1.1 .................... moves to amend H. F. No. 3082, the third engrossment, as follows:
1.2Page 105, after line 25, insert:
1.4TEACHER RETIREMENT BENEFIT AND
1.5CONTRIBUTION INCREASES
1.6 Section 1. Minnesota Statutes 2006, section 127A.50, subdivision 1, is amended to
1.7read:
1.8 Subdivision 1.
Aid adjustment. Beginning in fiscal year 1998 and each year
1.9thereafter, the commissioner of education shall adjust state aid payments to school
1.10operating funds for Independent School District No. 625
and Independent School District
1.11No. 709 by the net amount of clauses (1)
, and (2),
and (6), for
Special Independent School
1.12District No.
1 709 by the net amount of clauses (1), (2), and
(4) (7), and for all other
1.13districts, including charter schools, but excluding any education organizations that are
1.14prohibited from receiving direct state aids under section
123A.26 or
125A.75, subdivision
1.157
, by the net amount of clauses (1), (2), (3),
and (4)
, and (5):
1.16 (1) a decrease equal to each district's share of the fiscal year 1997 adjustment
1.17effected under Minnesota Statutes 1996, section
124.2139;
1.18 (2) an increase equal to one percent of the salaries paid to members of the general
1.19plan of the Public Employees Retirement Association in fiscal year 1997, multiplied by
1.200.35 for fiscal year 1998 and 0.70 each year thereafter;
1.21 (3) a decrease equal to
2.34 percent of the salaries paid to members of the Teachers
1.22Retirement Association in fiscal year 1997;
and
1.23 (4) an increase equal to 0.5 percent of the salaries paid to members of the Teachers
1.24Retirement Association in fiscal year 2007
.;
1.25 (5) an increase equal to the specified percentage of the salaries paid to members of
1.26the Teachers Retirement Association in fiscal year 2010 as follows:
2.1
|
|
for the 2010-2011 school year
|
|
0.25 percent
|
2.2
|
|
for the 2011-2012 school year
|
|
0.50 percent
|
2.3
|
|
for the 2012-2013 school year
|
|
0.75 percent
|
2.4
|
|
for the 2013-2014 school year
|
|
1.00 percent
|
2.5
|
|
for the 2014-2015 school year
|
|
1.25 percent
|
2.6
2.7
|
|
for the 2015-2016 school year and
each school year thereafter
|
|
1.50 percent
|
2.8 (6) an increase equal to the specified percentage of the salaries paid to members of
2.9the St. Paul Teachers Retirement Fund Association in fiscal year 2010 as follows:
2.10
|
|
for the 2010-2011 school year
|
|
0.25 percent
|
2.11
|
|
for the 2011-2012 school year
|
|
0.50 percent
|
2.12
|
|
for the 2012-2013 school year
|
|
0.75 percent
|
2.13
|
|
for the 2013-2014 school year
|
|
1.00 percent
|
2.14
|
|
for the 2014-2015 school year
|
|
1.25 percent
|
2.15
2.16
|
|
for the 2015-2016 school year and
each school year thereafter
|
|
1.50 percent
|
2.17 (7) an increase equal to the specified percentage of the salaries paid to members of
2.18the Duluth Teachers Retirement Fund Association in fiscal year 2010 as follows:
2.19
|
|
for the 2010-2011 school year
|
|
0.25 percent
|
2.20
|
|
for the 2011-2012 school year
|
|
0.50 percent
|
2.21
|
|
for the 2012-2013 school year
|
|
0.75 percent
|
2.22
|
|
for the 2013-2014 school year
|
|
1.00 percent
|
2.23
|
|
for the 2014-2015 school year
|
|
1.25 percent
|
2.24
2.25
|
|
for the 2015-2016 school year and
each school year thereafter
|
|
1.50 percent
|
2.26EFFECTIVE DATE.This section is effective July 1, 2008.
