LCPR05-280
1.1 M ............... moves to amend H.F. No. 2092, the first
1.2 engrossment (H2092‑1), as follows:
1.3 Page 55, line 2, delete "AND"
1.4 Page 55, line 3, before "CHANGES" insert "AND OTHER
1.5 GENERALLY APPLICABLE ADMINISTRATIVE"
1.6 Page 56, after line 6, insert:
1.7 "Sec. 4. Minnesota Statutes 2004, section 354.094,
1.8 subdivision 1, is amended to read:
1.9 Subdivision 1. SERVICE CREDIT CONTRIBUTIONS. (a) Upon
1.10 granting any extended leave of absence under section 122A.46 or
1.11 136F.43, the employing unit granting the leave must certify the
1.12 leave to the association on a form specified by the executive
1.13 director. A member granted an extended leave of absence under
1.14 section 122A.46 or 136F.43 may pay employee contributions and
1.15 receive allowable service credit toward annuities and other
1.16 benefits under this chapter, for each year of the leave,
1.17 provided that the member and the employing board make the
1.18 required employer contribution in any proportion they may agree
1.19 upon, during the period of the leave. The employer may enter
1.20 into an agreement with the exclusive bargaining representative
1.21 of the teachers in the district under which, for an individual
1.22 teacher, all or a portion of the employee's contribution is paid
1.23 by the employer. Any such agreement must include a sunset of
1.24 eligibility to qualify for the payment and must not be a part of
1.25 the collective bargaining agreement. The leave period must not
1.26 exceed five years. A member may not receive more than five
1.27 years of allowable service credit under this section. The
1.28 employee and employer contributions must be based upon the rates
1.29 of contribution prescribed by section 354.42 for the salary
1.30 received during the year immediately preceding the extended
1.31 leave.
1.32 (b) Employee contribution payments for the years for which
1.33 a member is receiving service credit while on extended leave
1.34 must be made on or before the later of June 30 of each fiscal
1.35 year for which service credit is to be received or within 30
1.36 days after first notification of the amount due, if requested by
2.1 the member, is given by the association. If payment is to be
2.2 made by a transfer of pretax assets authorized under section
2.3 356.441, payment is authorized after June 30 of the fiscal year
2.4 providing that authorization for the asset transfer has been
2.5 received by the applicable third party administrator by June 30,
2.6 and the payment must include interest at a rate of .708 percent
2.7 per month from June 30 through the end of the month in which
2.8 payment is received. No payment is permitted after the
2.9 following September 30. Payments received after June 30 must
2.10 include interest at an annual rate of 8.5 percent from June 30
2.11 through the end of the month in which payment is received.
2.12 (c) Notwithstanding the provisions of any agreements to the
2.13 contrary, employee and employer contributions may not be made to
2.14 receive allowable service credit if the member does not have
2.15 full reinstatement rights as provided in section 122A.46 or
2.16 136F.43, both during and at the end of the extended leave.
2.17 (d) Any school district paying the employee's retirement
2.18 contributions under this section shall forward to the applicable
2.19 retirement association or retirement fund a copy of the
2.20 agreement executed by the school district and the employee."
2.21 Page 59, after line 22, insert:
2.22 "Sec. 7. Minnesota Statutes 2004, section 356.47,
2.23 subdivision 3, is amended to read:
2.24 Subd. 3. PAYMENT. (a) Upon the retired member attaining
2.25 the age of 65 years or upon the first day of the month next
2.26 following the month occurring one year after the termination of
2.27 the reemployment that gave rise to the limitation, whichever is
2.28 later, and the filing of a written application, the retired
2.29 member is entitled to the payment, in a lump sum, of the value
2.30 of the person's amount under subdivision 2, plus interest at the
2.31 compound annual rate of six percent from the date that the
2.32 amount was deducted from the retirement annuity to the date of
2.33 payment.
2.34 (b) The written application must be on a form prescribed by
2.35 the chief administrative officer of the applicable retirement
2.36 plan.
3.1 (c) If the retired member dies before the payment provided
3.2 for in paragraph (a) is made, the amount is payable, upon
3.3 written application, to the deceased person's surviving spouse,
3.4 or if none, to the deceased person's designated beneficiary, or
3.5 if none, to the deceased person's estate.
3.6 (d) In lieu of the direct payment of the person's amount
3.7 under subdivision 2, on or after the payment date under
3.8 paragraph (a), if the federal Internal Revenue Code so permits,
3.9 the retired member may elect to have all or any portion of the
3.10 payment amount under this section paid in the form of a direct
3.11 rollover to an eligible retirement plan as defined in section
3.12 402(c) of the federal Internal Revenue Code that is specified by
3.13 the retired member. If the retired member dies with a balance
3.14 remaining payable under this section, the surviving spouse of
3.15 the retired member, or if none, the deceased person's designated
3.16 beneficiary, or if none, the administrator of the deceased
3.17 person's estate may elect a direct rollover under this
3.18 paragraph."
3.19 Page 60, after line 17, insert:
3.20 "(c) Section 6 is effective on July 1, 2005, and applies to
3.21 retired members with an amount in a reemployed annuitant's
3.22 account on or after that date.
3.23 (d) Section 7 is effective on the day following final
3.24 enactment."
3.25 Page 66, after line 13, insert:
3.26 "Sec. 7. Minnesota Statutes 2004, section 354B.21,
3.27 subdivision 2, is amended to read:
3.28 Subd. 2. COVERAGE; ELECTION. (a) An eligible person is
3.29 entitled to elect coverage by the plan. If the eligible person
3.30 does not make a timely election of coverage by the plan, the
3.31 person has the coverage specified in subdivision 3.
3.32 (b) For eligible persons who were employed by the former
3.33 state university system or the former community college system
3.34 before May 1, 1995, the person has the retirement coverage that
3.35 the person had for employment immediately before May 1, 1995.
3.36 (c) (b) For all other eligible persons, the election of
4.1 coverage must be made within 90 days of May 10, 1995, or 90 days
4.2 of receiving notice from the employer of the options available
4.3 under this section, whichever occurs later unless otherwise
4.4 specified in this section, the eligible person is authorized to
4.5 elect prospective Teachers Retirement Association plan coverage
4.6 rather than coverage by the plan established by this chapter.
4.7 The election of prospective Teachers Retirement Association plan
4.8 coverage shall be made within one year of commencing eligible
4.9 Minnesota State Colleges and Universities system employment. If
4.10 an election is not made within the specified election period due
4.11 to a termination of Minnesota State Colleges and Universities
4.12 system employment, an election may be made within 90 days of
4.13 returning to eligible Minnesota State Colleges and Universities
4.14 system employment. All elections are irrevocable. Prior to
4.15 making an election the eligible person shall be covered by the
4.16 plan indicated as default coverage under subdivision 3.
