Minnesota State Retirement System; modifying employee
and employer contribution rates; amending Minnesota Statutes 2012, sections
352.04, subdivisions 2, 3; 352.92, subdivisions 1, 2.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

    Section 1. Minnesota Statutes 2012, section 352.04, subdivision 2, is amended to read:
    Subd. 2. Employee contributions. (a) The employee contribution to the fund must
be equal to the following percent of salary:

		before July 1, 2007	4.00
		from July 1, 2007, to June 30, 2008	4.25
		from July 1, 2008, to June 30, 2009	4.50
		from July 1, 2009, to June 30, 2010	4.75
		from July 1, 2010, and thereafterto June 30, 2014	5.00.
		from July 1, 2014, and thereafter	5.50

(b) These contributions must be made by deduction from salary as provided in
subdivision 4.
EFFECTIVE DATE.This section is effective on the first day of the first full pay
period beginning after July 1, 2014.

    Sec. 2. Minnesota Statutes 2012, section 352.04, subdivision 3, is amended to read:
    Subd. 3. Employer contributions. The employer contribution to the fund must be
equal to the following percent of salary:

		before July 1, 2007	4.00
		from July 1, 2007, to June 30, 2008	4.25
		from July 1, 2008, to June 30, 2009	4.50
		from July 1, 2009, to June 30, 2010	4.75
		from July 1, 2010, and thereafterto June 30, 2014	5.00.
		from July 1, 2014, and thereafter	5.50

EFFECTIVE DATE.This section is effective on the first day of the first full pay
period beginning after July 1, 2014.

    Sec. 3. Minnesota Statutes 2012, section 352.92, subdivision 1, is amended to read:
    Subdivision 1. Employee contributions. (a) Employee contributions of covered
correctional employees must be in an amount equal to the following percent of salary:

		before July 1, 2007	5.69
		from July 1, 2007, to June 30, 2008	6.40
		from July 1, 2008, to June 30, 2009	7.00
		from July 1, 2009, to June 30, 2010	7.70
		from July 1, 2010, and thereafterto June 30, 2014	8.60.
		from July 1, 2014, and thereafter	9.10

(b) These contributions must be made by deduction from salary as provided in
section 352.04, subdivision 4.
EFFECTIVE DATE.This section is effective on the first day of the first full pay
period beginning after July 1, 2014.

    Sec. 4. Minnesota Statutes 2012, section 352.92, subdivision 2, is amended to read:
    Subd. 2. Employer contributions. The employer shall contribute for covered
correctional employees an amount equal to the following percent of salary:

		before July 1, 2007	7.98
		from July 1, 2007, to June 30, 2008	9.10
		from July 1, 2008, to June 30, 2009	10.10
		from July 1, 2009, to June 30, 2010	11.10
		from July 1, 2010, and thereafterto June 30, 2014	12.10.
		from July 1, 2014, and thereafter	12.85

EFFECTIVE DATE.This section is effective on the first day of the first full pay
period beginning after July 1, 2014.