2.27 Sec. 2. Minnesota Statutes 2006, section 354.05, subdivision 38, is amended to read:
2.28 Subd. 38.
Normal retirement age. "Normal retirement age" means age 65
for a
2.29person who first became a member of the association or a member of a pension fund listed
2.30in section
356.30, subdivision 3, before July 1, 1989. For a person who first becomes a
2.31member of the association after June 30, 1989, normal retirement age means the higher of
2.32age 65 or "retirement age," as defined in United States Code, title 42, section 416(l), as
2.33amended, but not to exceed age 66.
2.34EFFECTIVE DATE.This section is effective July 1, 2008.
2.35 Sec. 3. Minnesota Statutes 2006, section 354.42, subdivision 2, is amended to read:
2.36 Subd. 2.
Employee. (a) The employee contribution to the fund is an amount equal
2.37to the following percentage of the salary of a member:
3.1 (1) after July 1, 2006, for a teacher employed by Special School District No. 1,
3.2Minneapolis, 5.5 percent if the teacher is a coordinated member, and 9.0 percent if the
3.3teacher is a basic member;
3.4 (2) for every other teacher, after July 1, 2006,
5.5 percent if the teacher is a
3.5coordinated member and 9.0 percent if the teacher is a basic member.
3.6
|
|
period
|
coordinated member
|
basic member
|
3.7
|
|
(1) before July 1, 2010
|
|
5.50 percent
|
|
9.00 percent
|
3.8
3.9
|
|
(2) after June 30, 2010, and
before July 1, 2011
|
|
5.75 percent
|
|
9.25 percent
|
3.10
3.11
|
|
(3) after June 30, 2011, and
before July 1, 2012
|
|
6.00 percent
|
|
9.50 percent
|
3.12
3.13
|
|
(4) after June 30, 2012, and
before July 1, 2013
|
|
6.25 percent
|
|
9.75 percent
|
3.14
3.15
3.16
|
|
(5) unless paragraph (b)
applies, after June 30, 2013,
and before July 1, 2014
|
|
6.50 percent
|
|
10.00 percent
|
3.17
3.18
3.19
|
|
(6) unless paragraph (b)
applies, after June 30, 2014,
and before July 1, 2015
|
|
6.75 percent
|
|
10.25 percent
|
3.20
3.21
|
|
(7) unless paragraph (b)
applies, after June 30, 2015
|
|
7.00 percent
|
|
10.50 percent
|
3.22 (b)
After July 1, 2012, a scheduled contribution increase under paragraph (a),
3.23clause (5), (6), or (7), is suspended if the most recent actuarial valuation prepared under
3.24section 356.215 indicates that there is no contribution deficiency when the total employee
3.25contributions, employer contributions under subdivision 3, and direct state aid under
3.26section 354A.12 are compared to the total financial requirements of the retirement plan.
3.27 (c) This contribution must be made by deduction from salary. Where any portion of a
3.28member's salary is paid from other than public funds, the member's employee contribution
3.29must be based on the entire salary received.
3.30EFFECTIVE DATE.This section is effective July 1, 2008.
3.31 Sec. 4. Minnesota Statutes 2006, section 354.42, subdivision 3, is amended to read:
3.32 Subd. 3.
Employer. (a) The regular employer contribution to the fund by Special
3.33School District No. 1, Minneapolis, after July 1, 2006, and before July 1, 2007, is an
3.34amount equal to 5.0 percent of the salary of each of its teachers who is a coordinated
3.35member and 9.0 percent of the salary of each of its teachers who is a basic member. After
3.36July 1, 2007,
and before July 1, 2010, the regular employer contribution to the fund by
3.37Special School District No. 1, Minneapolis, is an amount equal to 5.5 percent of salary of
3.38each coordinated member and 9.5 percent of salary of each basic member.
