This bill modifies the employee and employer contribution rates for the general employees retirement plan of the Public Employees Retirement Association in Minnesota. Specifically, it amends Minnesota Statutes 2024, section 353.27, subdivisions 2 and 3. The employee contribution for basic members is set at 9.10 percent of salary, while coordinated members will have their contributions calculated based on a specified percentage of salary, which may include adjustments as outlined in subdivision 3b. Additionally, contributions will be deducted from the total salary received by the member from all sources, including any non-public funds.

For employer contributions, the bill maintains the same structure, with basic members' contributions also set at 9.10 percent of salary. Coordinated members' employer contributions will similarly be based on a specified percentage of salary, with potential adjustments under subdivision 3b. The bill ensures that employer contributions are made from available funds by the employing subdivision, following the procedures established in section 353.28. Overall, the bill aims to clarify and standardize the contribution rates for both employees and employers within the retirement plan.

Statutes affected:
Introduction: 353.27