1.1 	A bill for an act
1.2 	relating to retirement; higher education individual retirement account plan; 
1.3 	increasing the employer contribution rate;amending Minnesota Statutes 2020, 
1.4 	section 354B.23, subdivision 3.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2020, section 354B.23, subdivision 3, is amended to read:
1.7 		Subd. 3.Employer contribution rate. The employer contribution rate on behalf of 
1.8 	participants in the individual retirement account plan is six percentthe following percentage 
1.9 	of salary.:

1.10		from July 1, 1993, to June 30, 2022
	6
	
1.11		from July 1, 2022, to June 30, 2023
	6.55
	
1.12		from July 1, 2023, to June 30, 2024
	7.1
	
1.13		from July 1, 2024, to June 30, 2025
	7.65
	
1.14		from July 1, 2025, to June 30, 2026
	8.2
	
1.15		after June 30, 2026
	8.75

1.16 	EFFECTIVE DATE. This section is effective the day following final enactment.