1.1A bill for an act
1.2relating to retirement; Teachers Retirement Association; coverage election for
1.3certain Mesabi Range Community and Technical College faculty members not
1.4offered a coverage election upon reaching tenure.

1.8(a) Notwithstanding any provision of law to the contrary, an eligible person
1.9described in paragraph (b) is authorized to become a coordinated member of the Teachers
1.10Retirement Association and to purchase service and salary credit in the Teachers
1.11Retirement Association coordinated plan retroactive from July 19, 2000, or September 15,
1.122000, whichever is applicable, upon making an election under paragraph (c) and upon
1.13making all required payments under paragraphs (d) and (e).
1.14(b) An eligible person is a person who:
1.15(1) was born on September 25, 1964, and has been employed Mesabi Range
1.16Community and Technical College and a contributing member of the higher education
1.17individual retirement account plan since July 19, 2000;
1.18(2) was born on October 15, 1963, and has been employed at Mesabi Range
1.19Community and Technical College and a contributing member of the higher education
1.20individual retirement account plan since September 15, 2000;
1.21(3) was classified in the unlimited full-time category on August 21, 2012;
1.22(4) became eligible for an election of Teachers Retirement Association coverage
1.23under Laws 2009, chapter 169, article 6, section 1; and
2.1(5) was not offered an election of Teachers Retirement Association coverage by the
2.2Minnesota State Colleges and Universities System.
2.3(c) To be eligible for coverage by the Teachers Retirement Association, an eligible
2.4person must submit a written application to the executive director of the Teachers
2.5Retirement Association on a form provided by the Teachers Retirement Association. The
2.6application must include all documentation of the applicability of this section and any
2.7other relevant information that the executive director may require. Teachers Retirement
2.8Association plan membership commences after the date of the retirement coverage
2.9election under this section and past salary and service credit is granted for past Minnesota
2.10State Colleges and Universities System employment from July 19, 2000, or September 15,
2.112000, whichever is applicable, until the executive director receives the written application
2.12specified in this paragraph and receipts of the payments specified in paragraphs (d) and
2.13(e). Coverage by the Teachers Retirement Association is in lieu of coverage by the
2.14individual retirement account plan.
2.15(d) If the eligible person makes the retirement coverage election under paragraph (c),
2.16the eligible person shall make a contribution to the Teachers Retirement Association equal
2.17to the excess, if any, of the employee contributions that the eligible person would have
2.18made if the Teachers Retirement Association had provided coverage from July 19, 2000, or
2.19September 15, 2000, whichever is applicable, rather than the individual retirement account
2.20plan. These additional contribution amounts shall include 8.5 percent annual compound
2.21interest computed from the date the contribution would have been made if deducted from
2.22salary until paid. The total amount to be paid under this paragraph shall be determined by
2.23the executive director of the Teachers Retirement Association and written notification of
2.24the amount required under this paragraph must be transmitted to the eligible person.
2.25(e) If payment is made under paragraph (d), the value of the applicable eligible
2.26person's higher education individual retirement account plan account shall be transferred
2.27to the Teachers Retirement Association.
2.28(f) The Teachers Retirement Association shall determine the required purchase
2.29payment amount calculated under Minnesota Statutes, section 356.551, imposed upon
2.30the Teachers Retirement Association under this section due to the salary and service
2.31credit purchase.
2.32(g) From the total amount computed under paragraph (f), the executive director of
2.33the Teachers Retirement Association shall subtract the amounts received under paragraphs
2.34(d) and (e). The Minnesota State Colleges and Universities System must transmit the
2.35remaining amount, if any, to the executive director of the Teachers Retirement Association
2.36within 60 days following the receipt of the payments under paragraphs (d) and (e).
3.1(h) The authority to make a retirement coverage election under this section expires
3.2on January 1, 2017.
3.3EFFECTIVE DATE.This section is effective the day following final enactment.