Section 356.631 — Additional Sources Of Funding.
356.631 ADDITIONAL SOURCES OF FUNDING. Notwithstanding any other provision of law to the contrary, in addition to all sources of funding described in Minnesota Statutes, section 356.63, any public retirement plan described in Minnesota Statutes, section 356.63, paragraph (b), is authorized to accept, at its discretion, for deposit in its fund the following: (1) gifts; […]
Section 356.635 — Internal Revenue Code Compliance.
356.635 INTERNAL REVENUE CODE COMPLIANCE. Subdivision 1. Retirement benefit commencement. (a) The retirement benefit of a member or participant must begin to be distributed or, if a lump sum, be distributed no later than the member’s or participant’s required beginning date. “Required beginning date” means April 1 of the calendar year following the later of […]
Section 356.611 — Limitation On Public Employee Salaries For Pension Purposes.
356.611 LIMITATION ON PUBLIC EMPLOYEE SALARIES FOR PENSION PURPOSES. Subdivision 1. [Repealed, 2005 c 169 s 2] Subd. 2. Federal compensation limits. (a) For members of a covered pension plan enumerated in section 356.30, subdivision 3, and of the plan established under chapter 353D, compensation in excess of the limitation specified in section 401(a)(17) of […]
Section 356.62 — Payment Of Employee Contribution.
356.62 PAYMENT OF EMPLOYEE CONTRIBUTION. (a) For purposes of any public pension plan, as defined in section 356.63, paragraph (b), each employer shall pick up the employee contributions required under law or under the pension plan document for all salaries. If the United States Treasury Department rules that under section 414(h) of the Internal Revenue […]
Section 356.63 — Limitation On Use Of Public Pension Plan Assets.
356.63 LIMITATION ON USE OF PUBLIC PENSION PLAN ASSETS. (a) Money held by or credited to a public pension plan as assets, including employer and employee contributions, state aid, appropriations from the state or a governmental subdivision, and accrued earnings on investments, constitutes a dedicated fund. The dedicated fund may be used exclusively to pay […]