HF 2479

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; teachers retirement 
  1.3             association; extending the improved money purchase 
  1.4             benefit program savings clause to any member first 
  1.5             employed as a teacher before July 1, 1974; amending 
  1.6             Minnesota Statutes 1998, section 354.55, subdivision 
  1.7             17. 
  1.8   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.9      Section 1.  Minnesota Statutes 1998, section 354.55, 
  1.10  subdivision 17, is amended to read: 
  1.11     Subd. 17.  [RETENTION OF CERTAIN BENEFIT PLAN OPTIONS.] (a) 
  1.12  Teachers who retire after June 30, 1973 and who failed to make 
  1.13  an election pursuant to Minnesota Statutes 1971, section 
  1.14  354.145, subdivision 1, clause (1) and subdivision 2, clause (1) 
  1.15  shall have their annuity at retirement computed under section 
  1.16  354.44, subdivision 2 or 6, whichever is larger. 
  1.17     (b) Teachers who were first employed as a teacher before 
  1.18  July 1, 1974, are entitled to have their retirement annuity 
  1.19  computed under section 354.44, subdivision 2 or 6, whichever is 
  1.20  the larger amount. 
  1.21     Sec. 2.  [EFFECTIVE DATE.] 
  1.22     Section 1 is effective on the day following final enactment.