Correctional Retirement Plan - Contribution Rates
Minnesota law sets the contribution rates for the employer and employee. Contribution rates are a percentage of payroll.
|Employee Contribution Rate||9.6% starting July 1, 2018|
|Employer Contribution Rate||14.4% starting July 1, 2018|
|Employer Supplemental Increase*||1.45% starting July 1, 2019 |
2.95% starting July 1, 2020
4.45% starting July 1, 2021
* The employer supplemental increase will cease upon attainment of 100% funding status or the end of the 30-year amortization period, whichever is earlier.