Legislative Session number- 84

Bill Name: HF2847

HF 2847


THIRD ENGROSSMENT

Minneapolis Teachers Retirement Fund Association
and Teachers Retirement Association merged, 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: St. Paul teacher increase limit
provided.
Sec. 3: 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.
Sec. 11: Effective
date.

ARTICLE 3: TEACHERS RETIREMENT ASSOCIATION COVERAGE AND BENEFIT
RESTRUCTURING

Section 1: Aid adjustment provided.
Sec. 2: Tenure, pensions,
and retirement continuity modified.
Sec. 3: Aid rededication provided.
Sec. 4:
Teacher definition modified.
Sec. 5: Allowable service definition
modified.
Sec. 6: Employee clarified.
Sec. 7: Employer contribution
modified.
Sec. 8: Formula program retirement annuity computation date modified.

Sec. 9: Consolidation of Minneapolis Teachers Retirement Fund Association
provided.
Sec. 10: Minneapolis employees retirement fund state aid rededication
provided.
Sec. 11: Normal retirement age term definition modified.
Sec. 12:
Teacher term definition modified.
Sec. 13: Duluth and St. Paul teachers
retirement fund association established.
Sec. 14-18: Conforming and technical
changes.
Sec. 19: Technical changes.
Sec. 20: Conforming changes.
Sec. 21-22:
Special direct state aid clarified.
Sec. 23: Supplemental contribution
termination provided.
Sec. 24: Supplemental administrative expense assessment
modified.
Sec. 25-29: Technical and conforming changes.
Sec. 30: Coordinated
program administration procedure modified.
Sec. 31-33: Conforming changes.
Sec.
34: Date for full funding specified.
Sec. 35-37: Conforming changes.
Sec.
38-39: Coodinated plan members rates specified.
Sec. 40-42: Conforming
changes.
Sec. 43: Minneapolis teachers retirement fund association MTRFA
employee job preference clause established.
Sec. 44: Minneapolis Teachers
Retirement Fund association MTRFA articles and bylaws repealer and applicability
specified.
Sec. 45: Repealer.
Sec. 46: Effective date.

AME
5/22/06