4.17 (c) A purchase of service credit in the Teachers Retirement
4.18 Association plan for any period or periods of Minnesota State
4.19 Colleges and Universities system employment occurring prior to
4.20 the election under paragraph (b) is prohibited.
4.21 Sec. 8. Minnesota Statutes 2004, section 354B.21,
4.22 subdivision 3, is amended to read:
4.23 Subd. 3. DEFAULT COVERAGE. (a) Prior to making an
4.24 election under subdivision 2, or if an eligible person fails to
4.25 elect coverage by the plan under subdivision 2 or if the person
4.26 fails to make a timely election, the following retirement
4.27 coverage applies:
4.28 (1) for employees of the board who are employed in faculty
4.29 positions in the technical colleges, in the state universities
4.30 or in the community colleges, the retirement coverage is by the
4.31 plan established by this chapter;
4.32 (2) for employees of the board who are employed in faculty
4.33 positions in the technical colleges, the retirement coverage is
4.34 by the plan established by this chapter unless on June 30, 1997,
4.35 the employee was a member of the Teachers Retirement Association
4.36 established under chapter 354 and then the retirement coverage
5.1 is by the Teachers Retirement Association, or, unless the
5.2 employee was a member of a first class city teacher retirement
5.3 fund established under chapter 354A on June 30, 1995, and then
5.4 the retirement coverage is by the Duluth Teachers Retirement
5.5 Fund Association if the person was a member of that plan on June
5.6 30, 1995, or the Minneapolis Teachers Retirement Fund
5.7 Association if the person was a member of that plan on June 30,
5.8 1995, or the St. Paul Teachers Retirement Fund Association if
5.9 the person was a member of that plan on June 30, 1995; and
5.10 (3) for employees of the board who are employed in eligible
5.11 unclassified administrative positions, the retirement coverage
5.12 is by the plan established by this chapter.
5.13 (b) If an employee fails to correctly certify prior
5.14 membership in the Teachers Retirement Association to the
5.15 Minnesota State colleges and Universities system, the system
5.16 shall not pay interest on employee contributions, employer
5.17 contributions, and additional employer contributions to the
5.18 Teachers Retirement Association under section 354.52,
5.19 subdivision 4."
5.20 Page 66, after line 17, insert:
5.21 "(c) Sections 7 and 8 are effective on the day following
5.22 final enactment."
5.23 Page 67, after line 22, insert:
5.24 "Sec. 3. PUBLIC EMPLOYEES RETIREMENT ASSOCIATION;
5.25 INTEREST ON SERVICE CREDIT PURCHASE PAYMENT RETURN.
5.26 If a former employee of the Minneapolis Community
5.27 Development Agency made a prior service credit purchase payment
5.28 under Minnesota Statutes 2002, section 356.55, in an amount that
5.29 is greater than the actually required payment amount because of
5.30 the use of an inaccurate salary figure or other similar
5.31 reporting or clerical error, the general employees retirement
5.32 plan of the Public Employees Retirement Association may pay
5.33 interest on the overage amount at an annual compound rate of six
5.34 percent per year.
5.35 Sec. 4. RETURN OF PRIOR SERVICE CREDIT PURCHASE PAYMENT
5.36 FOR CERTAIN MINNEAPOLIS CITY EMPLOYEES.
6.1 (a) An eligible person, upon written application, may
6.2 receive a return of a prior service credit purchase payment
6.3 under Minnesota Statutes 2002, section 356.55, plus interest on
6.4 the amount at an annual compound rate of six percent per year.
6.5 The return amount and interest must be made in an
6.6 institution‑to‑institution transfer to a federal tax qualified
6.7 retirement plan or account and may not be paid directly to an
6.8 individual.
6.9 (b) An eligible person is a person who was an employee of
6.10 the Minneapolis Community Development Agency and made a payment
6.11 for the purchase of prior service credit under Laws 2003,
6.12 chapter 127, article 12, section 31, subdivision 4, and
6.13 Minnesota Statutes 2002, section 356.55, in an erroneous amount
6.14 because of an inaccurate salary figure supplied by the employing
6.15 agency."
6.16 Page 67, line 24, before "Sections" insert "(a)"
6.17 Page 67, after line 24, insert:
6.18 "(b) Sections 3 and 4 are effective on the day following
6.19 final enactment.
6.20 (c) Section 4 expires on June 30, 2005."
6.21 Page 68, after line 4, insert:
6.22 "Sec. 2. Minnesota Statutes 2004, section 471A.10, is
6.23 amended to read:
6.24 471A.10 PUBLIC EMPLOYEE LAWS; SALE OR LEASE OF EXISTING
6.25 FACILITY.
6.26 (a) Unless expressly provided therein, and except as
6.27 provided in this section, no state law, charter provision, or
6.28 ordinance of a municipality relating to public employees shall
6.29 apply to a person solely by reason of that person's employment
6.30 by a private vendor in connection with services rendered under a
6.31 service contract.
6.32 (b) A private vendor purchasing or leasing existing related
6.33 facilities from a municipality or operating or maintaining the
6.34 facility shall recognize all exclusive bargaining
6.35 representatives and existing labor agreements and those
6.36 agreements shall remain in force until they expire by their
7.1 terms. Persons who are not who were employed by a municipality
7.2 in a related facility at the time of and who were members of the
7.3 Public Employees Retirement Association general plan due to that
7.4 employment are not permitted to remain as active members of the
7.5 plan following a lease or purchase of the facility by the a
7.6 private vendor are not "public employees" within the meaning of
7.7 the Public Employees Retirement Act, chapter 353. Persons
7.8 employed by a municipality in a related facility at the time of
7.9 a lease or purchase of the facility by a private vendor shall
7.10 continue to be considered to be "public employees" within the
7.11 meaning of the Public Employees Retirement Act, chapter 353, but
7.12 may elect to terminate their participation in the Public
7.13 Employees Retirement Association as provided in this section.
7.14 Each such employee may exercise the election annually on the
7.15 anniversary of the person's initial employment by the
7.16 municipality. An employee electing to terminate participation
7.17 in the association is entitled to benefits that the employee
7.18 would be entitled to if terminating public employment and may
7.19 participate in a retirement program established by the private
7.20 vendor."
