Legislative Session number- 88

Bill Name: SF1803

1E Relating to public retirement

ARTICLE 1 - RETIREMENT PLAN MEMBERSHIP
INCLUSIONS AND EXCLUSIONS

Providing public employees retirement association
(PERA) general grandparent coverage for certain Stevens county housing and
redevelopment authority employees and validating certain other coverages for
current employees; ratifying certain current St. Cloud metropolitan transit
commission bus drivers; reorganizing and updating Minnesota state retirement
system general (MSRS), PERA general, teachers retirement association (TRA), and
the two first class cities teachers retirement fund associations inclusions and
exclusions; replacing the membership monthly minimum salary threshold with an
annual minimum salary threshold for certain governmental unit
employees

ARTICLE 2 - RETIREMENT GOVERNING BOARD PROVISIONS

Modifying the
MSRS board membership provision by permitting deferred retirees to vote in board
member elections

ARTICLE 3 - RETIREMENT PLAN CONTRIBUTION RATE
CHANGES

Increasing the MSRS general and correctional and the PERA general
member and employer contribution rates; modifying the PERA contribution
stabilizer provision

ARTICLE 4 - JOINT AND SURVIVOR OPTIONAL ANNUITY
COMPUTATION DISCOUNT RATE

Specifying a certain interest rate for computing
joint and survivor annuities in the defined benefit retirement plans

ARTICLE
5 - MSRS-CORRECTIONAL RETIREMENT PLAN COVERAGE CHANGES

Ratifying the
department of human services (DHS) extension of MSRS correctional retirement
coverage to certain employees at the Minnesota security hospital at St. Peter;
extending retirement coverage for former Minnesota extended treatment option
(METO) program employees at Cambridge; proposing a certain addition to the
retirement plan coverage list

ARTICLE 6 - TRA-DTRFA
CONSOLIDATION

Mandating a full consolidation of the Duluth teachers
retirement fund association (DTRFA) into the teachers retirement association
(TRA) by a certain time and upon approval; providing annual new state aid to TRA
to fund the consolidation

ARTICLE 7 - FIRST CLASS CITY TEACHER RETIREMENT
FUND ASSOCIATION CHANGES

Making a certain appropriation to the St. Paul
teachers retirement fund association (SPTRFA) permanent; resetting the SPTRFA
state aid termination upon full funding; replacing the SPTRFA rolling
amortization target date

ARTICLE 8 - MNSCU RELATED PROVISIONS

Extending
the duration of an early retirement incentive program for the Minnesota state
colleges and universities (MnSCU) system; increasing the maximum for the
annuitant retire-to-work provision for faculty; removing the faculty member
retirement coverage transfer and service credit purchase authority expiration
date

ARTICLE 9 - POLICE ANF FIREFIGHTER PENSION CHANGES

Clarifying
Minneapolis police and firefighter law post-retirement adjustments consistency
with previous adjustments; making technical corrections; clarifying independent
nonprofit firefighting corporation eligibility for receipt of police and fire
supplemental retirement state aid; requiring certain PERA consolidation account
survivor benefits reporting

ARTICLE 10 - ACTUARIAL ASSUMPTION
CHANGES

Replacing the current implicit post-retirement adjustment rate
actuarial assumption for the public employee defined benefit retirement plans;
making a technical correction; repealing the temporary reduced post-retirement
adjustment rate interest rate adjustment provision

ARTICLE 11 -
POST-RETIREMENT ADJUSTMENT TRIGGER PROCEDURES

Requiring the statewide and
major local retirement plans to have two consecutive years with certain excess
funding ratios prior to post-retirement adjustment full rate
restoration

ARTICLE 12 - VOLUNTEER FIREFIGHTER RELIEF ASSOCIATION
CHANGES

Excluding certain municipalities with full-time fire departments
covered by PERA police and fire from filing a fire state aid annual financial
report; limiting retirement plan asset investments in certain bonds; providing
an aggregation and extension; clarifying treatment of previously forfeited
amounts by a defined contribution relief association; clarifying certain
ratification and filing requirements and certain definitions; modifying the
special fund authorized disbursement provision

ARTICLE 13 - MISCELLANEOUS
RETIREMENT PROVISIONS

Clarifying offerings under the supplemental fund to not
be named and permitting state board of investment revisions at will; expanding
the state deferred compensation plan liability provision investment exclusion;
modifying the PERA employing unit payroll reporting requirements and the
post-retirement options (PRO) program ; permitting county sheriffs an
additional month to retire; exempting ex-spouse monthly benefit portion from
certain deferral procedures; shortening the timeframe for MSRS annuity
applications; modifying the TRA reemployed annuitant to apply to certain
teachers; modifying the TRA medical advisor provision and permitting members to
have dues deducted from annuities; making a technical change

ARTICLE 14 - ONE
PERSON AND SMALL GROUP RETIREMENT PROVISIONS

Extending the PERA police and
fire disability benefit application deadline for certain Wadena county sheriff
deputies; permitting Duluth and Duluth airport authority employees to purchase
certain salary credit; permitting a MnSCU employee to transfer past and
prospective coverage to TRA under certain conditions; permitting a full
actuarial value service credit purchase by a Mille Lacs tribal police officer;
permitting a Hennepin county commissioner to purchase service credit from PERA
general
(rt)