Section 353B.05 Local Relief Association Accounts Within Fund - Minnesota Statutes

353B.05 LOCAL RELIEF ASSOCIATION ACCOUNTS WITHIN FUND.

Subdivision 1.Accounts.

The local relief association consolidation accounts are governed by section 353A.09.

Subd. 2.Member contribution rates.

(a) Except as provided in paragraph (b), the member contribution rate for all consolidating local relief association members shall be eight percent of salary.

(b) The member contribution rate shall be the following for the former members of the consolidating relief associations as indicated:

(1) The Federal Insurance Contribution Act percentage amount plus four percent applied to salary equal to or less than the federal Social Security Act taxable wage base and four percent applied to salary in excess of the federal Social Security Act taxable wage base, Mankato Fire Department Relief Association, and Mankato Police Benefit Associations;

(2) 8.75 percent of salary, New Ulm Police Relief Association; and

(3) 8.25 percent of salary, St. Cloud Police Relief Association.

Subd. 3.Account disbursement restricted.

A local relief association consolidation account shall be disbursed only for the purposes provided in sections 353A.01 to 353A.10 and this chapter. The amounts necessary to make authorized disbursements from a local relief association consolidation account are annually appropriated.

History:

1987 c 296 s 22