Subdivision 1. Fund created. There is created a special fund to be known as the correctional employees retirement fund.
Subd. 2. Revenue sources. Employee contributions under section 352.92, subdivision 1, and employer contributions under section 352.92, subdivision 2, and other amounts, including any investment income on invested fund assets as authorized by law, shall be deposited in the fund.
Subd. 3. Investment. The assets of the fund must be deposited in the Minnesota combined investment funds as provided in section 11A.14, if applicable, or otherwise under section 11A.23.
Subd. 4. Collection of contributions. The collection of employee and employer contributions shall be governed by the applicable procedures set forth in section 352.04, subdivisions 4, 5, 6, 8, and 9.
Subd. 5. Fund disbursement restricted. The correctional employees retirement fund must be disbursed only for the purposes provided for in the applicable provisions in this chapter. The proportional share of the expenses of the system and any benefits provided in section 352.90 must be paid from the correctional employees retirement fund. The retirement allowances, retirement annuities, the disability benefits, the survivorship benefits, and any refunds of accumulated deductions must be paid from the correctional employees retirement fund. The amounts necessary to make the payments from the correctional employees retirement fund are annually appropriated from that fund for those purposes.
1987 c 259 s 20; 2009 c 169 art 1 s 18,19
Structure Minnesota Statutes
Chapters 352 - 356B — Retirement
Chapter 352 — State Retirement
Section 352.016 — University Of Minnesota Employees; Furlough Service And Salary Credit.
Section 352.017 — Authorized Leave Of Absence Service Credit Purchase Procedure.
Section 352.021 — Minnesota State Retirement System.
Section 352.028 — Coverage Termination.
Section 352.029 — Coverage For Employees Of Labor Organizations.
Section 352.03 — Board Of Directors; Executive Director.
Section 352.04 — State Employees Retirement Fund, Contributions By Employee And Employer.
Section 352.041 — Leave Of Absence For Employment By Political Subdivision.
Section 352.05 — Commissioner Of Management And Budget To Be Treasurer Of System.
Section 352.061 — Investment Board To Invest Funds.
Section 352.113 — Permanent Disability Benefits.
Section 352.115 — Retirement Annuity.
Section 352.1155 — No Annuity Reduction.
Section 352.116 — Annuities Upon Retirement.
Section 352.12 — Refund After Death.
Section 352.15 — Exemption From Process And Taxation.
Section 352.16 — Insurance Laws Not To Apply.
Section 352.22 — Refund Or Deferred Annuities.
Section 352.23 — Termination Of Rights; Repayment Of Refund.
Section 352.27 — Federally Protected Purchase Of Service Credit For Periods Of Military Service.
Section 352.272 — State-authorized Purchase Of Service Credit For Periods Of Military Service.
Section 352.85 — Military Affairs Personnel.
Section 352.86 — Transportation Department Pilots.
Section 352.87 — State Fire Marshal Division Employees.
Section 352.91 — Covered Correctional Service.
Section 352.911 — Correctional Employees Retirement Fund.
Section 352.92 — Correctional Employee Contributions.
Section 352.93 — Retirement Annuity.
Section 352.931 — Survivor Benefits.
Section 352.94 — Augmentation For Employees With General And Correctional Service.
Section 352.95 — Disability Benefits.
Section 352.951 — Applicability Of General Law.
Section 352.955 — Transfer Of Prior Msrs-general Service Credit.
Section 352.965 — Minnesota State Deferred Compensation Plan.
Section 352.97 — Prior Deferred Compensation Plans; Construction.