Legislative Session number- 86

Bill Name: SF0191

4E Relating to retirement

ARTICLE 1 - MINNESOTA POST RETIREMENT INVESTMENT
FUND DISSOLUTION ACCOMMODATION

Establishing a legislators retirement fund as
a special retirement fund to be credited with assets equal to the participation
of the legislators retirement plan in the Minnesota postretirement investment
fund; modifying teachers pre-1969 law retirements; modifying actuarial value of
assets and providing calculations; establishing uniform annual postretirement
adjustments for the legislature, Minnesota state retirement association (MSRS)
correctional and general state employees, state patrol (trooper), elective state
officers, public employees retirement association (PERA) general employees,
police and fire retirement plan and local government correctional employees,
teachers and judges retirement plans; repealing the Minnesota postretirement
investment fund and participation by the public retirement plans, repealing a
state board of investment report on postretirement investment fund, investment
performance and adjustment calculation

ARTICLE 2 - DISABILITY BENEFIT
PROVISION CHANGES

Providing disability and duties definitions for
correctional employees,
modifying terminated employee disability benefit
application time period and lowering the age for disability benefit termination;
providing for state trooper (patrol) disability benefits provisions, defining
terms, providing a service credit, service credit for uniformed service (armed
services military),
prohibiting benefits application prior to last day on the
job and specifying
accrual, lowering age for optional annuity, making
conforming amendments,
repealing state trooper (patrol) retirement
definitions

ARTICLE 3 - STATE CORRECTIONAL RETIREMENT PLAN MEMBERSHIP
AGENCIES

Modifying the state retirement covered correctional service
definition to
include automotive mechanic under certain conditions of
employment, excluding automotive mechanic lead from Minnesota state retirement
system (MSRS) correctional plan

ARTICLE 4 - ADMINISTRATIVE
PROVISIONS

Modifying the state trooper (patrol) retirement member and
employer contributions; modifying allowable service limits and computation,
uncredited military service credit purchase, executive director and employee and
employer contributions under public employees retirement association (PERA),
providing a statute of limitations for PERA ineligible salary paid contributions
and overpaid benefits recovery, specifying adjustment and payment conditions
allowing PERA to correct plan operational failures; prohibiting disability
benefits and retirement annuities simultaneously, adding Weiner memorial medical
center, Inc. to the PERA medical facility definition; defining teachers
retirement association (TRA) annual base salary and fiscal year, modifying
service credit, employee contribution, retirement annuity accrual date,
resumption of teaching after retirement, death prior to retirement, permanent
disability benefits determination, examination and calculation, postretirement
income reporting, payroll reporting, annual base salary reporting, noncompliance
consequences, deferred annuity augmentation and part-time teaching definition,
creating TRA full actuarial value uncredited military service credit purchase,
correcting teachers retirement erroneous salary deductions or direct payments,
clarifying TRA supplemental needs trust as optional annuity designation;
authorizing administrative subpoena for benefits overpayment after annuitant
death, requiring cost of living increases benefit reductions; modifying
limitation on public employee salaries for pension purposes, eligible retirement
plan, distributee and petition for review appeal; extending certificate of
approval filing date for Clearwater County Memorial hospital to be included in
PERA; correcting Duluth and Duluth airport authority erroneous employee
deductions, employer contributions and overpaid benefits; repealing TRA board of
trustees fiscal year and annuity increases

ARTICLE 5 - LOCAL GOVERNMENT POST
RETIREMENT OPTION PROGRAM

Providing a public employees retirement association
(PERA) postretirement option, specifying eligibility, annuity reduction not
applicable, governing body discretion, duration copy to fund, no service credit
and subsequent employment

ARTICLE 6 - MnSCU RELATED RETIREMENT
PROVISIONS

Authorizing the board of trustees of the Minnesota state colleges
and universities (MnSCU) to offer a targeted early separation incentive program
for employees; specifying program components, eligibility, acceptance procedure,
cost responsibility and annual report filing; setting a sunset date; authorizing
certain tenured faculty of the Minnesota state colleges and universities (MnSCU)
to elect to transfer retirement coverage under the teachers retirement plan
within one year of the faculty member
achieving tenure or its equivalent at a
Minnesota state college or university

ARTICLE 7 - ST. PAUL TEACHERS
RETIREMENT FUND ASSOCIATION POSTRETIREMENT ADJUSTMENTS

Modifying the St. Paul
teachers retirement fund association postretirement
adjustment provision;
providing for a cost-of-living adjustment, requiring
executive director
determination of the adjustment and modifying the eligibility period; requiring
a bylaws revision; repealing a certain provision relating to elimination of
prior lump-sum postretirement adjustment mechanism, additional investment
percentage adjustment and effect on annuity

ARTICLE 8 - LOCAL POLICE AND PAID
FIRE RELIEF ASSOCIATION CHANGES

Extending the Fairmont and Minneapolis police
relief associations special fund amortization dates; specifying the Minneapolis
firefighters relief association special fund amortization date determination;
specifying the Virginia fire department relief association special fund
amortization date; specifying the Bloomington fire department relief association
special fund amortization date determination; providing for super session to
applicable special laws; modifying provisions relating to local police and
firefighters relief associations amortization state aid; modifying the local
police and firefighters relief association amortization state aid reallocation
to be distributed among the teachers retirement association (TRA), the Duluth
teachers retirement fund association and the St. Paul teachers retirement fund
association to fund unfunded actuarial accrued liabilities; modifying the number
of member representatives on the Minneapolis firefighters relief association
board of trustees

