353D.01 PUBLIC EMPLOYEES DEFINED CONTRIBUTION PLAN. Subdivision 1. Establishment. The public employees defined contribution plan is administered by the Public Employees Retirement Association under supervision of the association board of trustees. Subd. 2. Eligibility. (a) Eligibility to participate in the defined contribution plan is available to: (1) elected local government officials of a governmental subdivision […]
353D.02 ELECTION OF COVERAGE. Subdivision 1. Elected local government officials. Eligible elected local government officials may elect to participate in the defined contribution plan after being elected or appointed to elective public office by filing a membership application on a form prescribed by the executive director of the association authorizing contributions to be deducted from […]
353D.03 FUNDING OF PLAN. Subdivision 1. Contributions for eligible participants. (a) The following classes of eligible participants who elect to participate in the public employees defined contribution plan under section 353D.02 shall contribute an amount equal to five percent of salary as defined in section 353.01, subdivision 10: (1) elected local government officials; (2) physicians; […]
353D.04 CONTRIBUTIONS AND DEDUCTIONS IN ERROR. Subdivision 1. Crediting of contributions to participant accounts. (a) Contributions made by or on behalf of a participant under section 353D.03, subdivisions 1, 5, and 6, paragraph (a), must be remitted to the Public Employees Retirement Association and credited to the individual account established for the participant. (b) Contributions […]
353D.05 INVESTMENT OF FUNDS. Subdivision 1. Investment. As further specified under this section, employing unit contributions, after the deduction of an amount for administrative expenses, and individual participant contributions must be invested in the participant’s account or accounts in investment products authorized by the association that are made available for this purpose by the State […]
353D.06 REPORTING. The executive director of the public employees retirement association shall prescribe the reporting forms required from employing units and the election forms required from participants. Reporting forms must contain names, identification numbers, amount of contribution by and on behalf of each participant, and such other data as is required to keep an accurate […]
353D.07 BENEFITS. Subdivision 1. Type of plan; uniformity. (a) The plan is a defined contribution plan. A participant’s benefit is equal to the value of the individual account established for the participant under section 353D.04, taking into account all contributions credited to the account plus a proportionate share of investment income of the fund credited […]
353D.071 FEDERAL COMPLIANCE. Subdivision 1. Definitions. (a) For purposes of this section, the following terms have the meanings given them. (b) “Designated beneficiary” means the person designated as the beneficiary under section 353D.07, subdivision 5, and who is the designated beneficiary under section 401(a)(9) of the Internal Revenue Code and section 1.401 (a)(9)-1, Q&A-4 of […]
353D.08 PORTABILITY. Participating ambulance service personnel who change employment or membership among participating ambulance services shall continue participation in the plan if termination from one participating ambulance service and commencement in another participating ambulance service occurs within 30 days. History: 1987 c 372 art 5 s 8; 1988 c 709 art 5 s 38; 1990 […]
353D.09 TAX QUALIFICATION. The Public Employees Retirement Association shall adopt rules necessary for administration of the plan. The proposed plan shall be formulated and adopted in accordance with applicable restrictions and standards of the Internal Revenue Code and rulings and regulations of the Internal Revenue Service in order to assure the tax-exempt status of the […]
353D.10 NOT CONSIDERED A LOCAL PLAN. The plan is not a local governmental pension plan or fund for purposes of section 356.25. History: 1987 c 372 art 5 s 10
