MN HF963

Permits a Wright County Highway Department employee born on March 19, 1959 to purchase service credit for the period from April 2007 through December 2008 when retirement contributions were not deducted from their salary.

Employee must pay the contributions that should have been made plus 8.5 percent annual compound interest from the date each deduction should have occurred.

Wright County must pay the remaining actuarial value of the service credit purchase, calculated under Minnesota Statutes section 356.551, within 15 days of receiving the employee's payment.

Wright County's unpaid balance accrues 0.71 percent monthly compound interest and, if unpaid after 90 days, will be deducted from the county's state aid plus interest.

The employee's authority to make this service credit purchase expires on June 30, 2014 or upon termination of public employment, whichever occurs first.