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HF 2512

as introduced - 91st Legislature (2019 - 2020) Posted on 03/14/2019 02:10pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Current Version - as introduced

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A bill for an act
 relating to retirement; revising the employer supplemental and state contributions
to the Public Employees Retirement Association related to the former MERF
division; amending Minnesota Statutes 2018, sections 353.27, subdivision 3c;
353.505.

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

Section 1.

Minnesota Statutes 2018, section 353.27, subdivision 3c, is amended to read:


Subd. 3c.

Former MERF members; member and employer contributions.

(a) For
the period July 1, deleted text begin 2015deleted text end new text begin 2019new text end , through December 31, 2031, the member contributions for
former members of the Minneapolis Employees Retirement Fund and by the former
Minneapolis Employees Retirement Fund-covered employing units are governed by this
subdivision.

(b) The member contribution for a public employee who was a member of the former
Minneapolis Employees Retirement Fund on June 29, 2010, is 9.75 percent of the salary of
the employee.

(c) The employer regular contribution with respect to a public employee who was a
member of the former Minneapolis Employees Retirement Fund on June 29, 2010, is 9.75
percent of the salary of the employee.

(d) The annual employer supplemental contribution is the employing unit's share of
deleted text begin $31,000,000. For calendar years 2017 and 2018, the employer supplemental contribution
is the employing unit's share ofdeleted text end $21,000,000.

(e) Each employing unit's share under paragraph (d) is the amount determined from an
allocation between each employing unit in the portion equal to the unit's employer
supplemental contribution paid or payable under Minnesota Statutes 2012, section 353.50,
during calendar year 2014.

(f) The employer supplemental contribution amount under paragraph (d) for calendar
year deleted text begin 2015deleted text end new text begin 2019new text end must be invoiced by the executive director of the Public Employees
Retirement Association by July 1, deleted text begin 2015. The calendar year 2015 payment is payable in a
single amount on or before September 30, 2015deleted text end new text begin 2019new text end . For subsequent calendar years, the
employer supplemental contribution under paragraph (d) must be invoiced on January 31
of each year deleted text begin anddeleted text end new text begin . The employer supplemental contributionnew text end is payable in two parts, with the
first half payable on or before July 31 and with the second half payable on or before
December 15. Late payments are payable with interest, compounded annually, at the
applicable rate or rates specified in section 356.59, subdivision 3, per month for each month
or portion of a month that has elapsed after the due date.

(g) The employer supplemental contribution under paragraph (d) terminates on December
31, 2031.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end

Sec. 2.

Minnesota Statutes 2018, section 353.505, is amended to read:


353.505 STATE CONTRIBUTIONS; FORMER MERF DIVISION.

(a) On September 15, 2019, and annually thereafter, the state shall pay to the general
employees retirement plan of the Public Employees Retirement Association, with respect
to the former MERF division, deleted text begin $6,000,000deleted text end new text begin $16,000,000new text end .

deleted text begin (b) On September 15, 2017, and September 15, 2018, the state shall pay to the general
employees retirement plan of the Public Employees Retirement Association, with respect
to the former MERF division, $16,000,000.
 deleted text end

deleted text begin (c)deleted text end new text begin (b)new text end State contributions under this section end on September 15, 2031.

new text begin (c) The commissioner of management and budget shall pay the contribution specified
in this section. The amount required is appropriated annually from the general fund to the
commissioner of management and budget.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end