HF 666

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; public employees retirement 
  1.3             association; authorizing the purchase of certain 
  1.4             periods of salary credit. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [PUBLIC EMPLOYEES RETIREMENT ASSOCIATION; 
  1.7   SALARY CREDIT PURCHASE AUTHORIZATION.] 
  1.8      (a) Notwithstanding Minnesota Statutes, section 353.27, or 
  1.9   any other law to the contrary, an eligible person described in 
  1.10  paragraph (b) is entitled to purchase from the public employees 
  1.11  retirement association salary credit for any salary paid by a 
  1.12  public employer during 1993 for which no public employees 
  1.13  retirement association member contributions were deducted.  The 
  1.14  purchase amount is the amount specified in paragraph (c). 
  1.15     (b) An eligible person is a person who: 
  1.16     (1) was born on April 6, 1934; 
  1.17     (2) was initially employed by the St. Peter community 
  1.18  hospital on May 26, 1989; and 
  1.19     (3) did not make member contributions to the public 
  1.20  employees retirement association on performance bonus 
  1.21  compensation during calendar year 1993 and did not make omitted 
  1.22  contribution payments under Minnesota Statutes, section 353.27, 
  1.23  subdivision 12. 
  1.24     (c) The payment amount is the combined member contribution 
  1.25  rate and the employer contribution rates applied to the 1993 
  2.1   calendar year performance bonus amount, plus compound annual 
  2.2   interest from July 1, 1993, to the date the payment is made at 
  2.3   the rate of 8.5 percent. 
  2.4      (d) The St. Peter community hospital, at its discretion, 
  2.5   may make the employer contribution amount payment portion of the 
  2.6   purchase payment amount, plus interest. 
  2.7      (e) Authority to make this payment expires on December 31, 
  2.8   1999. 
  2.9      Sec. 2.  [EFFECTIVE DATE.] 
  2.10     Section 1 is effective on the day following final enactment.