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<br />. Minnesota Statutes 2000, 352.96 <br /> <br />Page 1 of3 <br /> <br />Minnesota Statutes 2000. Table of Chapters <br /> <br />Table of contents for Chapter 352 <br /> <br />352.96 Deferred compensation. <br /> <br />Subdivision 1. Entitlement to defer compensation. At <br />the request of an officer or employee of the state, an officer <br />or employee of a political subdivision, or an employee covered <br />by a retirement fund in section 356.20, subdivision 2, the <br />appointing authority shall by payroll deduction defer the <br />payment of part of the compensation of the officer or employee. <br />The amount to be deferred must be as provided in a written <br />agreement between the officer or employee and the employing <br />unit. The agreement must be in a form specified by the <br />executive director of the Minnesota state retirement system in <br />such a manner as will qualify the deferred amount for benefits <br />under federal and state tax laws, rules, and rulings. <br /> <br />Subd. la. Failure to ~plement plan. Implementation <br />of the deferred compensation plan by the employing unit must be <br />completed within 30 days of the request as provided in <br />subdivision 1. If the employing unit fails to implement the <br />deferred compensation plan, the employing unit may not defer <br />compensation under any existing or new deferred compensation <br />plan from the date of the request until the date on which the <br />deferred compensation plan provided for in this section is <br />implemented. The executive director of the Minnesota state <br />retirement system may order any employing unit that fails to <br />implement the deferred compensation plan provided for in this <br />section upon a valid request to undertake that implementation <br />and may enforce that order in appropriate legal proceedings. <br /> <br />Subd. 2. Purchase of shares. The amount of <br />compensation so deferred may be used to purchase: <br /> <br />(1) shares in the Minnesota supplemental investment fund <br />established in section llA.17; <br /> <br />(2) saving accounts in federally insured financial <br />institutions; <br /> <br />(3) life insurance contracts, fixed annuity and variable <br />annuity contracts from companies that are subject to regulation <br />by the commissioner of commerce; <br /> <br />(4) investment options from open-end investment companies <br />registered under the federal Investment Company Act of 1940, <br />United States Code, title 15, sections 80a-l to 80a-64; <br /> <br />(5) investment options from a firm that is a registered <br />inves"tment advisor under the Investment Advisors Act of 1940, <br />United States Code, title 15, section 80b-l to 80b-21i <br /> <br />(6) investment options of a bank as defined in United <br />States Code, title 15, section 80b-2, subsection (a), paragraph <br />(2), or a bank holding company as defined in the Bank Holding <br />Company Act of 1956, United States Code, title 12, section 1841, <br /> <br />http://www.revisor.leg.state.mn.us/stats/3 52/96 .html <br /> <br />9/26/01 <br />