The regular
4.1employer contribution to the fund by Special School District No. 1, Minneapolis, is an
4.2amount equal to the following percentage of the salary of each teacher:
4.3
|
|
period
|
coordinated member
|
basic member
|
4.4
4.5
|
|
(1) after June 30, 2010, and
before July 1, 2011
|
|
5.75 percent
|
|
9.25 percent
|
4.6
4.7
|
|
(2) after June 30, 2011, and
before July 1, 2012
|
|
6.00 percent
|
|
9.50 percent
|
4.8
4.9
|
|
(3) after June 30, 2012, and
before July 1, 2013
|
|
6.25 percent
|
|
9.75 percent
|
4.10
4.11
4.12
|
|
(4) unless paragraph (d)
applies, after June 30, 2013,
and before July 1, 2014
|
|
6.50 percent
|
|
10.00 percent
|
4.13
4.14
4.15
|
|
(5) unless paragraph (d)
applies, after June 30, 2014,
and before July 1, 2015
|
|
6.75 percent
|
|
10.25 percent
|
4.16
4.17
|
|
(6) unless paragraph (d)
applies, after June 30, 2015
|
|
7.00 percent
|
|
10.50 percent
|
4.18 (b) The additional employer contribution to the fund by Special School District No.
4.191, Minneapolis, after July 1, 2006, is an amount equal to 3.64 percent of the salary of each
4.20teacher who is a coordinated member or is a basic member.
4.21 (b) (c) The employer contribution to the fund for every other employer is an amount
4.22equal to 5.0 percent of the salary of each coordinated member and 9.0 percent of the salary
4.23of each basic member before July 1, 2007, and 5.5 percent of the salary of each coordinated
4.24member and 9.5 percent of the salary of each basic member after June 30, 2007
, and before
4.25July 1, 2010.
The regular employer contribution to the fund by every other employer is an
4.26amount equal to the following percentage of the salary of each teacher:
4.27
|
|
period
|
coordinated member
|
basic member
|
4.28
4.29
|
|
(1) after June 30, 2010, and
before July 1, 2011
|
|
5.75 percent
|
|
9.25 percent
|
4.30
4.31
|
|
(2) after June 30, 2011, and
before July 1, 2012
|
|
6.00 percent
|
|
9.50 percent
|
4.32
4.33
|
|
(3) after June 30, 2012, and
before July 1, 2013
|
|
6.25 percent
|
|
9.75 percent
|
4.34
4.35
4.36
|
|
(4) unless paragraph (d)
applies, after June 30, 2013,
and before July 1, 2014
|
|
6.50 percent
|
|
10.00 percent
|
4.37
4.38
4.39
|
|
(5) unless paragraph (d)
applies, after June 30, 2014,
and before July 1, 2015
|
|
6.75 percent
|
|
10.25 percent
|
4.40
4.41
|
|
(6) unless paragraph (d)
applies, after June 30, 2015
|
|
7.00 percent
|
|
10.50 percent
|
4.42 (d) After July 1, 2012, a scheduled contribution increase under paragraph (a),
4.43clause (4), (5), or (6), and paragraph (c), clause (4), (5), or (6), is suspended if the most
4.44recent actuarial valuation prepared under section 356.215 indicates that there is no
5.1contribution deficiency when the total employee contributions, employer contributions
5.2under subdivision 3, and direct state aid under section 354A.12 are compared to the total
5.3financial requirements of the retirement plan.
5.4EFFECTIVE DATE.This section is effective July 1, 2008.
5.5 Sec. 5. Minnesota Statutes 2007 Supplement, section 354.44, subdivision 6, is
5.6amended to read:
5.7 Subd. 6.
Computation of formula program retirement annuity. (a) The formula
5.8retirement annuity must be computed in accordance with the applicable provisions of the
5.9formulas stated in paragraph (b) or (d) on the basis of each member's average salary under
5.10section
354.05, subdivision 13a, for the period of the member's formula service credit.
