Subdivision 1. Employee contributions. (a) Employee contributions of covered correctional employees must be in an amount equal to the following percent of salary:
(b) These contributions must be made by deduction from salary as provided in section 352.04, subdivision 4.
(c) Contribution increases under paragraph (a) must be paid starting the first day of the first full pay period after the effective date of the increase.
Subd. 2. Employer contributions. (a) The employer shall contribute for covered correctional employees an amount equal to the following percent of salary:
(b) Contribution increases under paragraph (a) must be paid starting the first day of the first full pay period after the effective date of the increase.
Subd. 2a. Supplemental employer contribution. (a) Effective July 1, 2019, the employer shall pay a supplemental contribution. The supplemental contribution is 1.45 percent of salary for covered correctional employees from July 1, 2019, through June 30, 2020; 2.95 percent of salary for covered correctional employees from July 1, 2020, through June 30, 2021; and 4.45 percent of salary for covered correctional employees thereafter. The supplemental contribution rate of 4.45 percent remains in effect until the market value of the assets of the correctional state employees retirement plan of the Minnesota State Retirement System equals or exceeds the actuarial accrued liability of the plan as determined by the actuary retained under section 356.214. The expiration of the supplemental employer contribution is effective the first day of the first full pay period of the fiscal year immediately following the issuance of the actuarial valuation upon which the expiration is based.
(b) The supplemental contribution under paragraph (a) must be paid starting the first day of the first full pay period after June 30, 2018.
Subd. 3. Plan administration. The Minnesota State Retirement System shall administer the correctional employees retirement plan established by sections 352.90 to 352.951 in accordance with this chapter and chapters 356 and 356A.
1973 c 653 s 41; 3Sp1981 c 2 art 1 s 66,67; 1982 c 641 art 1 s 11,12; 1984 c 564 s 13; 1987 c 229 art 6 s 1; 1989 c 319 art 8 s 11; 1990 c 591 art 2 s 3; 1996 c 408 art 8 s 18; 1997 c 233 art 1 s 21,22; 1999 c 222 art 13 s 3,4; 2006 c 271 art 1 s 4,5; 2014 c 296 art 3 s 3,4; 2018 c 211 art 7 s 3-5
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.