Controlling PDF Minor Version in LaTeX

I just had to submit a paper to a conference that was using some web based submission system. As part of that system, the PDF version of the paper I submitted was validated. The system refused my paper because it was seemingly a version 1.4 PDF (w.t.f. do I know about PDF versions?). I spent some time trying to update my LaTeX installation on my Mac (didn't work), compiling the paper on my university's Linux machines (also didn't work), and then I hit Google...

It seems that you can control the PDF minor version by using this magical LaTeX command

\pdfminorversion=5

This will make pdflatex create a version 1.5 PDF document (you can also create version 1.6 and 1.7 PDFs, but 1.5 was all I needed).