HF 732

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to retirement; authorizing purchase of 
  1.3             service credit from the public employees retirement 
  1.4             association. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [PAYMENT OF OMITTED SALARY DEDUCTION.] 
  1.7      Subdivision 1.  [APPLICATION.] A person who was born on 
  1.8   February 11, 1948, may purchase service credit from the public 
  1.9   employees retirement association for previously uncredited 
  1.10  service between July 1985 and March 1999 during which the person 
  1.11  was employed by the Minneapolis park board. 
  1.12     Subd. 2.  [PAYMENT.] The purchase payment amount for the 
  1.13  service credit purchase authorized in subdivision 1 is governed 
  1.14  by Minnesota Statutes 2000, section 356.55.  Notwithstanding any 
  1.15  provision of Minnesota Statutes, section 356.55, subdivision 5, 
  1.16  to the contrary, the eligible person must pay, on or before 
  1.17  January 1, 2002, an amount equal to the employee contribution 
  1.18  rate applied to the person's actual salary rate in effect during 
  1.19  the periods specified in subdivision 1, plus annual compound 
  1.20  interest at the rate of 8.5 percent from the date the 
  1.21  contributions should have been paid to the date of actual 
  1.22  payment.  The Minneapolis park board must pay the balance of the 
  1.23  required purchase payment amount within 30 days of the payment 
  1.24  by the eligible person.  If the Minneapolis park board fails to 
  1.25  make the required payment in a timely manner, the executive 
  2.1   director of the public employees retirement association shall 
  2.2   notify the commissioner of finance.  The commissioner shall 
  2.3   deduct that amount from any state aid payable to the city of 
  2.4   Minneapolis, plus interest of 1.5 percent per month from the 
  2.5   date the payment was due until the date the aid is deducted. 
  2.6      Subd. 3.  [DOCUMENTATION.] A person described in 
  2.7   subdivision 1 must apply with the executive director of the 
  2.8   public employees retirement association to make the purchase.  
  2.9   The application must be in writing and must include all 
  2.10  necessary documentation of the applicability of this section and 
  2.11  any other relevant information required by the executive 
  2.12  director. 
  2.13     Sec. 2.  [EFFECTIVE DATE.] 
  2.14     Section 1 is effective the day following final enactment.