LCPR04-069
1.1 ............... moves to amend H.F. No. ....; S.F. No.
1.2 1856, as follows:
1.3 M ............... moves to amend S.F. No. ...., as follows:
1.4 Delete everything after the enacting clause and insert:
1.5 "Section 1. Minnesota Statutes 2002, section 424A.02,
1.6 subdivision 2, is amended to read:
1.7 Subd. 2. NONFORFEITABLE PORTION OF SERVICE PENSION. If
1.8 the articles of incorporation or bylaws of a relief association
1.9 so provide, a relief association may pay a reduced service
1.10 pension to a retiring member who has completed fewer than 20 ten
1.11 years of service. The reduced service pension may be paid when
1.12 the retiring member meets the minimum age and service
1.13 requirements of subdivision 1.
1.14 The amount of the reduced service pension may not exceed
1.15 the amount calculated by multiplying the service pension
1.16 appropriate for the completed years of service as specified in
1.17 the bylaws times the applicable nonforfeitable percentage of
1.18 pension. The nonforfeitable percentage of pension amounts are
1.19 as follows:
1.20 Completed Years of Service Nonforfeitable Percentage
1.21 of Pension Amount
1.22 5 40 percent
1.23 6 44 52 percent
1.24 7 48 64 percent
1.25 8 52 76 percent
1.26 9 56 88 percent
1.27 10 60 percent
1.28 11 64 percent
1.29 12 68 percent
1.30 13 72 percent
1.31 14 76 percent
1.32 15 80 percent
1.33 16 84 percent
1.34 17 88 percent
1.35 18 92 percent
1.36 19 96 percent
2.1 20 and thereafter 100 percent
2.2 Sec. 2. EFFECTIVE DATE.
2.3 Section 1 is effective on July 1, 2004."
2.4 Amend the title accordingly