Source: https://www.revisor.mn.gov/statutes/2012/cite/354B.23
Timestamp: 2020-02-20 03:36:33
Document Index: 488836978

Matched Legal Cases: ['art 5', 'art 8', 'art 5', 'art 12', 'art 2', 'art 4', 'art 4', 'art 2', 'art 12', 'art 5']

﻿ Sec. 354B.23 MN Statutes
Section 354B.23
354B.22 354B.24
2019 Subd. 1 Amended 2019 c 8 art 5 s 12
2019 Subd. 5 Amended 2019 c 8 art 8 s 16
2004 Subd. 1 Amended 2004 c 267 art 5 s 3
2000 Subd. 5a Amended 2000 c 461 art 12 s 12
1998 Subd. 5a New 1998 c 390 art 2 s 10
1995 354B.23 New 1995 c 141 art 4 s 11
354B.23 CONTRIBUTIONS.
Subdivision 1.Member contribution rate.
The member contribution rate for participants in the individual retirement account plan is 4.5 percent of salary.
Subd. 2.Member contribution method.
Member contributions must be made by payroll deduction during each pay period.
Subd. 3.Employer contribution rate.
The employer contribution rate on behalf of participants in the individual retirement account plan is six percent of salary.
Subd. 4.Employer contribution method.
The employer contribution must be made by the employing unit of a plan participant during each pay period. The employer contribution must be made from the available revenue sources of the employing unit.
Subd. 5.Omitted member deductions.
(a) If the employing unit that employs a plan participant fails to deduct the member contribution from the participant's salary and a period of less than 60 days from the date on which the deduction should have been made has elapsed, the employing unit must obtain the omitted member deduction by an additional payroll deduction during the pay period next following the discovery of the omission.
(b) If the employing unit of a plan participant fails to deduct the member contribution from the participant's salary and that omission continues for at least 60 days from the date on which the deduction should have been made, the employing unit must pay the amount representing the omitted member contribution, and the full required employer contribution, plus compound interest at an annual rate of 8.5 percent. The contributions and any interest must be made within one year of the date on which the omission was discovered.
Subd. 5a.Excess contributions.
Subd. 6.Transfer of certain TRA member contribution amounts to IRAP.
(a) Notwithstanding any provisions of chapter 354 to the contrary, a former member of the Teachers Retirement Association who has less than three years of allowable service credit under section 354.05, subdivision 13, and who is a member of the individual retirement account plan may elect to transfer to the plan an amount equal to the refund that the person could have received under section 354.49, subdivision 2, if the person had been eligible to receive a refund.
(b) The transfer must be made from the Teachers Retirement Association directly to the individual retirement account plan and credited to the appropriate account.
(c) No amount under this subdivision may be paid directly to the former Teachers Retirement Association member.
(d) The election of this transfer must be made on a form prescribed by the executive director of the Teachers Retirement Association, after consultation with the plan administrator.
1995 c 141 art 4 s 11; 1998 c 390 art 2 s 10; 2000 c 461 art 12 s 12; 2004 c 267 art 5 s 3