Minnesota SF4721 modifies the local government correctional service retirement plan by reducing contribution rates and increasing postretirement.

Minnesota SF4721 amends the local government correctional service retirement plan by reducing the employee contribution rate to 6% of salary and the employer contribution rate to 9% of salary. It also increases postretirement adjustments based on the number of months the recipient has been receiving the annuity or benefit. The increase is set at 1% annually unless the federal Social Security Administration announces a higher cost-of-living adjustment, in which case the increase matches the federal adjustment.

Minnesota SF4721 modifies the local government correctional service retirement plan by reducing contribution rates and increasing postretirement.

Minnesota SF4721 amends the local government correctional service retirement plan by reducing the employee contribution rate to 6% of salary and the employer contribution rate to 9% of salary. It also increases postretirement adjustments based on the number of months the recipient has been receiving the annuity or benefit. The increase is set at 1% annually unless the federal Social Security Administration announces a higher cost-of-living adjustment, in which case the increase matches the federal adjustment.