354D.01 DEFINITIONS. Subdivision 1. Terms. Unless the language or context clearly indicates that a different meaning is intended, the following terms have the meanings given. Subd. 2. Individual retirement account plan or plan. “Individual retirement account plan” or “plan” means the individual retirement account plan established by sections 354B.20 to 354B.30. Subd. 3. Covered employment. […]
354D.02 PARTICIPANTS. Subdivision 1. Election. An eligible employee as enumerated in subdivision 2 who is eligible for membership in the Minnesota State Retirement System under chapter 352, the Public Employees Retirement Association under chapter 353, or the Teachers Retirement Association under chapter 354 may elect to participate in the individual retirement account plan rather than […]
354D.03 SOCIAL SECURITY COVERAGE. Plan participants are members of the general state retirement plan for purposes of Social Security coverage only, and are covered by the applicable agreement entered into under section 355.02 but are not members of the general state retirement plan for any other purpose while employed in covered employment. History: 1994 c […]
354D.04 PLAN COVERAGE. An election made under this section is irrevocable. Eligible employees under section 354D.02, subdivision 2, shall elect to participate in either the individual retirement account plan or their respective retirement plan as follows: (1) An eligible employee with no prior allowable service as a member of the Minnesota State Retirement System, the […]
354D.05 CONTRIBUTIONS. Subdivision 1. Member contributions. (a) Participants in the individual retirement account plan who are specified in section 354D.02, subdivision 2, clause (1) or (2), and who would otherwise be members of a Minnesota State Retirement System, Public Employees Retirement Association, or Teachers Retirement Association plan, shall make a member contribution as specified in […]
354D.06 ADMINISTRATION. (a) The Minnesota State University system or its successor shall administer the individual retirement account plan for eligible employees listed in section 354D.02, subdivision 2, clauses (1) and (2), in accordance with sections 354B.20 to 354B.30. (b) The Minnesota Historical Society or its successor shall administer the individual retirement account plan for eligible […]
354D.07 TRANSFER OF CERTAIN MSRS MEMBER CONTRIBUTION REFUND AMOUNTS TO PLAN. (a) Notwithstanding any provision of law to the contrary, a former member of the general state employees retirement plan of the Minnesota State Retirement System who is a member of the individual retirement account plan under this chapter may elect to transfer to the […]
354D.08 INDIVIDUAL RETIREMENT ACCOUNT PLAN ADMINISTRATION; MINNESOTA HISTORICAL SOCIETY. Subdivision 1. General governance. The Minnesota Historical Society is the plan administrator and has the administrative responsibility for the individual retirement account plan for those eligible employees listed in section 354D.02, subdivision 2, clause (3). Subd. 2. Annuity contracts and custodial accounts. (a) The plan administrator […]
