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.