5.11 (b) This paragraph, in conjunction with paragraph (c), applies to a person who first
5.12became a member of the association or a member of a pension fund listed in section
5.13356.30, subdivision 3
, before July 1, 1989, unless paragraph (d), in conjunction with
5.14paragraph (e), produces a higher annuity amount, in which case paragraph (d) applies. The
5.15average salary as defined in section
354.05, subdivision 13a, multiplied by the following
5.16percentages per year of formula service credit shall determine the amount of the annuity to
5.17which the member qualifying therefor is entitled for service rendered before July 1, 2006:
5.18
|
|
|
|
Coordinated Member
|
|
Basic Member
|
5.19
5.20
5.21
5.22
|
|
Each year of service during
first ten
|
|
the percent specified
in section
356.315,
subdivision 1, per year
|
|
the percent specified
in section
356.315,
subdivision 3, per
year
|
5.23
5.24
5.25
5.26
|
|
Each year of service
thereafter
|
|
the percent specified
in section
356.315,
subdivision 2, per year
|
|
the percent specified
in section
356.315,
subdivision 4, per
year
|
5.27 For service rendered on or after July 1, 2006, the average salary as defined in section
5.28354.05
, subdivision 13a, multiplied by the following percentages per year of service credit,
5.29determines the amount the annuity to which the member qualifying therefor is entitled:
5.30
|
|
|
|
Coordinated Member
|
|
Basic Member
|
5.31
5.32
5.33
5.34
|
|
Each year of service during
first ten
|
|
the percent specified
in section
356.315,
subdivision 1a, per year
|
|
the percent specified
in section
356.315,
subdivision 3, per
year
|
5.35
5.36
5.37
5.38
|
|
Each year of service after
ten years of service
|
|
the percent specified
in section
356.315,
subdivision 2b, per year
|
|
the percent specified
in section
356.315,
subdivision 4, per
year
|
5.39 (c)(i) This paragraph applies only to a person who first became a member of the
5.40association or a member of a pension fund listed in section
356.30, subdivision 3, before
6.1July 1, 1989, and whose annuity is higher when calculated under paragraph (b), in
6.2conjunction with this paragraph than when calculated under paragraph (d), in conjunction
6.3with paragraph (e).
6.4 (ii) Where any member retires prior to normal retirement age under a formula
6.5annuity, the member shall be paid a retirement annuity in an amount equal to the normal
6.6annuity provided in paragraph (b) reduced by one-quarter of one percent for each month
6.7that the member is under normal retirement age at the time of retirement except that for
6.8any member who has 30 or more years of allowable service credit, the reduction shall be
6.9applied only for each month that the member is under age 62.
6.10 (iii) Any member whose attained age plus credited allowable service totals 90 years
6.11is entitled, upon application, to a retirement annuity in an amount equal to the normal
6.12annuity provided in paragraph (b), without any reduction by reason of early retirement.
6.13 (d) This paragraph applies to a member who has become at least 55 years old and
6.14first became a member of the association after June 30, 1989, and to any other member
6.15who has become at least 55 years old and whose annuity amount when calculated under
6.16this paragraph and in conjunction with paragraph (e), is higher than it is when calculated
6.17under paragraph (b), in conjunction with paragraph (c). For a basic member, the average
6.18salary, as defined in section
354.05, subdivision 13a, multiplied by the percent specified
6.19by section
356.315, subdivision 4, for each year of service for a basic member shall
6.20determine the amount of the retirement annuity to which the basic member is entitled.
6.21The annuity of a basic member who was a member of the former Minneapolis Teachers
6.22Retirement Fund Association as of June 30, 2006, must be determined according to the
6.23annuity formula under the articles of incorporation of the former Minneapolis Teachers
6.24Retirement Fund Association in effect as of that date. For a coordinated member, the
6.25average salary, as defined in section
354.05, subdivision 13a, multiplied by the percent
6.26specified in section
356.315, subdivision 2, for each year of service rendered before July
6.271, 2006,
and by the percent specified in section
356.315, subdivision 2b, for each year
6.28of service rendered on or after July 1, 2006,
and before July 1, 2008, and by the percent
6.29specified in section 356.315, subdivision 2c, for each year of service rendered after June
6.3030, 2008, determines the amount of the retirement annuity to which the coordinated
6.31member is entitled.
If the member has 30 or more years of service credit, the minimum
6.32age requirement of this paragraph does not apply.