7.21 Page 71, after line 9, insert:
7.22 "(g) Section 2 is effective on the day following final
7.23 enactment and applies to privatizations occurring on or after
7.24 the effective date."
7.25 Page 167, after line 11, insert:
7.26 "Sec. 3. Minnesota Statutes 2004, section 383B.46,
7.27 subdivision 2, is amended to read:
7.28 Subd. 2. ESTABLISHMENT OF ACCOUNT; CONTRIBUTIONS. The
7.29 county of Hennepin shall deduct from the salary of every person
7.30 who is eligible for coverage and who elected to retain or obtain
7.31 coverage by the Hennepin County supplemental retirement program
7.32 a sum equal to one percent of the total salary of the person.
7.33 Any classified or unclassified employee who is employed in
7.34 subsidized on‑the‑job training, work experience or public
7.35 service employment as an enrollee under the federal
7.36 Comprehensive Employment and Training Act shall not be included
8.1 in the supplemental retirement account from and after March 30,
8.2 1978 unless the employee has as of the later of March 30, 1978
8.3 or the date of employment sufficient service credit in the
8.4 public employees retirement fund or the Minneapolis municipal
8.5 employees retirement fund, whichever is applicable, to meet the
8.6 minimum vesting requirements for a deferred retirement annuity,
8.7 or the county agrees in writing to make the required employer
8.8 contributions on account of the individual from revenue sources
8.9 other than funds provided under the federal Comprehensive
8.10 Employment and Training Act, or the employee agrees in writing
8.11 to make the required employer contribution in addition to the
8.12 employee contribution. The deduction shall be made in the same
8.13 manner as other retirement deductions are made from the salary
8.14 of the person. An amount equal to the amounts deducted during
8.15 each payroll period shall be contributed by the county of
8.16 Hennepin. The total amount deducted and contributed shall be
8.17 deposited to the credit of the supplemental retirement account
8.18 in the treasury of the county of Hennepin a separate account
8.19 administered by the Minnesota State Retirement System on behalf
8.20 of Hennepin County. The Hennepin County supplemental retirement
8.21 account is hereby established as an account separate and
8.22 distinct from other funds, accounts, or assets of the county of
8.23 Hennepin.
8.24 Sec. 4. Minnesota Statutes 2004, section 383B.47, is
8.25 amended to read:
8.26 383B.47 PARTICIPATION IN MINNESOTA SUPPLEMENTAL INVESTMENT
8.27 FUND.
8.28 With the moneys deposited to the credit of the supplemental
8.29 retirement account in the treasury of the county of Hennepin,
8.30 the county of Hennepin, the Minnesota State Retirement System
8.31 shall purchase shares on behalf of Hennepin County in the
8.32 accounts of the Minnesota supplemental investment fund as
8.33 provided in section 383B.48.
8.34 Sec. 5. Minnesota Statutes 2004, section 383B.48, is
8.35 amended to read:
8.36 383B.48 BUYING STATE SUPPLEMENTAL INVESTMENT FUND SHARES.
9.1 At the time a person becomes eligible for coverage and
9.2 elects to obtain coverage by the Hennepin County supplemental
9.3 retirement program and before November 1 of each subsequent
9.4 year, A participant in the Hennepin County supplemental
9.5 retirement program shall indicate in writing on a form provided
9.6 by the county of Hennepin the account of the Minnesota
9.7 supplemental investment fund in which the participant wishes
9.8 salary deductions and county matching contributions attributable
9.9 to salary deductions to be invested for the subsequent 12‑month
9.10 period such time as allowed by the Minnesota State Retirement
9.11 System. For that 12‑month period, The county of Hennepin
9.12 Minnesota State Retirement System shall purchase with the salary
9.13 deductions and county matching funds attributable to the salary
9.14 deductions shares in the appropriate account of the Minnesota
9.15 supplemental investment fund in accordance with the indicated
9.16 preferences of the participant. However, the county of Hennepin
9.17 has the authority to determine which accounts of the Minnesota
9.18 supplemental investment fund will be available for participant
9.19 investment. The shares purchased must stand in the name of the
9.20 county of Hennepin. A record must be kept by the county of
9.21 Hennepin Minnesota State Retirement System indicating the number
9.22 of shares in each account of the Minnesota supplemental
9.23 investment fund purchased with the salary deductions and county
9.24 matching funds attributable to the salary deductions of each
9.25 participant. The record must be known as the "participant's
9.26 share account record." The participant's share account record
9.27 must show, in addition to the number of shares in the account,
9.28 any cash balance of salary deductions or county matching funds
9.29 attributable to those deductions which stand uninvested in
9.30 shares. At the option of the county of Hennepin, and subject to
9.31 any terms and conditions established and communicated in writing
9.32 by the county to a participant, the participant may designate no
9.33 more often than once each calendar quarter month that prior
9.34 salary deductions and county matching contributions attributable
9.35 to the salary deductions, together with any interest earned, be
9.36 reinvested in another account of the Minnesota supplemental
10.1 investment fund made available by the county of Hennepin.
10.2 Sec. 6. Minnesota Statutes 2004, section 383B.49, is
10.3 amended to read:
10.4 383B.49 SUPPLEMENTAL RETIREMENT BENEFITS; REDEMPTION OF
10.5 SHARES.
10.6 When requested to do so, in writing, on forms provided by
10.7 the county Minnesota State Retirement System, by a participant,
10.8 surviving spouse, a guardian of a surviving child or a personal
10.9 representative, whichever is applicable, the county of Hennepin
10.10 Minnesota State Retirement System shall on behalf of Hennepin
10.11 County redeem shares in the accounts of the Minnesota
10.12 supplemental investment fund standing in a participant's share
10.13 account record under the following circumstances and in
10.14 accordance with the laws and regulations governing the Minnesota
10.15 supplemental investment fund:
10.16 (1) A participant who is no longer employed by the county
10.17 of Hennepin is entitled to receive the cash realized on the
10.18 redemption of the shares to the credit of the participant's
10.19 share account record of the person. The participant may request
10.20 the redemption of all or a portion of the shares in the
10.21 participant's share account record of the person, but may not
10.22 request more than one redemption in any one calendar year. If
10.23 only a portion of the shares in the participant's share account
10.24 record is requested to be redeemed the person may request to
10.25 redeem not less than 20 percent of the shares in any one
10.26 calendar year and the redemption must be completed in no more
10.27 than five years. The person may select annual redemption in a
10.28 single lump sum or in monthly payments. An election is
10.29 irrevocable except that a participant may request an amendment
10.30 of the election to redeem all of the person's remaining shares.
