This bill amends Minnesota Statutes 2024, specifically section 353.27, to modify the employee and employer contribution rates for the general employees retirement plan of the Public Employees Retirement Association. In subdivision 2, 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 plus any adjustments outlined in subdivision 3b. Additionally, it clarifies that contributions must be deducted from the total salary received by the member from all sources, including those paid from non-public funds.

In subdivision 3, the bill establishes that the employer contribution for basic members is also set at 9.10 percent of salary, with coordinated members' contributions similarly determined by a specified percentage plus any adjustments under subdivision 3b. The bill specifies that employer contributions must be made from available funds by the means and manner provided in section 353.28. Overall, these amendments aim to standardize and clarify the contribution rates for both employees and employers within the retirement plan.

Statutes affected:
Introduction: 353.27