TO: |
Members of the Legislative Commission on Pensions and Retirement |
FROM: |
Lawrence A. Martin, Executive Director |
RE: |
Addendum to April 10, 2003, Section-by-Section Summary of the Potential |
DATE: |
April 22, 2003 |
Introduction
On April 14, 2003, the Commission considered six bills for potential inclusion in the 2003 Omnibus Retirement Bill. One of those bills, H.F. 1474 (Erickson); S.F. 1420 (Pogemiller): MnSCU; Administrative and Plan Coverage Provisions, was laid over for interim consideration. The remaining five bills were not included in the April 10, 2003, Section-by-Section Summary of the Potential 2003 Omnibus Retirement Bill provided to the Commission on April 14, 2003. This memorandum is an addendum to the April 10, 2003, Section-by-Section Summary. Amendment LCPR03-167 contains the language of the five remaining bills, adding them to Document LCPR03-143 at the appropriate place.
General Summary of the Addendum Items
New Item 3: PERA Phased Retirement and Leave Provisions. Three temporary programs are created within the General Employee Retirement Plan of the Public Employees Retirement Association (PERA-General), a phased retirement program (reduced work hours with concurrent receipt of a PERA-General retirement annuity), a part-time employment with full-time PERA-General contributions and service credit program, and a voluntary unpaid leave of absence program.
Source: H.F. 1386 (Krinkie); S.F. 1361 (Pogemiller)
New Item 4: TRA Extended Leave of Absence Provisions. The Teachers Retirement Association (TRA) Extended Leave of Absence program is amended to provide the following:
changes are made retroactive to cover current collective bargaining agreements.
Source: H.F. 780 (Wardlow); S.F. 664 (Tomassoni)
New Item 5: Temporary TRA Rule of 85 Early Normal Retirement Eligibility. Early normal retirement for Teachers Retirement Association (TRA) members under a "Rule of 85" would be permitted between June 1, 2003, and July 15, 2003.
Source: H.F. 1433 (Wasiluk); S.F. 1323 (Wiger)
New Item 1: Required Actuarial Study of Restructured Statewide Teacher Retirement
Plan. The Commission-retained actuary would be required to prepare an additional actuarial study as of July 1, 2003, valuing a potential restructured statewide teacher retirement plan, at the expense of the four current teacher retirement plans.
Source: H.F. 1466 (Smith); S.F. 1304 (Pogemiller)
New Item 8: Grant of PERA-P&F Surviving Spouse Benefit to
Certain Survivor. The spouse of a St. Paul firefighter who died not in
the line of duty who was not married long enough to meet the surviving
spouse definition is granted a survivor benefit from the Public Employees
Police and Fire Retirement Plan (PERA-P&F).
Source: H.F. 1507 (Smith); S.F. 1426 (Pogemiller)