10.31 All requests under this paragraph are subject to application to
10.32 and approval of the Hennepin County administrator, in the sole
10.33 discretion of the administrator Minnesota State Retirement
10.34 System upon verification by Hennepin County through the county
10.35 administrator of the recipient's eligibility to redeem funds.
10.36 (2) In the event of the death of a participant leaving a
11.1 surviving spouse, the surviving spouse is entitled to receive
11.2 the cash realized on the redemption of all or a portion of the
11.3 shares in the participant's share account record of the deceased
11.4 spouse, but in no event may the spouse request more than one
11.5 redemption in each calendar year. If only a portion of the
11.6 shares in the participant's share account record is requested to
11.7 be redeemed, the surviving spouse may request the redemption of
11.8 not less than 20 percent of the shares in any one calendar year.
11.9 The surviving spouse may elect annual redemption in a single
11.10 lump sum payment or in monthly payments. Redemption must be
11.11 completed in no more than five years. An election is
11.12 irrevocable except that the surviving spouse may request an
11.13 amendment of the election to redeem all of the participant's
11.14 remaining shares. All requests under this paragraph are subject
11.15 to application to and approval of the Hennepin County
11.16 administrator, in the sole discretion of the
11.17 administrator Minnesota State Retirement System upon
11.18 verification by Hennepin County through the county administrator
11.19 of the recipient's eligibility to redeem funds. Upon the death
11.20 of the surviving spouse, any shares remaining in the
11.21 participant's share account record must be redeemed on behalf of
11.22 Hennepin County by the county of Hennepin Minnesota State
11.23 Retirement System and the cash realized from the redemption
11.24 distributed to the estate of the surviving spouse.
11.25 (3) In the event of the death of a participant leaving no
11.26 surviving spouse, but leaving a minor surviving child or minor
11.27 surviving children, the guardianship estate of the minor child
11.28 is, or the guardianship estates of the minor children are,
11.29 entitled to receive the cash realized on the redemption of all
11.30 shares to the credit of the participant's share account record
11.31 of the deceased participant. In the event of minor surviving
11.32 children, the cash realized must be paid in equal shares to the
11.33 guardianship estates of the minor surviving children.
11.34 (4) In the event of the death of a participant leaving no
11.35 surviving spouse and no minor surviving children, the estate of
11.36 the deceased participant is entitled to receive the cash
12.1 realized on the redemption of all shares to the credit of the
12.2 participant's share account record of the deceased participant.
12.3 Sec. 7. 383B.491 MINNESOTA STATE RETIREMENT SYSTEM
12.4 BILLING AUTHORITY.
12.5 The Minnesota State Retirement System executive director is
12.6 authorized to enter into an interagency agreement with Hennepin
12.7 County under which the Minnesota State Retirement System would
12.8 directly bill the county for the cost of the Minnesota State
12.9 Retirement System's administration of the Hennepin County
12.10 Supplemental Retirement Plan.
12.11 Sec. 8. Minnesota Statutes 2004, section 423B.09,
12.12 subdivision 1, is amended to read:
12.13 Subdivision 1. MINNEAPOLIS POLICE; PERSONS ENTITLED TO
12.14 RECEIVE PENSIONS. The association shall grant pensions payable
12.15 from the police pension fund in monthly installments to persons
12.16 entitled to pensions in the manner and for the following
12.17 purposes.
12.18 (a) When the actuarial value of assets of the fund
12.19 according to the most recent annual actuarial valuation
12.20 performed in accordance with sections 356.215 and 356.216 is
12.21 less than 90 percent of the actuarial accrued liabilities, An
12.22 active member or a deferred pensioner who has performed duty as
12.23 a member of the police department of the city for five years or
12.24 more, upon written application after retiring from duty and
12.25 reaching at least age 50, is entitled to be paid monthly for
12.26 life a service pension equal to eight units. For full years of
12.27 service beyond five years, the service pension increases by 1.6
12.28 units for each full year, to a maximum of 40 units. When the
12.29 actuarial value of assets of the fund according to the most
12.30 recent annual actuarial valuation prepared in accordance with
12.31 sections 356.215 and 356.216 is greater than 90 percent of
12.32 actuarial accrued liabilities,. Active members, deferred
12.33 members, and service pensioners are entitled to a service
12.34 pension according to the following schedule:
12.35 5 years 8.0 units
12.36 6 years 9.6 units
13.1 7 years 11.2 units
13.2 8 years 12.8 units
13.3 9 years 14.4 units
13.4 10 years 16.0 units
13.5 11 years 17.6 units
13.6 12 years 19.2 units
13.7 13 years 20.8 units
13.8 14 years 22.4 units
13.9 15 years 24.0 units
13.10 16 years 25.6 units
13.11 17 years 27.2 units
13.12 18 years 28.8 units
13.13 19 years 30.4 units
13.14 20 years 34.0 units
13.15 21 years 35.6 units
13.16 22 years 37.2 units
13.17 23 years 38.8 units
13.18 24 years 40.4 units
13.19 25 years 42.0 units
13.20 Fractional years of service may not be used in computing
13.21 pensions.
13.22 (b) An active member who after five years' service but less
13.23 than 20 years' service with the police department of the city,
13.24 becomes superannuated so as to be permanently unable to perform
13.25 the person's assigned duties, is entitled to be paid monthly for
13.26 life a superannuation pension equal to four units for five years
13.27 of service and an additional two units for each full year of
13.28 service over five years and less than 20 years.
13.29 (c) An active member who is not eligible for a service
13.30 pension and who, while a member of the police department of the
13.31 city, becomes diseased or sustains an injury while in the
13.32 service that permanently unfits the member for the performance
13.33 of police duties is entitled to be paid monthly for life a
13.34 pension equal to 34 units while so disabled.
13.35 Sec. 9. Minnesota Statutes 2004, section 423C.05,
13.36 subdivision 2, is amended to read:
14.1 Subd. 2. SERVICE PENSION. (a) An active A member who has
14.2 performed duty for the fire department for five years or more,
14.3 upon written application after retiring from duty and reaching
14.4 at least age 50, is entitled to be paid monthly for life a
14.5 service pension under paragraph (b).
