1.1 	A bill for an act
1.2 	relating to retirement; Public Employees Retirement Association; local government 
1.3 	correctional service retirement plan; increasing the multiplier used to calculate the 
1.4 	annuity amount; increasing employee and employer contribution rates; amending 
1.5 	Minnesota Statutes 2022, sections 353E.03; 353E.04, subdivision 3.
1.6 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.7 	Section 1. Minnesota Statutes 2022, section 353E.03, is amended to read:
1.8 	353E.03 CORRECTIONAL SERVICE PLAN CONTRIBUTIONS.
1.9 		Subdivision 1.Member contributions. A member of the local government correctional 
1.10 	service retirement plan shall make an employee contribution in an amount equal to 5.83
1.11 	6.83 percent of salary.
1.12 		Subd. 2.Employer contributions. The employer shall contribute for a member of the 
1.13 	local government correctional service retirement plan an amount equal to 8.7510.25 percent 
1.14 	of salary.

1.15 	EFFECTIVE DATE. This section is effective beginning with the first full pay period 
1.16 	after July 1, 2024.

1.17 	Sec. 2. Minnesota Statutes 2022, section 353E.04, subdivision 3, is amended to read:
1.18 		Subd. 3.Annuity amount. (a) The average salary as defined in subdivision 2, multiplied 
1.19 	by 1.9 percent for each year of allowable service before July 1, 2024, and 2.2 percent for 
1.20 	each year of allowable service beginning on or after July 1, 2024, determines the amount 
1.21 	of the normal retirement annuity.
2.1 	(b) If a person has earned allowable service in the general employees retirement plan of 
2.2 	the Public Employees Retirement Association or the public employees police and fire 
2.3 	retirement plan before participation under this chapter, the retirement annuity representing 
2.4 	such service must be computed in accordance with the formula specified in sections 353.29
2.5 	and 353.30 or 353.651, whichever applies.

2.6 	EFFECTIVE DATE. This section is effective July 1, 2024.