HF 2219

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to retirement; authorizing purchase of
service credit from the public employees police and
fire fund.

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

Section 1. new text begin PURCHASE OF SERVICE CREDIT.
new text end

new text begin Subdivision 1. new text end

new text begin Eligibility. new text end

new text begin An eligible person may
purchase allowable service credit from the public employees
police and fire fund for the period from November 23, 1984, to
March 16, 1985. An eligible person is a person who:
new text end

new text begin (1) is currently a member of the public employees police
and fire fund; and
new text end

new text begin (2) was employed by the city of Faribault as a firefighter
since November 23, 1984, but was not covered by the public
employees police and fire fund from November 23, 1984, until
March 16, 1985, due to a mistake made by the city of Faribault.
new text end

new text begin Subd. 2. new text end

new text begin Purchase requirements. new text end

new text begin An eligible person must
apply to the executive director of the Public Employees
Retirement Association to make the service credit purchase
authorized in this section. The application must be in writing
and must contain documentation required by the executive
director.
new text end

new text begin Subd. 3. new text end

new text begin Payment. new text end

new text begin If an eligible person meets the
requirements to purchase service credit under this section, the
public employees police and fire fund must be paid the amount
determined under Minnesota Statutes, section 356.551. Of this
amount:
new text end

new text begin (1) the eligible person must pay an amount equal to the
employee contribution rate during the period of service to be
purchased, applied to the actual salary in effect during that
period, plus interest at the rate of 8.5 percent per year
compounded annually from the date on which the contributions
should have been made to the date on which payment is made under
this section; and
new text end

new text begin (2) the city of Faribault must pay the remainder of the
amount determined under Minnesota Statutes, section 356.551.
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