14.6 (b) Based on the percentage that the actuarial value of
14.7 assets of the special fund equal to the actuarial accrued
14.8 liabilities of the special fund according to the most recent
14.9 annual actuarial valuation of the relief association prepared in
14.10 accordance with sections 356.215 and 356.216, The amount of the
14.11 service pension is as follows:
14.12 Length of Service Service Service
14.13 allowable pension pension pension
14.14 service payable if payable payable if
14.15 credit under 90 if greater greater
14.16 percent than 89.99 than 92.49
14.17 percent and percent
14.18 less than Number of
14.19 92.5 percent units
14.20 5 years ‑ 8.0 units 8.0 units
14.21 6 years ‑ 9.6 units 9.6 units
14.22 7 years ‑ 11.2 units 11.2 units
14.23 8 years ‑ 12.8 units 12.8 units
14.24 9 years ‑ 14.4 units 14.4 units
14.25 10 years 16.0 units 16.0 units 16.0 units
14.26 11 years 17.6 units 17.6 units 17.6 units
14.27 12 years 19.2 units 19.2 units 19.2 units
14.28 13 years 20.8 units 20.8 units 20.8 units
14.29 14 years 22.4 units 22.4 units 22.4 units
14.30 15 years 24.0 units 24.0 units 24.0 units
14.31 16 years 25.6 units 25.6 units 25.6 units
14.32 17 years 27.2 units 27.2 units 27.2 units
14.33 18 years 28.8 units 28.8 units 28.8 units
14.34 19 years 30.4 units 30.4 units 30.4 units
14.35 20 years 33.0 units 33.5 units 34.0 units
14.36 21 years 34.6 units 35.1 units 35.6 units
15.1 22 years 36.2 units 37.7 units 37.2 units
15.2 23 years 37.8 units 38.3 units 38.8 units
15.3 24 years 39.4 units 39.9 units 40.4 units
15.4 25 years
15.5 or more 41.0 units 41.5 units 42.0 units
15.6 (c) A member entitled to a benefit under this subdivision
15.7 may elect to have it paid as an optional retirement annuity
15.8 pursuant to the conditions set forth in subdivision 8. A member
15.9 receiving a benefit pursuant to subdivision 5 or 6 shall not
15.10 simultaneously be entitled to a benefit under this subdivision.
15.11 Sec. 10. 423C.16 RECOMPUTATION OF DISABLED BENEFIT
15.12 PROHIBITED.
15.13 Notwithstanding section 423A.11, the Board of Trustees of
15.14 the Minneapolis Firefighters' Relief Association shall not
15.15 recompute the disability benefit of a member who became
15.16 permanently disabled as the result of a service‑related disease
15.17 or injury. Any prior recomputation of a disabled member's
15.18 service‑related disability pension shall be revoked upon the
15.19 member's request and upon the member's signed and sworn
15.20 agreement to waive any right to a recomputation of the benefit
15.21 in the future. Non‑service‑related disability pension benefits
15.22 that were recomputed at full 25‑year service pensions shall
15.23 remain in effect."
15.24 Page 170, after line 4, insert:
15.25 "(b) Sections 3, 4, 5, 6, and 7 are effective on the day
15.26 after the board of Hennepin County and its chief clerical
15.27 officer complete in a timely manner their compliance with
15.28 Minnesota Statutes, section 645.021, subdivisions 2 and 3.
15.29 (c) Section 8 is effective on the day after the Minneapolis
15.30 city council and the chief clerical officer of the city of
15.31 Minneapolis complete in a timely manner their compliance with
15.32 Minnesota Statutes, section 645.021, subdivisions 2 and 3.
15.33 (d) Sections 9 and 10 are effective on the day after the
15.34 governing body of the city of Minneapolis and its chief clerical
15.35 officer timely complete their compliance with Minnesota
15.36 Statutes, section 645.021, subdivisions 2 and 3."
16.1 Page 170, line 5, delete "(b)" and insert "(e)"
16.2 Page 170, line 9, delete "(c)" and insert "(f)" and delete "
16.3 4" and insert "6"
16.4 Page 170, line 19, delete "(d)" and insert "(g)"
16.5 Page 170, after line 23, insert:
16.6 "ARTICLE 14
16.7 MINNEAPOLIS EMPLOYEES RETIREMENT
16.8 FUND CHANGES
16.9 Section 1. Minnesota Statutes 2004, section 43A.17,
16.10 subdivision 9, is amended to read:
16.11 Subd. 9. POLITICAL SUBDIVISION COMPENSATION LIMIT. (a)
16.12 The salary and the value of all other forms of compensation of a
16.13 person employed by a political subdivision of this state,
16.14 excluding a school district, or employed under section 422A.03
16.15 may not exceed 95 percent of the salary of the governor as set
16.16 under section 15A.082, except as provided in this subdivision.
16.17 For purposes of this subdivision, "political subdivision of this
16.18 state" includes a statutory or home rule charter city, county,
16.19 town, metropolitan or regional agency, or other political
16.20 subdivision, but does not include a hospital, clinic, or health
16.21 maintenance organization owned by such a governmental unit or a
16.22 retirement plan governed by chapter 422A.
16.23 (b) Deferred compensation and payroll allocations to
16.24 purchase an individual annuity contract for an employee are
16.25 included in determining the employee's salary. Other forms of
16.26 compensation which shall be included to determine an employee's
16.27 total compensation are all other direct and indirect items of
16.28 compensation which are not specifically excluded by this
16.29 subdivision. Other forms of compensation which shall not be
16.30 included in a determination of an employee's total compensation
16.31 for the purposes of this subdivision are:
16.32 (1) employee benefits that are also provided for the
16.33 majority of all other full‑time employees of the political
16.34 subdivision, vacation and sick leave allowances, health and
16.35 dental insurance, disability insurance, term life insurance, and
16.36 pension benefits or like benefits the cost of which is borne by
17.1 the employee or which is not subject to tax as income under the
17.2 Internal Revenue Code of 1986;
17.3 (2) dues paid to organizations that are of a civic,
17.4 professional, educational, or governmental nature; and
17.5 (3) reimbursement for actual expenses incurred by the
17.6 employee which the governing body determines to be directly
17.7 related to the performance of job responsibilities, including
17.8 any relocation expenses paid during the initial year of
17.9 employment.
17.10 The value of other forms of compensation shall be the
17.11 annual cost to the political subdivision for the provision of
17.12 the compensation.
17.13 (c) The salary of a medical doctor or doctor of osteopathy
17.14 occupying a position that the governing body of the political
17.15 subdivision has determined requires an M.D. or D.O. degree is
17.16 excluded from the limitation in this subdivision.
