Minnesota Statutes Labor, Industry (Ch. 175-189) § 187.03. Definitions

Subdivision 1. Applicability. For purposes of this chapter, the terms defined in this section have the meanings given them.

Subd. 2. Board. “Board” or “board of directors” means the board of directors of the Minnesota Secure Choice retirement program.

Subd. 3. Compensation. “Compensation” means compensation within the meaning ofSection 219(f)(1) of the Internal Revenue Codethat is received by a covered employee from, or with respect to service performed for, a covered employer.

Subd. 4. Contribution rate. “Contribution rate” means the percentage of compensation withheld from a covered employee's compensation and deposited in an account established for the covered employee under the program.

Subd. 7. Executive director. “Executive director” means the chief executive and administrative head of the program.

Subd. 7a. Home and community-based services employee. “Home and community-based services employee” means an individual employed by the individual's child or spouse to provide:

Subd. 8. Internal Revenue Code. “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended, United States Code, title 26.

Subd. 9. Program. “Program” means the Minnesota Secure Choice retirement program.

Subd. 10. Retirement savings plan. “Retirement savings plan” means a plan or program offered by an employer that permits contributions to be set aside for retirement on a pretax or after-tax basis and permits all employees of the employer to participate except those employees who have not satisfied participation eligibility requirements that are no more restrictive than the eligibility requirements permitted undersection 410(b) of the Internal Revenue Code. Retirement savings plan includes but is not limited to a plan described insection 401(a) of the Internal Revenue Code, an annuity plan or annuity contract described insection 403(a)or403(b) of the Internal Revenue Code, a plan within the meaning ofsection 457(b) of the Internal Revenue Code, a simplified employee pension (SEP) plan, a savings incentive match plan for employees (SIMPLE) plan, an automatic enrollment payroll deduction individual retirement account, and a multiemployer pension plan described insection 414(f) of the Internal Revenue Code.

Subd. 11. Secure Choice administrative fund. “Secure Choice administrative fund” or “administrative fund” means the fund established undersection 187.06, subdivision 2.

Subd. 12. Secure Choice trust. “Secure Choice trust” or “trust” means a trust established undersection 187.06, subdivision 1, to hold contributions and investment earnings thereon under the program.

Subd. 13. Roth IRA. “Roth IRA” means an individual retirement account established undersection 408A of the Internal Revenue Codeto hold and invest after-tax assets.

Subd. 14. Traditional IRA. “Traditional IRA” means an individual retirement account established undersection 408 of the Internal Revenue Codeto hold and invest pretax assets.