6.33 (e) This paragraph applies to a person who has become at least 55 years old and first
6.34becomes a member of the association after June 30, 1989, and to any other member who
6.35has become at least 55 years old and whose annuity is higher when calculated under
6.36paragraph (d) in conjunction with this paragraph than when calculated under paragraph
7.1(b), in conjunction with paragraph (c). An employee who retires under the formula annuity
7.2before the normal retirement age
shall must be paid the normal annuity provided in
7.3paragraph (d) reduced so that the reduced annuity is the actuarial equivalent of the annuity
7.4that would be payable to the employee if the employee deferred receipt of the annuity
7.5and the annuity amount were augmented at an annual rate of three percent compounded
7.6annually from the day the annuity begins to accrue until the normal retirement age if the
7.7employee became an employee before July 1, 2006, and at 2.5 percent compounded
7.8annually if the employee becomes an employee after June 30, 2006.
If the member has
7.930 or more years of service credit, the minimum age requirement of this paragraph does
7.10not apply and the reductions and augmentations specified in this paragraph apply to age
7.1162, rather than to normal retirement age.
7.12 (f) No retirement annuity is payable to a former employee with a salary that exceeds
7.1395 percent of the governor's salary unless and until the salary figures used in computing
7.14the highest five successive years average salary under paragraph (a) have been audited by
7.15the Teachers Retirement Association and determined by the executive director to comply
7.16with the requirements and limitations of section
354.05, subdivisions 35 and 35a.
7.17EFFECTIVE DATE.This section is effective July 1, 2008.
7.18 Sec. 6. Minnesota Statutes 2006, section 354A.011, subdivision 15a, is amended to
7.19read:
7.20 Subd. 15a.
Normal retirement age. (a) "Normal retirement age" means age 65
7.21for a person who
first became is a member of the coordinated program of the St. Paul
7.22Teachers Retirement Fund Association or the new law coordinated program of the Duluth
7.23Teachers Retirement Fund Association
or a member of a pension fund listed in section
7.24356.30, subdivision 3, before July 1, 1989. For a person who first became a member of the
7.25coordinated program of the St. Paul Teachers Retirement Fund Association or the new law
7.26coordinated program of the Duluth Teachers Retirement Fund Association after June 30,
7.271989, normal retirement age means the higher of age 65 or retirement age, as defined in
7.28United States Code, title 42, section 416(l), as amended, but not to exceed age 66.
7.29 (b) For a person who is a member of the basic program of the St. Paul Teachers
7.30Retirement Fund Association or the old law coordinated program of the Duluth Teachers
7.31Retirement Fund Association, normal retirement age means the age at which a teacher
7.32becomes eligible for a normal retirement annuity computed upon meeting the age and
7.33service requirements specified in the applicable provisions of the articles of incorporation
7.34or bylaws of the respective teachers retirement fund association.
7.35EFFECTIVE DATE.This section is effective July 1, 2008.
8.1 Sec. 7. Minnesota Statutes 2006, section 354A.12, subdivision 1, is amended to read:
8.2 Subdivision 1.
Employee contributions. (a) The contribution required to be paid
8.3by each member of a teachers retirement fund association shall not be less than the
8.4percentage of total salary specified below for the applicable association and program:
8.5
|
Association and Program
|
|
Percentage of
|
8.6
|
|
|
|
Total Salary
|
8.7
|
Duluth Teachers Retirement Association
|
|
|
8.8
|
|
old law and new law
|
|
|
8.9
|
|
coordinated programs
|
|
5.5 percent
|
8.10
|
|
(1) before July 1, 2010
|
|
5.50 percent
|
8.11
|
|
(2) after June 30, 2010, and before July 1, 2011
|
|
5.75 percent
|
8.12
|
|
(3) after June 30, 2011, and before July 1, 2012
|
|
6.00 percent
|
8.13
|
|
(4) after June 30, 2012, and before July 1, 2013