ARTICLE 9 - VOLUNTARY STATEWIDE LUMP SUM VOLUNTEER
FIREFIGHTER RETIREMENT PLAN

Creating a voluntary statewide lump-sum volunteer
firefighter retirement plan; defining terms; providing coverage for volunteer
firefighters serving in fire departments in municipalities or independent
nonprofit firefighting corporations electing to have retirement coverage in the
voluntary statewide lump-sum volunteer firefighter retirement plan; requiring
the voluntary statewide lump-sum volunteer firefighter retirement plan and fund
to be managed and administered by the board of trustees of the voluntary
statewide lump-sum volunteer firefighter retirement plan and the executive
director of the public employees retirement system (PERA); establishing a
statewide volunteer firefighter retirement fund in the treasury, specifying
certain duties of the state board of investment and the commissioner of finance,
requiring the legislative auditor to audit the fund and attorney general to act
as legal advisor; establishing a voluntary statewide lump-sum volunteer
firefighter retirement plan advisory board, specifying duties and membership
requirements; requiring municipalities and fire departments with volunteer
firefighters covered by the plan to provide requested information and records to
the board; specifying election of plan coverage process requirements; providing
for disestablishment of prior volunteer firefighters relief association special
fund upon retirement coverage change and transferring assets to state board of
investment and specifying other relief association changes; providing for
certification of good time service credit annually; specifying certain funding
and disbursements requirements; specifying eligibility requirements
for
retirement benefits; providing for a deferred service pension amount;
providing for service pension levels to be selected at the election of coverage;
providing for entitlement of survivor benefits; providing portability of a
service pension under certain conditions; authorizing the purchase of annuity
contracts by the executive director; authorizing individual retirement account
transfers under certain conditions; making certain conforming changes; modifying
certain provisions relating to the supplemental investment plan, qualifications
for state aid, appointment of fire state aid to municipalities and relief
associations and the appeal process for state aid apportionment; modifying
duties of commissioner of finance relating to the issuance of warrants to the
PERA and specifying certain deposit of state aid duties by the executive
director for a municipality or the independent nonprofit firefighting
corporation

ARTICLE 10 - VOLUNTEER FIRE RELIEF ASSOCIATION
CHANGES

Modifying and clarifying certain provisions relating to deposit of
state aid, certification of financial requirements and minimum municipal
obligations, and municipal ratification for plan amendments; prohibiting service
by minors as volunteer firefighters, providing an exception; defining terms;
providing for return to active firefighting after break in service by a former
firefighter under certain conditions; regulating generally applicable
volunteer
firefighters relief association pension plans; providing for defined
contribution volunteer firefighters relief association specific regulation;
modifying certain service pension plan provisions and specifying certain
calculation requirements; specifying certain fiduciary responsibility
requirements for board of trustees of a relief association; requiring successor
relief associations to be a defined benefit relief association
following
certain consolidation proceedings; regulating consolidation of defined
contribution relief associations, individual accounts and certain funding
requirements; regulating mixed consolidating relief associations, the benefit
plan and funding; modifying certain definitions, payment of service pension
requirements, lump-sum service pensions installment payment requirements, board
of trustees membership provisions, certain relief association special fund
disbursement requirements, fire state aid disbursement requirements for
qualified municipalities without a relief association and definition of survivor
of deceased active or deferred volunteer firefighter; requiring the Brimson
firefighters relief association to be managed by a board of trustees, specifying
board membership; repealing certain provisions for recodification and
obsolescence purposes and a certain provision relating to repayment of service
pension in certain instances

ARTICLE 11 - CORRECTION OF PRIOR DRAFTING
ERRORS

Making corrections to erroneous statutory and legal
citations

ARTICLE 12 - ONE PERSON AND SMALL GROUP RETIREMENT
PROVISIONS

Modifying department of transportation (DOT) aircraft pilots
disability or
retirement provisions; modifying the definitions of public
employees retirement association (PERA) public employee and included employees
and adding certain employees to the included employees group, defining
Minneapolis firefighters relief association or Minneapolis police relief
association; permitting Minneapolis firefighters relief association and
Minneapolis police relief association membership in the public employees
retirement association (PERA); allowing municipalities to provide employee and
dependent health benefits through negotiated contributions to self-funded
multiemployer health and welfare funds requiring prior pension plan termination;
authorizing certain PERA purchases of prior service credit for certain
individuals employed as staff for the Minneapolis firefighters or police relief
associations, PERA retirement plan election of coverage for Minneapolis
firefighters and police relief associations, a certain purchase of PERA prior
service credit for a period of omitted contributions, a certain PERA and TRA
annuity application revocation, a certain teacher assistant from independent
school district #623, Roseville retroactive exclusion from PERA coverage
election, a certain exception filing date for a disability benefit MSRS
application for a certain former employee of the Minnesota Veterans Home at
Silver Bay and a certain Hennepin county and independent school district #11,
Anoka-Hennepin employee disability application by waiving minimum service
requirements; modifying MSRS allowable service credit for job-share employees;
repealing state DOT pilot election of coverage
(rt)