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3 <br />MINNESOTA STATUTES 2024 268B.14 <br />(2) for an employer participating in only the medical benefit program and with an approved private plan <br />for the family benefit program, 0.4 percent; and <br />(3) for an employer participating in only the family benefit program and with an approved private plan <br />for the medical benefit program, 0.3 percent. <br />Subd. 7. Premium rate adjustments. The commissioner may adjust the annual premium rates pursuant <br />to this section prior to January 1, 2026. By July 31, 2026, and then by July 31 of each year thereafter, the <br />commissioner must adjust the annual premium rates for the following calendar year based on program <br />historical experience and sound actuarial principles and so that the projected fund balance as a percentage <br />of total program expenditure does not fall below 25 percent. The commissioner shall contract with a qualified <br />independent actuarial consultant to conduct an actuarial study for this purpose no less than every year. A <br />copy of all actuarial studies, and any revisions or other documents received that relate to an actuarial study, <br />must be provided promptly to the chairs and ranking minority members of the legislative committees with <br />jurisdiction over this chapter. All actuarial studies, and any revisions or other documents received that relate <br />to an actuarial study, must also be filed with the Legislative Reference Library in compliance with section <br />3.195. A qualified independent actuarial consultant is one who is a Fellow of the Society of Actuaries (FSA) <br />and a Member of the American Academy of Actuaries (MAAA) and who has experience directly relevant <br />to the analysis required. In no year shall the annual premium rate exceed 1.2 percent of taxable wages paid <br />to each employee. <br />Subd. 8. Deposit of premiums. All premiums collected under this section must be deposited into the <br />family and medical benefit insurance account. <br />Subd. 9. Nonpayment of premiums by employer. The failure of an employer to pay premiums does <br />not impact the right of an employee to benefits, or any other right, under this chapter. <br />History: 2023 c 59 art I s 23; 2024 c 127 art 73 s 38-42 <br />NOTE: This section, as added by Laws 2023, chapter 59, article 1, section 23, is effective January 1, <br />2026. Laws 2023, chapter 59, article 1, section 23, the effective date. <br />NOTE: The amendment to subdivision 3 by Laws 2024, chapter 127, article 73, section 38, is effective <br />January 1, 2026. Laws 2024, chapter 127, article 73, section 38, the effective date. <br />NOTE: Subdivision 5, as added by Laws 2023, chapter 59, article 1, section 23, is effective November <br />1, 2025. Laws 2023, chapter 59, article 1, section 23, the effective date. Subdivision 5 was repealed by Laws <br />2024, chapter 127, article 73, section 51. <br />Official Publication of the State of Minnesota <br />Revisor of Statutes <br />