Laserfiche WebLink
Participation and Contributions <br />Employer and Employee Participation <br />Eligibility Criteria <br />Employers shall be eligible to participate in the Plan if they make retirement contributions <br />and take retirement deductions on behalf of employees of the state or a political <br />subdivision, including officers or employees covered by a plan or fund specified in <br />chapter 353D, 354B, 354D, 424A, or section 356.20, subd. 2. <br />Participation Criteria <br />Like any other collectively bargained benefit, employer participation is voluntary. <br />Employee eligibility requirements and contributions to the Plan are determined as <br />follows: <br />Union Employees. Amounts to be deposited into the account and employee <br />eligibility requirements must be negotiated or agreed to by both the bargaining <br />unit and the employer and written into a collective bargaining agreement or <br />Memorandum of Understanding (MOU). Once contributions are approved and <br />established in the agreement, employees who meet the eligibility requirements <br />must participate as set out in the agreement <br />Non -Union Employees. Amounts to be deposited into the account and <br />employee eligibility requirements must be agreed to by the employer and <br />included in a written personnel policy. Once contributions are approved and <br />established in the personnel policy, employees who meet the eligibility <br />requirements must participate as set out in the policy. <br />Employee participation is mandatory. Individual employees who meet the eligibility <br />requirements set out in the bargaining agreement or personnel policy cannot opt out of <br />the Plan except in limited circumstances as described in "Exemption Rules" on page 12. <br />HCSP Plan Document <br />December 1, 2023 <br />7 <br />