HF 1579

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; public employees police and 
  1.3             fire plan; specifying salary to be used for purposes 
  1.4             of calculating certain benefits; mandating certain 
  1.5             payments by the department of public safety. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [SALARY CREDIT FOR PERA-POLICE AND FIRE 
  1.8   BENEFITS.] 
  1.9      Subdivision 1.  [SERVICE PERIOD; SALARY.] Notwithstanding 
  1.10  any law to the contrary, if payments are made as required by 
  1.11  subdivision 2, the salary that a person received as an assistant 
  1.12  commissioner in the department of public safety after April 30, 
  1.13  1994, and through May 31, 1998, while on an intergovernmental 
  1.14  mobility assignment to state employment from the city of St. 
  1.15  Paul police department, must be counted as salary for purposes 
  1.16  of calculating the retirement annuity benefits payable to the 
  1.17  person from the public employees police and fire plan. 
  1.18     Subd. 2.  [PAYMENT.] (a) Subdivision 1 applies if there is 
  1.19  paid to the public employees police and fire plan an amount 
  1.20  equal to the present value of the unreduced single life 
  1.21  retirement annuity payable from the public employees police and 
  1.22  fire plan if subdivision 1 applies, minus the present value of 
  1.23  the unreduced single life retirement annuity payable from the 
  1.24  public employees police and fire plan if subdivision 1 does not 
  1.25  apply.  These amounts must be calculated under Minnesota 
  2.1   Statutes, section 356.55, subdivision 2, paragraphs (b) and (c). 
  2.2      (b) For subdivision 1 to apply, the employee described in 
  2.3   subdivision 1 must pay the public employees police and fire plan 
  2.4   an amount equal to:  (1) the member contribution rates in effect 
  2.5   for the public employees police and fire plan after April 30, 
  2.6   1994, and through May 31, 1998, applied to the salary paid to 
  2.7   the person by the department of public safety during that 
  2.8   period; plus (2) annual compound interest at the rate of 8.5 
  2.9   percent on the amount in clause (1) from the date on which the 
  2.10  contributions calculated under clause (1) would have been made 
  2.11  to the date on which the employee payment is actually made under 
  2.12  this paragraph. 
  2.13     (c) Within 60 days of receiving notice from the executive 
  2.14  director of the public employees retirement association that the 
  2.15  employee has made the member contribution payment under 
  2.16  paragraph (b), the department of public safety must pay the 
  2.17  public employees police and fire plan the difference between the 
  2.18  amount due under paragraph (a) and the employee payment under 
  2.19  paragraph (b). 
  2.20     Sec. 2.  [EFFECTIVE DATE.] 
  2.21     Section 1 is effective the day following final enactment.