|
|
6.25 percent
|
8.14
8.15
|
|
(5) unless paragraph (b) applies, after June 30,
2013, and before July 1, 2014
|
|
6.50 percent
|
8.16
8.17
|
|
(6) unless paragraph (b) applies, after June 30,
2014, and before July 1, 2015
|
|
6.75 percent
|
8.18
8.19
|
|
(7) unless paragraph (b) applies, after June 30,
2015
|
|
7.00 percent
|
8.20
|
St. Paul Teachers Retirement Association
|
|
|
8.21
|
|
basic program
|
|
8 percent
|
8.22
|
|
coordinated program
|
|
5.5 percent
|
8.23
|
|
(1) before July 1, 2010
|
|
5.50 percent
|
8.24
|
|
(2) after June 30, 2010, and before July 1, 2011
|
|
5.75 percent
|
8.25
|
|
(3) after June 30, 2011, and before July 1, 2012
|
|
6.00 percent
|
8.26
|
|
(4) after June 30, 2012, and before July 1, 2013
|
|
6.25 percent
|
8.27
8.28
|
|
(5) unless paragraph (b) applies, after June 30,
2013, and before July 1, 2014
|
|
6.50 percent
|
8.29
8.30
|
|
(6) unless paragraph (b) applies, after June 30,
2014, and before July 1, 2015
|
|
6.75 percent
|
8.31
8.32
|
|
(7) unless paragraph (b) applies, after June 30,
2015
|
|
7.00 percent
|
8.33 (b) After July 1, 2012, a scheduled contribution increase under paragraph (a),
8.34clause (5), (6), or (7), is suspended if the most recent actuarial valuation prepared under
8.35section 356.215 indicates that there is no contribution deficiency when the total employee
8.36contributions, employer contributions under subdivision 3, and direct state aid are
8.37compared to the total financial requirements of the retirement plan.
8.38 (c) Contributions shall be made by deduction from salary and must be remitted
8.39directly to the respective teachers retirement fund association at least once each month.
8.40EFFECTIVE DATE.This section is effective July 1, 2008.
8.41 Sec. 8. Minnesota Statutes 2006, section 354A.12, subdivision 2a, is amended to read:
9.1 Subd. 2a.
Employer regular and additional contribution rates. (a) The
9.2employing units shall make the following employer contributions to teachers retirement
9.3fund associations:
9.4 (1) for any coordinated member of a teachers retirement fund association in a city
9.5of the first class, the employing unit shall pay the employer Social Security taxes in
9.6accordance with section
355.46, subdivision 3, clause (b);
9.7 (2) for any coordinated member of one of the following teachers retirement fund
9.8associations in a city of the first class, the employing unit shall make a regular employer
9.9contribution to the respective retirement fund association in an amount equal to the
9.10designated percentage of the salary of the coordinated member as provided below:
9.11
|
|
Duluth Teachers Retirement
|
|
9.12
|
|
Fund Association
|
4.50 percent
|
9.13
|
|
(A) before July 1, 2010
|
4.50 percent
|
9.14
|
|
(B) after June 30, 2010, and before July 1, 2011
|
4.75 percent
|
9.15
|
|
(C) after June 30, 2011, and before July 1, 2012
|
5.00 percent
|
9.16
|
|
(D) after June 30, 2012, and before July 1, 2013
|
5.25 percent
|
9.17
9.18
|
|
(E) unless clause (3) applies, after June 30, 2013, and before
July 1, 2014
|
5.50 percent
|
9.19
9.20
|
|
(F) unless clause (3) applies, after June 30, 2014, and before
July 1, 2015
|
5.75 percent
|
9.21
|
|
(G) unless clause (3) applies, after June 30, 2015
|
6.00 percent
|
9.22
|
|
St. Paul Teachers Retirement
|
|
9.23
|
|
Fund Association
|
4.50 percent
|
9.24
|
|
(H) before July 1, 2010
|
4.50 percent
|
9.25
|
|
(I) after June 30, 2010, and before July 1, 2011
|
4.75 percent
|
9.26
|
|
(J) after June 30, 2011, and before July 1, 2012
|
5.00 percent
|
9.27
|
|
(K) after June 30, 2012, and before July 1, 2013
|
5.25 percent
|
9.28
9.29
|
|
(L) unless clause (3) applies, after June 30, 2013, and before
July 1, 2014
|
5.50 percent
|
9.30
9.31
|
|
(M) unless clause (3) applies, after June 30, 2014, and
before July 1, 2015
|
5.75 percent
|
9.32
|
|
(N) unless clause (3) applies, after June 30, 2015
|
6.00 percent
|
9.33 (3) After July 1, 2012, a scheduled contribution increase under paragraph (a), clause
9.34(2), item (E), (F), (G), (L), (M), or (N), is suspended if the most recent actuarial valuation
