Form 2106 Minneapolis Minnesota 2024-2025

Form 2106 Minneapolis Minnesota: What You Should Know

A) Employees, as defined in subsection (a) of section 609.05 and paragraph (a) of subsection (c) of section 609.00, are entitled to make an election with their employer to elect to treat all or a portion of their remuneration for any period, with respect to which they meet the minimum wage requirements specified in section 605.25(5), for which no other method of payment would be allowed under subsections (a) to (h) of subsection 605.22. For purposes of this subdivision, the term “employee” includes a person entitled to benefits pursuant to the “Minnesota Plan Act” as added by Act 1251, if the person is not receiving any benefits from that Act. (b) If the election made by an employee under paragraph (a) of subsection (a) of this section is not satisfied, an employer may require the person making the election under paragraph (a) of subsection (a) of this section to pay the employee, or a designated beneficiary, the value of the remuneration that is not qualified for an expense-based repayment under paragraph (b), minus an amount equal to all the remuneration that would be qualified if the election were made. The amount determined under this subdivision shall be included in any expense-based repayment payments paid and shall be deemed to be a contribution to the employee's IRA, as described under section 408A(e)(2) of the Internal Revenue Code, in the aggregate amount of the remuneration for the period covered under the election. If the employee is required to repay the employee the contribution pursuant to the election made under paragraph (a) of this subsection, the employer shall pay the value of the contributions made pursuant to that election into an IRA that is in the name (or in the names in which any other contributions are in names) of the employee. In any such case, no further remuneration shall be included in determining the eligibility of the employee under this subsection. A designated beneficiary who has made an election under this section may have a limited or unlimited time to make a subsequent election under this section, as may be necessary to correct an error.

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