1.1 	A bill for an act
1.2 	relating to retirement; increasing contribution rates in the higher education 
1.3 	individual retirement account plan;amending Minnesota Statutes 2018, section 
1.4 	354B.23, subdivision 1.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2018, section 354B.23, subdivision 1, is amended to read:
1.7 		Subdivision 1.Member contribution rate. The member contribution rate for participants 
1.8 	in the individual retirement account plan is 4.5 percent of salary equal to the coordinated 
1.9 	employee contribution rate in section 354.42, subdivision 2.

1.10 	EFFECTIVE DATE. This section is effective July 1, 2019.