9.35prepared under section 356.215 indicates that there is no contribution deficiency when the
9.36total employee contributions, employer contributions under subdivision 3, and direct state
9.37aid are compared to the total financial requirements of the retirement plan;
9.38 (3) (4) for any basic member of the St. Paul Teachers Retirement Fund Association,
9.39the employing unit shall make a regular employer contribution to the respective retirement
9.40fund in an amount equal to 8.00 percent of the salary of the basic member;
10.1 (4) (5) for a basic member of the St. Paul Teachers Retirement Fund Association, the
10.2employing unit shall make an additional employer contribution to the respective fund in
10.3an amount equal to 3.64 percent of the salary of the basic member;
10.4 (5) (6) for a coordinated member of a teachers retirement fund association in a city
10.5of the first class, the employing unit shall make an additional employer contribution to
10.6the respective fund in an amount equal to the applicable percentage of the coordinated
10.7member's salary, as provided below:
10.8
|
|
Duluth Teachers Retirement
|
|
10.9
|
|
Fund Association
|
1.29 percent
|
10.10
|
|
St. Paul Teachers Retirement
|
|
10.11
|
|
Fund Association
|
|
10.12
|
|
|
July 1, 1993 - June 30, 1994
|
0.50 percent
|
10.13
|
|
|
July 1, 1994 - June 30, 1995
|
1.50 percent
|
10.14
|
|
|
July 1, 1997, and thereafter
|
3.84 percent
|
10.15 (b) The regular and additional employer contributions must be remitted directly to
10.16the respective teachers retirement fund association at least once each month. Delinquent
10.17amounts are payable with interest under the procedure in subdivision 1a.
10.18 (c) Payments of regular and additional employer contributions for school district
10.19or technical college employees who are paid from normal operating funds must be made
10.20from the appropriate fund of the district or technical college.
10.21EFFECTIVE DATE.This section is effective July 1, 2008.
10.22 Sec. 9. Minnesota Statutes 2006, section 354A.31, subdivision 4, is amended to read:
10.23 Subd. 4.
Computation of normal coordinated retirement annuity; St. Paul
10.24fund. (a) This subdivision applies to the coordinated program of the St. Paul Teachers
10.25Retirement Fund Association.
10.26 (b) The normal coordinated retirement annuity is an amount equal to a retiring
10.27coordinated member's average salary under section
354A.011, subdivision 7a, multiplied
10.28by the retirement annuity formula percentage.
10.29 (c) This paragraph, in conjunction with subdivision 6, applies to a person who first
10.30became a member or a member in a pension fund listed in section
356.30, subdivision 3,
10.31before July 1, 1989, unless paragraph (d), in conjunction with subdivision 7, produces a
10.32higher annuity amount, in which case paragraph (d) will apply. The retirement annuity
10.33formula percentage for purposes of this paragraph is the percent specified in section
10.34356.315, subdivision 1
, per year for each year of coordinated service for the first ten years
10.35and the percent specified in section
356.315, subdivision 2, for each year of coordinated
10.36service thereafter.
11.1 (d) This paragraph applies to a person who has become at least 55 years old and who
11.2first becomes a member after June 30, 1989, and to any other member who has become
11.3at least 55 years old and whose annuity amount, when calculated under this paragraph
11.4and in conjunction with subdivision 7 is higher than it is when calculated under paragraph
11.5(c), in conjunction with the provisions of subdivision 6. The retirement annuity formula
11.6percentage for purposes of this paragraph is the percent specified in section
356.315,
11.7subdivision 2
, for each year of coordinated service
before July 1, 2008, and by the percent
11.8specified in section 356.315, subdivision 2c, for each year of service rendered after
11.9June 30, 2008. If the member has 30 or more years of service credit, the minimum age
11.10requirement of this paragraph does not apply.