17.17 (d) The commissioner may increase the limitation in this
17.18 subdivision for a position that the commissioner has determined
17.19 requires special expertise necessitating a higher salary to
17.20 attract or retain a qualified person. The commissioner shall
17.21 review each proposed increase giving due consideration to salary
17.22 rates paid to other persons with similar responsibilities in the
17.23 state and nation. The commissioner may not increase the
17.24 limitation until the commissioner has presented the proposed
17.25 increase to the Legislative Coordinating Commission and received
17.26 the commission's recommendation on it. The recommendation is
17.27 advisory only. If the commission does not give its
17.28 recommendation on a proposed increase within 30 days from its
17.29 receipt of the proposal, the commission is deemed to have made
17.30 no recommendation.
17.31 Sec. 2. Minnesota Statutes 2004, section 422A.05,
17.32 subdivision 2c, is amended to read:
17.33 Subd. 2c. MINNEAPOLIS EMPLOYEES RETIREMENT FUND
17.34 INVESTMENT AUTHORITY. (a) For investments made on or after July
17.35 1, 1991, the board shall invest funds only in investments
17.36 authorized by section 356A.06, subdivision 7.
18.1 (b) However, in addition to real estate investments
18.2 authorized under paragraph (a), the board may also make loans to
18.3 purchasers of Minnesota situs nonfarm residential real estate
18.4 that is owned by the Minneapolis Employees Retirement Fund. The
18.5 loans must be secured by mortgages or deeds of trust.
18.6 (c) For investments made before July 1, 1991, the board
18.7 may, but is not required to, comply with paragraph (a).
18.8 However, with respect to these investments, the board shall act
18.9 in accordance with subdivision 2a and chapter 356A.
18.10 (d) The board may certify assets for investment by the
18.11 State Board of Investment under sections 11A.14 and 11A.17.
18.12 Sec. 3. Minnesota Statutes 2004, section 422A.06,
18.13 subdivision 3, is amended to read:
18.14 Subd. 3. DEPOSIT ACCUMULATION FUND. (a) The deposit
18.15 accumulation fund consists of the assets held in the fund,
18.16 including amounts contributed by or for employees, amounts
18.17 contributed by the city, amounts contributed by municipal
18.18 activities supported in whole or in part by revenues other than
18.19 taxes and amounts contributed by any public corporation, amounts
18.20 paid by the state, and by income from investments.
18.21 (b) There must be paid from the fund the amounts required
18.22 to be transferred to the retirement benefit fund, or the
18.23 disability benefit fund, refunds of contributions, including the
18.24 death‑while‑active refund specified in section 422A.22,
18.25 subdivision 4, postretirement increases in retirement allowances
18.26 granted under Laws 1965, chapter 688, or Laws 1969, chapter 859,
18.27 and expenses of the administration of the retirement fund which
18.28 were not charged by the retirement board against the income of
18.29 the retirement benefit fund from investments as the cost of
18.30 handling the investments of the retirement benefit fund.
18.31 (c) To the extent that the deposit accumulation fund has
18.32 insufficient assets to transfer the total value of the required
18.33 reserves for retirement annuities to either the disability
18.34 benefit fund under subdivisions 5 and 7 or the retirement
18.35 benefit fund under subdivisions 5 and 8 as required, the deposit
18.36 accumulation fund has a transfer amount payable on which an
19.1 interest charge accrues. The executive director must determine
19.2 the interest charge for the period that transfer amount payable
19.3 remains unpaid at an annual rate equal to five percent plus the
19.4 percentage increase in the amount of the annual Consumer Price
19.5 Index for urban wage earners and clerical workers as calculated
19.6 by the Bureau of Labor Statistics of the United States
19.7 Department of Labor from the previous June 30. The interest
19.8 charge must be reflected in the books of the Minneapolis
19.9 Employees Retirement Fund and assessed against the deposit
19.10 accumulation fund based on the average quarterly transfer amount
19.11 payable balance outstanding. Any revenue received by the
19.12 deposit accumulation fund subsequent to unpaid transfers must be
19.13 transferred from the deposit accumulation fund to the disability
19.14 benefit fund or to the retirement fund, whichever applies, must
19.15 first be applied to any remaining interest charge and then must
19.16 be applied to the principal amount of transfer amount payable
19.17 outstanding.
19.18 Sec. 4. Minnesota Statutes 2004, section 422A.06,
19.19 subdivision 5, is amended to read:
19.20 Subd. 5. TRANSFER OF RESERVES TO RETIREMENT BENEFIT FUND;
19.21 ADJUSTMENTS OF ANNUITIES AND BENEFITS. (a) Assets equal to the
19.22 required reserves for retirement annuities as determined in
19.23 accordance with the appropriate mortality table adopted by the
19.24 board of trustees based on the experience of the fund as
19.25 recommended by the commission‑retained actuary retained under
19.26 section 356.214 and using the postretirement interest assumption
19.27 specified in section 356.215, subdivision 8, shall must be
19.28 transferred to the disability benefit fund as provided in
19.29 subdivision 7, or the retirement benefit fund, except for any
19.30 amounts payable from the survivor benefit fund, as of date of
19.31 retirement.
19.32 (b) If a full transfer amount is not payable from the
19.33 deposit accumulation fund, the applicable fund must be credited
19.34 with an interest‑bearing transfer amount receivable.
19.35 (b) (c) Annuity payments shall must be adjusted in
19.36 accordance with this chapter, except that no minimum retirement
20.1 payments described in this chapter shall must include any
20.2 amounts payable from the survivors' benefit fund or disability
20.3 benefit fund and supplemented benefits specifically financed by
20.4 statute.
20.5 (c) (d) Increases in annuity payments pursuant to under
20.6 this section shall be made automatically unless written notice
20.7 on a form prescribed by the board is filed with the retirement
20.8 board requesting that the increase not be made.
20.9 (d) (e) Any additional annuity which began to accrue on
20.10 July 1, 1973, or which began to accrue on January 1, 1974,
20.11 pursuant to Laws 1973, chapter 770, section 1, shall must be
20.12 considered as part of the base amount to be used in determining
20.13 any postretirement adjustments payable pursuant to under the
20.14 provisions of subdivision 8.
20.15 Sec. 5. Minnesota Statutes 2004, section 422A.06,
20.16 subdivision 7, is amended to read:
20.17 Subd. 7. DISABILITY BENEFIT FUND. (a) Unless subdivision
20.18 3, paragraph (c), applies, the required reserves for disability
20.19 allowances which become effective after December 31, 1973, shall
20.20 must be transferred from the deposit accumulation fund to the
20.21 disability benefit fund. A proportionate share of income from
20.22 investments shall must be allocated to this fund and any
20.23 interest charge under subdivision 3, paragraph (c), must be
20.24 credited to the fund. There shall be paid From this fund, the
20.25 disability allowances which become effective after December 31,
20.26 1973, must be paid.
