MN HF2448

Increases coordinated program employee contribution rate for the Public Employees Retirement Association general employees retirement plan from 6.25 percent to 6.50 percent of salary, effective January 1, 2015.

Increases coordinated program employer contribution rate from 6.25 percent to 6.50 percent of salary, effective January 1, 2015.

Removes the July 1, 2010 date restriction on when automatic contribution rate adjustments can be triggered based on actuarial valuations.

Changes the effective date for recommended contribution rate adjustments from the first payroll period of the fiscal year to January 1 following the legislative session in which the Legislative Commission on Pensions and Retirement does not disapprove the adjustment.

All amendments are effective the day following final enactment.