Section 356.315 Retirement Benefit Formula Percentages
356.315 RETIREMENT BENEFIT FORMULA PERCENTAGES.
Subdivision 1.Coordinated plan members.
The applicable benefit accrual rate is 1.2 percent.
Subd. 1a.Coordinated plan members.
The applicable benefit accrual rate is 1.4 percent.
Subd. 2.Coordinated plan members.
The applicable benefit accrual rate is 1.7 percent.
Subd. 2a.Coordinated members.
The applicable benefit accrual rate is 2.0 percent.
Subd. 2b.Certain coordinated program members.
The applicable benefit accrual rate is 1.9 percent.
Subd. 3.Basic plan members.
The applicable benefit accrual rate is 2.2 percent.
Subd. 4.Basic plan members.
The applicable benefit accrual rate is 2.7 percent.
Subd. 5.Correctional plan members.
The applicable benefit accrual rate is 2.4 percent if employed as a correctional state employee before July 1, 2010, or 2.2 percent if employed as a correctional state employee after June 30, 2010.
Subd. 5a.Local government correctional service plan.
The applicable benefit accrual rate is 1.9 percent.
Subd. 6.State troopers plan and police and fire plan members.
The applicable benefit accrual rate is 3.0 percent.
Subd. 7.Judges plan.
The applicable benefit accrual rate is 2.7 percent.
Subd. 8.Judges plan.
The applicable benefit accrual rate is 3.2 percent.
Subd. 9.Future benefit accrual rate increases.
After January 2, 1998, benefit accrual rate increases under this section must apply only to allowable service or formula service rendered after the effective date of the benefit accrual rate increase.
History:
2002 c 392 art 11 s 22; 2006 c 277 art 3 s 38,39; 2010 c 359 art 1 s 75