20.27 (b) In the event of termination of any disability allowance
20.28 for any reason other than the death of the recipient, the
20.29 balance of the required reserves for the disability allowance as
20.30 of the date of termination shall must be transferred from the
20.31 disability benefit fund to the deposit accumulation fund.
20.32 (c) At the end of each fiscal year, as part of the annual
20.33 actuarial valuation, a determination shall must be made of the
20.34 required reserves for all disability allowances being paid from
20.35 the disability benefit fund. Any excess of assets over
20.36 actuarial required reserves in the disability benefit fund shall
21.1 must be transferred to the deposit accumulation fund. Unless
21.2 subdivision 3, paragraph (c), applies, any excess of actuarial
21.3 reserves over assets in the disability benefit fund shall must
21.4 be funded by a transfer of the appropriate amount of assets from
21.5 the deposit accumulation fund.
21.6 Sec. 6. Minnesota Statutes 2004, section 422A.06,
21.7 subdivision 8, is amended to read:
21.8 Subd. 8. RETIREMENT BENEFIT FUND. (a) The retirement
21.9 benefit fund shall consist consists of amounts held for payment
21.10 of retirement allowances for members retired pursuant to under
21.11 this chapter, including any transfer amount payable under
21.12 subdivision 3, paragraph (c).
21.13 (b) Unless subdivision 3, paragraph (c), applies, assets
21.14 equal to the required reserves for retirement
21.15 allowances pursuant to under this chapter determined in
21.16 accordance with the appropriate mortality table adopted by the
21.17 board of trustees based on the experience of the fund as
21.18 recommended by the commission‑retained actuary shall retained
21.19 under section 356.214, must be transferred from the deposit
21.20 accumulation fund to the retirement benefit fund as of the last
21.21 business day of the month in which the retirement allowance
21.22 begins. The income from investments of these assets shall must
21.23 be allocated to this fund and any interest charge under
21.24 subdivision 3, paragraph (c), must be credited to the fund.
21.25 There shall must be paid from this fund the retirement annuities
21.26 authorized by law. A required reserve calculation for the
21.27 retirement benefit fund must be made by the actuary retained by
21.28 the Legislative Commission on Pensions and Retirement under
21.29 section 356.214 and must be certified to the retirement board by
21.30 the commission‑retained actuary.
21.31 (c) The retirement benefit fund shall must be governed by
21.32 the applicable laws governing the accounting and audit
21.33 procedures, investment, actuarial requirements, calculation and
21.34 payment of postretirement benefit adjustments, discharge of any
21.35 deficiency in the assets of the fund when compared to the
21.36 actuarially determined required reserves, and other applicable
22.1 operations and procedures regarding the Minnesota postretirement
22.2 investment fund in effect on June 30, 1997, established under
22.3 Minnesota Statutes 1996, section 11A.18, and any legal or
22.4 administrative interpretations of those laws of the State Board
22.5 of Investment, the legal advisor to the Board of Investment and
22.6 the executive director of the State Board of Investment in
22.7 effect on June 30, 1997. If a deferred yield adjustment account
22.8 is established for the Minnesota postretirement investment fund
22.9 before June 30, 1997, under Minnesota Statutes 1996, section
22.10 11A.18, subdivision 5, the retirement board shall also establish
22.11 and maintain a deferred yield adjustment account within this
22.12 fund.
22.13 (d) Annually, following the calculation of any
22.14 postretirement adjustment payable from the retirement benefit
22.15 fund, the board of trustees shall submit a report to the
22.16 executive director of the Legislative Commission on Pensions and
22.17 Retirement and to the commissioner of finance indicating the
22.18 amount of any postretirement adjustment and the underlying
22.19 calculations on which that postretirement adjustment amount is
22.20 based, including the amount of dividends, the amount of
22.21 interest, and the amount of net realized capital gains or losses
22.22 utilized in the calculations.
22.23 (e) With respect to a former contributing member who began
22.24 receiving a retirement annuity or disability benefit under
22.25 section 422A.151, paragraph (a), clause (2), after June 30,
22.26 1997, or with respect to a survivor of a former contributing
22.27 member who began receiving a survivor benefit under section
22.28 422A.151, paragraph (a), clause (2), after June 30, 1997, the
22.29 reserves attributable to the one percent lower amount of the
22.30 cost‑of‑living adjustment payable to those annuity or benefit
22.31 recipients annually must be transferred back to the deposit
22.32 accumulation fund to the credit of the Metropolitan Airports
22.33 Commission. The calculation of this annual reduced
22.34 cost‑of‑living adjustment reserve transfer must be reviewed by
22.35 the actuary retained by the Legislative Commission on Pensions
22.36 and Retirement under section 356.214.
23.1 Sec. 7. Minnesota Statutes 2004, section 422A.101,
23.2 subdivision 3, is amended to read:
23.3 Subd. 3. STATE CONTRIBUTIONS. (a) Subject to the
23.4 limitation set forth in paragraph (c), the state shall pay to
23.5 the Minneapolis Employees Retirement Fund annually an amount
23.6 equal to the amount calculated under paragraph (b).
23.7 (b) The payment amount is an amount equal to the financial
23.8 requirements of the Minneapolis Employees Retirement Fund
23.9 reported in the actuarial valuation of the fund prepared by the
23.10 commission‑retained actuary pursuant to section 356.215 for the
23.11 most recent year but based on a target date for full
23.12 amortization of the unfunded actuarial accrued liabilities by
23.13 June 30, 2020, less the amount of employee contributions
23.14 required pursuant to section 422A.10, and the amount of employer
23.15 contributions required pursuant to subdivisions 1a, 2, and 2a.
23.16 Payments shall be made September 15 annually.
23.17 (c) The annual state contribution under this subdivision
23.18 may not exceed $9,000,000, plus the cost of the annual
23.19 supplemental benefit determined under section 356.43.
23.20 (d) If the amount determined under paragraph (b) exceeds
23.21 $11,910,000 $9,000,000, the excess must be allocated to and paid
23.22 to the fund by the employers identified in subdivisions 1a and
23.23 2, other than units of metropolitan government. Each employer's
23.24 share of the excess is proportionate to the employer's share of
23.25 the fund's unfunded actuarial accrued liability as disclosed in
23.26 the annual actuarial valuation prepared by the actuary
23.27 retained by the Legislative Commission on Pensions and
23.28 Retirement under section 356.214 compared to the total unfunded
23.29 actuarial accrued liability attributed to all employers
23.30 identified in subdivisions 1a and 2, other than units of
23.31 metropolitan government. Payments must be made in equal
23.32 installments as set forth in paragraph (b).
