Subdivision 1. Crediting of contributions to participant accounts. (a) Contributions made by or on behalf of a participant under section 353D.03, subdivisions 1, 5, and 6, paragraph (a), must be remitted to the Public Employees Retirement Association and credited to the individual account established for the participant.
(b) Contributions as provided under section 353D.03, subdivisions 3 and 6, paragraph (b), must be remitted on a regular basis to the association together with any member contributions paid or withheld. Those contributions must be credited to the individual account of each participating member.
Subd. 2. Authority to adopt policies correcting erroneous contributions. The executive director may adopt policies and procedures regarding deductions taken totally or partially in error by the employer from the salary of an elected official.
1987 c 372 art 5 s 4; 1990 c 570 art 8 s 5; 1991 c 341 s 37; 1992 c 432 art 2 s 39; 1993 c 307 art 4 s 48; 1996 c 438 art 6 s 4; 2010 c 359 art 5 s 15,16
Structure Minnesota Statutes
Chapters 352 - 356B — Retirement
Chapter 353D — Public Employees Defined Contribution Plan
Section 353D.01 — Public Employees Defined Contribution Plan.
Section 353D.02 — Election Of Coverage.
Section 353D.03 — Funding Of Plan.
Section 353D.04 — Contributions And Deductions In Error.
Section 353D.05 — Investment Of Funds.
Section 353D.071 — Federal Compliance.
Section 353D.08 — Portability.