HF 1466

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; requiring an actuarial study 
  1.3             to determine the costs to restructure the four 
  1.4             Minnesota teacher retirement plans. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [ACTUARIAL STUDY OF COSTS TO RESTRUCTURE 
  1.7   TEACHER PLANS.] 
  1.8      Subdivision 1.  [STUDY MANDATED.] The actuary appointed by 
  1.9   the legislative commission on pensions and retirement shall 
  1.10  prepare an actuarial report, using the results of the 2003 
  1.11  actuarial studies, that considers the feasibility of 
  1.12  restructuring the Minnesota teachers retirement association, the 
  1.13  Minneapolis teachers retirement fund association, the St. Paul 
  1.14  teachers retirement fund association, and the Duluth teachers 
  1.15  retirement fund association into a new restructured fund. 
  1.16     Subd. 2.  [CONTENTS OF STUDY.] The study should be based on 
  1.17  the proposals put forth in the report mandated by the 
  1.18  legislature in Laws 2001, First Special Session chapter 10, 
  1.19  article 11, section 20, and filed February 15, 2002, including 
  1.20  changes to the postretirement adjustment, benefits, and 
  1.21  restructuring administrative costs including asset transfers. 
  1.22     Subd. 3.  [INFORMATION PROVIDED.] The executive director of 
  1.23  the teachers retirement association, the secretary of the Duluth 
  1.24  teachers retirement fund association, the executive director of 
  1.25  the St. Paul teachers retirement fund association, and the 
  2.1   executive director of the Minneapolis teachers retirement fund 
  2.2   association must consult with and provide all necessary 
  2.3   information requested for this report. 
  2.4      Subd. 4.  [COSTS.] The cost of the actuary report mandated 
  2.5   in this section will be paid by the pension funds named in this 
  2.6   legislation. 
  2.7      Subd. 5.  [FILING DATE.] The report must be filed by 
  2.8   January 15, 2004, with the chair of the legislative commission 
  2.9   on pensions and retirement, the chair of the senate committee on 
  2.10  state and local government operations, and the chair of the 
  2.11  house committee on government operations and veterans affairs 
  2.12  policy.