Legislative Session number- 84

Bill Name: HF2367

HF 2367

FIRST ENGROSSMENT

Minneapolis Teachers Retirement Fund Association and
Teachers Retirement Association merged, postretirement calculation modified,
contribution rates adjusted, benefit increase provided, technical changes
provided, and money appropriated.

ARTICLE 1 -- MINNESOTA POSTRETIREMENT
INVESTMENT FUND CHANGES

Section 1: Postretirement calculation modified.
Sec.
2: Effective date.

ARTICLE 2 -- DEFERRED ANNUITY AUGMENTATION RATE
CHANGE

Section 1: Actuarial reduction for early retirement modified.
Sec. 2-3:
Deferred annuity computation procedure modified.
Sec. 4: Actuarial reduction
for early retirement modified.
Sec. 5: Deferred annuity computation procedure
modified.
Sec. 6: Program retirement annuity formula computation modified.
Sec.
7-10: Dates and technical changes provided.

ARTICLE 3: TEACHERS RETIREMENT
ASSOCIATION COVERAGE AND BENEFIT RESTRUCTURING

Section 1: Tenure, pensions,
and retirement continuity modified.
Sec. 2: Aid rededication provided.
Sec. 3:
Teacher definition modified.
Sec. 4: Allowable service definition
modified.
Sec. 5: Employee clarified.
Sec. 6: Employer contribution
modified.
Sec. 7: Formula program retirement annuity computation date modified.

Sec. 8: Consolidation of Minneapolis Teachers Retirement Fund Association
provided.
Sec. 9: Minneapolis employees retirement fund state aid rededication
provided.
Sec. 10: Normal retirement age term definition modified.
Sec. 11:
Teacher term definition modified.
Sec. 12: Duluth and St. Paul teachers
retirement fund association established.
Sec. 13-19: Conforming and technical
changes.
Sec. 20-21: Special direct state aid clarified.
Sec. 22: Supplemental
contribution termination provided.
Sec. 23: Supplemental administrative expense
assessment modified.
Sec. 24-28: Technical and conforming changes.
Sec. 29:
Coordinated program administration procedure modified.
Sec. 30-32: Conforming
changes.
Sec. 33: Date for full funding specified.
Sec. 34-36: Conforming
changes.
Sec. 37-38: Coodinated plan members rates specified.
Sec. 39-41:
Conforming changes.
Sec. 42: Full funding date specified.
Sec. 43: Minneapolis
teachers retirement fund association employee job preference clause
established.
Sec. 44: Minneapolis Teachers Retirement Fund association articles
and bylaws repealer and applicability specified.
Sec. 45: Repealer.
Sec. 46:
Effective date.

AME
5/22/06