Minnesota Statutes 352.92 – Correctional Employee Contributions
Subdivision 1.Employee contributions.
(a) Employee contributions of covered correctional employees must be in an amount equal to the following percent of salary:
| from July 1, 2014, to June 30, 2018 | 9.1 | |
| after June 30, 2018 | 9.6 |
(b) These contributions must be made by deduction from salary as provided in section 352.04, subdivision 4.
Terms Used In Minnesota Statutes 352.92
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
(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:
| from July 1, 2014, to June 30, 2018 | 12.85 | |
| after June 30, 2018 | 14.4 |
(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, for three consecutive years, 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 third 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.