2006 Minnesota Statutes

352.911 CORRECTIONAL EMPLOYEES RETIREMENT FUND.
    Subdivision 1. Fund created. There is created a special fund to be known as the correctional
employees retirement fund.
    Subd. 2. Revenue sources. Employee contributions under section 352.92, subdivision 1, and
employer contributions under section 352.92, subdivision 2, and other amounts, including any
investment income on invested fund assets as authorized by law, shall be deposited in the fund.
    Subd. 3. Investment. The correctional employees retirement fund shall participate in the
Minnesota postretirement investment fund and in that fund there shall be deposited the amounts
provided in section 352.119. The balance of any assets of the fund shall be deposited in the
Minnesota combined investment funds as provided in section 11A.14, if applicable, or otherwise
under section 11A.23.
    Subd. 4. Collection of contributions. The collection of employee and employer
contributions shall be governed by the applicable procedures set forth in section 352.04,
subdivisions 4, 5, 6, 8, and 9 .
    Subd. 5. Fund disbursement restricted. The correctional employees retirement fund and its
share of participation in the Minnesota postretirement investment fund shall be disbursed only for
the purposes provided for in the applicable provisions in this chapter. The proportional share of
the expenses of the system and any benefits provided in sections 352.90 to 352.951, other than
benefits payable from the Minnesota postretirement investment fund, shall be paid from the
correctional employees retirement fund. The retirement allowances, retirement annuities, the
disability benefits, the survivorship benefits, and any refunds of accumulated deductions shall be
paid only from the correctional employees retirement fund after those needs have been certified by
the executive director and the amounts withdrawn from the share of participation in the Minnesota
postretirement fund under section 11A.18. The amounts necessary to make the payments from
the correctional employees retirement fund and the participation in the Minnesota postretirement
investment fund are annually appropriated from those funds for those purposes.
History: 1987 c 259 s 20