11.11EFFECTIVE DATE.This section is effective July 1, 2008.
11.12 Sec. 10. Minnesota Statutes 2006, section 354A.31, subdivision 4a, is amended to read:
11.13 Subd. 4a.
Computation of the normal coordinated retirement annuity; Duluth
11.14fund. (a) This subdivision applies to the new law coordinated program of the Duluth
11.15Teachers Retirement Fund Association.
11.16 (b) The normal coordinated retirement annuity is an amount equal to a retiring
11.17coordinated member's average salary under section
354A.011, subdivision 7a, multiplied
11.18by the retirement annuity formula percentage.
11.19 (c) This paragraph, in conjunction with subdivision 6, applies to a person who first
11.20became a member or a member in a pension fund listed in section
356.30, subdivision 3,
11.21before July 1, 1989, unless paragraph (d), in conjunction with subdivision 7, produces a
11.22higher annuity amount, in which case paragraph (d) applies. The retirement annuity
11.23formula percentage for purposes of this paragraph is the percent specified in section
11.24356.315, subdivision 1
, per year for each year of coordinated service for the first ten years
11.25and the percent specified in section
356.315, subdivision 2, for each subsequent year of
11.26coordinated service.
11.27 (d) This paragraph applies to a person who is at least 55 years old and who first
11.28becomes a member after June 30, 1989, and to any other member who is at least 55 years
11.29old and whose annuity amount, when calculated under this paragraph and in conjunction
11.30with subdivision 7, is higher than it is when calculated under paragraph (c) in conjunction
11.31with subdivision 6. The retirement annuity formula percentage for purposes of this
11.32paragraph is the percent specified in section
356.315, subdivision 2, for each year of
11.33coordinated service
before July 1, 2008, and by the percent specified in section 356.315,
11.34subdivision 2c, for each year of service rendered after June 30, 2008. If the member
12.1has 30 or more years of service credit, the minimum age requirement of this paragraph
12.2does not apply.
12.3EFFECTIVE DATE.This section is effective July 1, 2008.
12.4 Sec. 11. Minnesota Statutes 2006, section 354A.31, subdivision 7, is amended to read:
12.5 Subd. 7.
Actuarial reduction for early retirement. This subdivision applies to
12.6a person who has become at least 55 years old and first becomes a coordinated member
12.7after June 30, 1989, and to any other coordinated member who has become at least 55
12.8years old and whose annuity is higher when calculated using the retirement annuity
12.9formula percentage in subdivision 4, paragraph (d), and subdivision 4a, paragraph (d), in
12.10conjunction with this subdivision than when calculated under subdivision 4, paragraph
12.11(c), or subdivision 4a, paragraph (c), in conjunction with subdivision 6. A coordinated
12.12member who retires before the
full benefit normal retirement age
shall must be paid
12.13the retirement annuity calculated using the retirement annuity formula percentage in
12.14subdivision 4, paragraph (d), or subdivision 4a, paragraph (d), reduced so that the reduced
12.15annuity is the actuarial equivalent of the annuity that would be payable to the member if
12.16the member deferred receipt of the annuity and the annuity amount were augmented at
12.17an annual rate of three percent compounded annually from the day the annuity begins to
12.18accrue until the normal retirement age if the employee became an employee before July 1,
12.192006, and at
2.5 percent compounded annually from the day the annuity begins to accrue
12.20until the normal retirement age if the person initially becomes a teacher after June 30,
12.212006.
If the member has 30 or more years of service credit, the minimum age requirement
12.22of this paragraph does not apply and the reductions and augmentations specified in this
12.23paragraph apply to age 62, rather than to normal retirement age.
12.24EFFECTIVE DATE.This section is effective July 1, 2008.
12.25 Sec. 12. Minnesota Statutes 2006, section 356.315, is amended by adding a subdivision
12.26to read:
12.27 Subd. 2c. Certain coordinated members. The applicable benefit accrual rate
12.28is 2.0 percent.
12.29EFFECTIVE DATE.This section is effective July 1, 2008."
12.30Renumber the articles in sequence
12.31Amend the title accordingly