23.33 Sec. 8. REPEALER.
23.34 Minnesota Statutes 2004, section 422A.101, subdivision 4,
23.35 is repealed.
23.36 Sec. 9. EFFECTIVE DATE; LOCAL APPROVAL.
24.1 Sections 1 to 8 are effective on the day after the city
24.2 council of the city of Minneapolis and its chief clerical
24.3 officer timely complete their compliance with Minnesota
24.4 Statutes, section 645.021, subdivisions 2 and 3.
24.5 ARTICLE 15
24.6 ONE PERSON AND SMALL GROUP
24.7 RETIREMENT CHANGES
24.8 Section 1. SURVIVOR BENEFIT FOR ST. LOUIS PARK POLICE
24.9 OFFICER KILLED IN IRAQ CONFLICT.
24.10 Subdivision 1. ELIGIBILITY. (a) Notwithstanding any
24.11 provision of Minnesota Statutes, section 353.657, subdivision 1,
24.12 regarding required length of marriage, an eligible person
24.13 described in paragraph (b) is authorized to apply for a
24.14 surviving spouse annuity from the public employees police and
24.15 fire retirement plan to be computed under Minnesota Statutes,
24.16 section 353.657, subdivision 2.
24.17 (b) An eligible person for purposes of paragraph (a) is the
24.18 surviving spouse of a deceased public employees police and fire
24.19 retirement plan member who:
24.20 (1) was born on October 29, 1979;
24.21 (2) was a member of the public employees police and fire
24.22 retirement plan commencing on January 24, 2004, due to
24.23 employment as a police officer by the city of St. Louis Park;
24.24 and
24.25 (3) died on February 21, 2005, while providing military
24.26 service in Iraq.
24.27 Subd. 2. APPLICATION PROCESS. An eligible person
24.28 described in subdivision 1 is authorized to apply for the
24.29 applicable surviving spouse annuity on a form or forms provided
24.30 by the executive director of the Public Employees Retirement
24.31 Association. The person must provide sufficient documentation
24.32 of eligibility to the executive director, as the executive
24.33 director may prescribe.
24.34 Subd. 3. REFUND REPAYMENT AUTHORIZATION. An annuity
24.35 under this section is in lieu of any death refund to which an
24.36 eligible person would otherwise be entitled. If an eligible
25.1 person has received a death refund, that person is authorized to
25.2 repay that refund, under the terms specified in Minnesota
25.3 Statutes, section 353.35, notwithstanding any law to the
25.4 contrary.
25.5 Subd. 4. RETROACTIVE APPLICATION. If a valid benefit
25.6 application is made by an eligible person under this section,
25.7 the monthly annuity payments commence retroactive to February
25.8 21, 2005.
25.9 Sec. 2. PURCHASE OF PRIOR SERVICE CREDIT.
25.10 (a) An eligible person described in paragraph (b) is
25.11 entitled to purchase up to one year of allowable service credit
25.12 from the Teachers Retirement Association for the 2003‑2004
25.13 school year. The service credit purchase under this section
25.14 must be made in accordance with Minnesota Statutes, section
25.15 356.551, except as otherwise stated in this section.
25.16 (b) An eligible person is a person who:
25.17 (1) is currently a member of the Teachers Retirement
25.18 Association;
25.19 (2) was born on April 2, 1949;
25.20 (3) has been employed by Independent School District No.
25.21 11, Anoka‑Hennepin, since the 1971‑1972 school year;
25.22 (4) applied for and was granted an extended leave of
25.23 absence from Independent School District No. 11, Anoka‑Hennepin,
25.24 for the 2002‑2003, 2003‑2004, and 2004‑2005 school years under
25.25 Minnesota Statutes, section 122A.46;
25.26 (5) was unable to make timely payment for the 2003‑2004
25.27 school year under Minnesota Statutes, section 354.094, because
25.28 of a problem in transferring funds from the individual's
25.29 tax‑sheltered annuity account; and
25.30 (6) was not permitted by the Teachers Retirement
25.31 Association to make payment after June 30, 2004, with interest.
25.32 (c) Notwithstanding Minnesota Statutes, section 356.551,
25.33 payment must be made by September 1, 2005, or prior to
25.34 termination of service, whichever is earlier, and the employee
25.35 payment amount is an amount equal to the employee contribution
25.36 rate in effect during the 2003‑2004 school year applied to the
26.1 eligible individual's salary in the year prior to the leave,
26.2 plus .708 percent monthly interest from June 30, 2004, until the
26.3 end of the month in which payment is made. If the full payment
26.4 required under this paragraph is made, then notwithstanding
26.5 Minnesota Statutes, section 354.094, the individual is
26.6 authorized under Minnesota Statutes, section 354.094, to make
26.7 the required contribution for the 2004‑2005 school year, and any
26.8 subsequent years of the leave. Notwithstanding payment
26.9 deadlines in Minnesota Statutes, section 354.094, the employee
26.10 contribution for the 2004‑2005 school year must be made on or
26.11 before September 30, 2005, with .708 percent monthly interest
26.12 from June 30, 2005, until paid.
26.13 (d) If payment is received under paragraph (c), the
26.14 executive director of the Teachers Retirement Association shall
26.15 bill Independent School District No. 11, Anoka‑Hennepin, for the
26.16 employer contribution that would have been made on behalf of the
26.17 eligible person for the 2003‑2004 fiscal year under Minnesota
26.18 Statutes, section 354.094. The remainder of the full actuarial
26.19 value payment under Minnesota Statutes, section 356.551, is
26.20 waived. If the school district fails to make payment under this
26.21 paragraph within 30 days of notification of the amount due, the
26.22 executive director shall notify the commissioner of the
26.23 Department of Finance of that fact and the employer payment
26.24 amount shall be deducted from any subsequent state aid to the
26.25 school district.
26.26 Sec. 3. EFFECTIVE DATE.
26.27 (a) For purposes of determining whether section 1 becomes
26.28 effective, the board of trustees of the Public Employees
26.29 Retirement Association shall be considered to be comparable to
26.30 the city council of a local government unit.
26.31 (b) Section 1 is effective on the day after the board of
26.32 trustees of the Public Employees Retirement Association and its
26.33 executive director complete in a timely manner their compliance
26.34 with Minnesota Statutes, section 645.021, subdivisions 2 and 3.
26.35 (c) Section 2 is effective on the day following final
26.36 enactment."
27.1 Renumber the sections in sequence
27.2 Correct the internal references
27.3 Amend the title accordingly