Senate Floor Amendment


1.1Senator Rosen moved to amend S.F. No. 545 as follows:
1.2Page 8, lines 19 to 20, strike "BENEFIT AND CONTRIBUTION"
1.3Page 8, delete section 1
1.4Page 9, delete section 2
1.5Page 10, delete section 3
1.6Page 12, before line 1, insert:

1.9The board of trustees of the Public Employees Retirement Association shall present to
1.10the Legislative Commission on Pensions and Retirement, no later than January 15, 2018, a
1.11package of benefit and sustainability reforms for the general employees retirement plan
1.12consisting of reforms that are similar to the changes made to the other statewide retirement
1.13plans during the 2017 legislative session and any other related reforms that improve the
1.14projected funded ratio of the plan. The package of reforms must be accompanied by the
1.15opinion of the plan's approved actuary under section 356.215, subdivision 1, paragraph (c),
1.16that implementation of the reforms is projected to result in the general employees retirement
1.17plan attaining a ratio of market value of assets to actuarial accrued liabilities equal to or
1.18greater than 90 percent by the end of the amortization period under section 356.215,
1.19subdivision 11, in effect as of July 1, 2017. For purposes of determining the initial funding
1.20ratio, the beginning asset value as of July 1, 2017, shall be the market value of assets expected
1.21to occur if the assumed investment return for fiscal year 2017 is met. Subsequent funding
1.22ratios should be based on the actuarial accrued liability determined as of July 1, 2017, and
1.23subsequent projected assets and liabilities based on approved 2017 valuation assumptions.
1.24The package of reforms shall be presented for consideration by the Legislative Commission
1.25on Pensions and Retirement and passage by the legislature during the 2018 legislative
1.27Page 12, line 2, after "353.71," insert " subdivision 1,"
1.28Page 28, line 8, before "Teachers" insert "Public Employees Retirement Association
1.29and the "
1.30Page 28, lines 11 to 12, delete "and the Public Employees Retirement Association "
1.31Page 28, line 14, before "Teachers" insert "Public Employees Retirement Association
1.32and the "
2.1Page 28, line 18, before "Teachers" insert "Public Employees Retirement Association
2.2and the "
2.3Page 28, line 19, before "354.55" insert "353.74 or" and before the period insert ",
2.4whichever applies"
2.5Page 33, lines 27 to 28, delete the new language
2.6Page 34, line 1, reinstate everything after "January 1"
2.7Page 34, line 2 reinstate "retirement plan,"
2.8Page 34, line 5, delete "and"
2.9Page 34, line 6, reinstate everything after "January 1"
2.10Page 34, line 7, reinstate "retirement plan,"
2.11Page 34, lines 12 to 28, reinstate the stricken language
2.12Page 34, line 29, reinstate everything before "subdivision" and after "1, " insert "paragraph
2.13(a), clauses (3) and (4), "
2.14Page 34, lines 30 to 33, reinstate the stricken language
2.15Page 35, lines 1 to 3, reinstate the stricken language and delete the new language
2.16Page 35, delete lines 7 to 24
2.17Renumber the sections in sequence and correct the internal references
2.18Amend the title accordingly
2.19The motion prevailed. #did not prevail. So the amendment was #not adopted.