Source: https://www.revisor.mn.gov/statutes/cite/354D/full
Timestamp: 2020-04-03 21:34:11
Document Index: 71289459

Matched Legal Cases: ['art 2', 'art 4', 'art 1', 'art 2', 'art 4', 'art 7', 'art 9', 'art 2', 'art 4', 'art 7', 'art 2', 'art 4', 'art 3', 'art 2', 'art 4', 'art 1', 'art 7', 'art 2', 'art 4']

﻿ Ch. 354D MN Statutes
354D.01 DEFINITIONS.
354D.02 PARTICIPANTS.
354D.03 SOCIAL SECURITY COVERAGE.
354D.05 CONTRIBUTIONS.
354D.06 ADMINISTRATION.
354D.07 TRANSFER OF CERTAIN MSRS MEMBER CONTRIBUTION REFUND AMOUNTS TO PLAN.
RETIREMENT ELECTION; VARIOUS
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.
"Covered employment" means employment as an eligible employee as defined under section 354D.02, subdivision 2.
Subd. 4.Professional employee.
"Professional employee" means an employee who is engaged in work that:
(1) is predominantly intellectual and varied in character as opposed to routine mental, manual, mechanical, or physical;
(2) involves discretion and judgment in its performance;
(3) cannot be standardized in relation to a given period of time; and
(4) requires advance knowledge in a field of science or learning usually acquired by long study in an institution of higher learning or hospital.
Subd. 5.Supervisory employee.
"Supervisory employee" means an employee having the authority to hire, transfer, suspend, promote, discharge, assign, reward, or discipline employees, direct the work of employees, or adjust employees' grievances on behalf of the employer. To be included as a supervisory function, the exercise of the authority by the employee may not be merely routine or clerical in nature but must require the use of independent judgment.
1994 c 508 art 2 s 1; 1995 c 141 art 4 s 30; 1996 c 305 art 1 s 90
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 in the general state retirement plan. Election to participate in the plan must be made pursuant to section 354D.04.
(1) any supervisory or professional employee of the State Arts Board;
(2) any supervisory or professional employee of the Minnesota Humanities Center; or
(3) any employee of the Minnesota Historical Society.
1994 c 508 art 2 s 2; 1995 c 141 art 4 s 30; 1996 c 438 art 7 s 1; 2009 c 78 art 9 s 8
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.
1994 c 508 art 2 s 3; 1995 c 141 art 4 s 30; 1996 c 438 art 7 s 2
(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 section 354B.23, subdivision 1.
(b) For individual retirement account plan members specified in section 354D.02, subdivision 2, clause (3), the member contribution is the employee contribution specified in applicable law for the Minnesota State Retirement System, Public Employees Retirement Association, or Teachers Retirement Association plan in which the individual would otherwise be a member.
(c) Contributions under this subdivision must be made by payroll deduction each pay period and must be in accordance with either section 403(b) or 414(h) of the Internal Revenue Code.
(a) The employer of an employee described in subdivision 1, paragraph (a), must make an employer contribution to the employee's individual retirement account plan account as specified in section 354B.23, subdivisions 3 and 4.
(b) The employer of an employee described in subdivision 1, paragraph (b), must make an employer contribution to the employee's individual retirement account plan account equal to the employer contribution including, if applicable, any employer additional contribution required by applicable plan law for the Minnesota State Retirement System, Public Employees Retirement Association, or Teachers Retirement Association in which the individual would otherwise be a member.
1994 c 508 art 2 s 5; 1995 c 141 art 4 s 30; 2006 c 271 art 3 s 39
(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 employees listed in section 354D.02, subdivision 2, clause (3), in accordance with section 354D.08.
1994 c 508 art 2 s 6; 1995 c 141 art 4 s 30; 1996 c 305 art 1 s 91; 1996 c 438 art 7 s 4
(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 individual retirement account plan an amount equal to the refund under section 352.22, subdivision 2, that the member could otherwise receive. The transfer must be made from the general state employees retirement fund directly to the individual retirement account plan and credited by the plan appropriately. No amount under this section is payable directly to any individual.
(b) The election must be made on a form prescribed by the executive director of the Minnesota State Retirement System, after consultation with the administrators of the plan.
1994 c 508 art 2 s 7; 1995 c 141 art 4 s 30