HF 228

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to retirement; public employees defined contribution retirement plan;
permitting certain St. Paul school board members to purchase prior uncovered
service.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin ST. PAUL SCHOOL BOARD; PRIOR SERVICE PURCHASE.
new text end

new text begin (a) An eligible person described in paragraph (b) is entitled to purchase prior
uncredited service rendered as a member of the board of education of Independent School
District No. 625, St. Paul, from the defined contribution retirement plan of the Public
Employees Retirement Association.
new text end

new text begin (b) An eligible person is a person who:
new text end

new text begin (1) was born on May 7, 1960;
new text end

new text begin (2) first became a member of the board of education of Independent School District
No. 625, St. Paul, in January 1992; and
new text end

new text begin (3) first enrolled in the public employees defined contribution plan on February
17, 1998.
new text end

new text begin (c) To make the purchase, the eligible person shall pay an amount equal to the
salary of the person between January 1, 1992, and February 17, 1998, multiplied by five
percent, plus compound interest on that amount at the rate of six percent from July
1, 1994, to the date of payment.
new text end

new text begin (d) If the eligible person makes the payment under paragraph (c), Independent
School District No. 625, St. Paul, shall pay an amount equal to the amount under
paragraph (c). The employer payment must be made within ten days of the date of
notification of the eligible person's payment by the executive director of the Public
Employees Retirement Association.
new text end

new text begin (e) This authority expires on May 31, 2009, or on the first day of the month next
following the conclusion of the eligible member's elected public service, whichever
occurs earlier.
new text end

Sec. 2.

new text begin EFFECTIVE DATE.
new text end

new text begin Section 1 is effective the day following final enactment.
new text end