Minnesota Statutes 356.59 – Interest Rates
Current as of: 2023 | Check for updates
|
Other versions
Subdivision 1.Applicable interest rates.
Whenever the payment of interest is required with respect to any payment, including refunds, remittances, shortages, contributions, or repayments, the rate of interest is the rate or rates specified in subdivisions 2 to 5 for each public retirement plan.
Subd. 2.Minnesota State Retirement System.
Terms Used In Minnesota Statutes 356.59
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
Terms Used In Minnesota Statutes 356.59
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
The interest rates for all retirement plans administered by the Minnesota State Retirement System are as follows:
Annual | Monthly | ||||
before July 1, 2015 | 8.5 percent | 0.71 percent | |||
from July 1, 2015, to June 30, 2018 | 8.0 percent | 0.667 percent | |||
from July 1, 2018, to June 30, 2023 | 7.5 percent | 0.625 percent | |||
after June 30, 2023 | 7.0 percent | 0.583 percent |
Subd. 3.Public Employees Retirement Association.
The interest rates for all retirement plans administered by the Public Employees Retirement Association are as follows:
before July 1, 2015 | 8.5 percent | ||||
from July 1, 2015, to June 30, 2018 | 8.0 percent | ||||
from July 1, 2018, to June 30, 2023 | 7.5 percent | ||||
after June 30, 2023 | 7.0 percent |
Subd. 4.Teachers Retirement Association.
The interest rates for the retirement plan administered by the Teachers Retirement Association are as follows:
Annual | Monthly | ||||
before July 1, 2018 | 8.5 percent | 0.71 percent | |||
from July 1, 2018, to June 30, 2023 | 7.5 percent | 0.625 percent | |||
after June 30, 2023 | 7.0 percent | 0.583 percent |
Subd. 5.St. Paul Teachers Retirement Fund Association.
The interest rates for the retirement plan administered by the St. Paul Teachers Retirement Fund Association are as follows:
Annual | Monthly | ||||
before July 1, 2015 | 8.5 percent | 0.71 percent | |||
from July 1, 2015, to June 30, 2018 | 8.0 percent | 0.667 percent | |||
from July 1, 2018, to June 30, 2023 | 7.5 percent | 0.625 percent | |||
after June 30, 2023 | 7.0 percent | 0.583 percent |