HF 2535

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; Minneapolis teachers 
  1.3             retirement fund; providing for retirement at age 65 
  1.4             and rule of 90; amending Minnesota Statutes 2000, 
  1.5             sections 354A.011, subdivision 15a; 354A.31, by adding 
  1.6             a subdivision. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2000, section 354A.011, 
  1.9   subdivision 15a, is amended to read: 
  1.10     Subd. 15a.  [NORMAL RETIREMENT AGE.] "Normal retirement 
  1.11  age" means age 65 for a person who first became a member of the 
  1.12  coordinated program of the Minneapolis or St. Paul teachers 
  1.13  retirement fund association or the new law coordinated program 
  1.14  of the Duluth teachers retirement fund association or a member 
  1.15  of a pension fund listed in section 356.30, subdivision 3, 
  1.16  before July 1, 1989.  For a person who first became a member of 
  1.17  the coordinated program of the Minneapolis or St. Paul teachers 
  1.18  retirement fund association or the new law coordinated program 
  1.19  of the Duluth teachers retirement fund association after June 
  1.20  30, 1989, normal retirement age means the higher of age 65 or 
  1.21  retirement age, as defined in United States Code, title 42, 
  1.22  section 416(l), as amended, but not to exceed age 66.  "Normal 
  1.23  retirement age" means age 65 for a member of the coordinated 
  1.24  program of the Minneapolis teachers retirement fund 
  1.25  association.  For a person who is a member of the basic program 
  1.26  of the Minneapolis or St. Paul teachers retirement fund 
  2.1   association or the old law coordinated program of the Duluth 
  2.2   teachers retirement fund association, normal retirement age 
  2.3   means the age at which a teacher becomes eligible for a normal 
  2.4   retirement annuity computed upon meeting the age and service 
  2.5   requirements specified in the applicable provisions of the 
  2.6   articles of incorporation or bylaws of the respective teachers 
  2.7   retirement fund association. 
  2.8      Sec. 2.  Minnesota Statutes 2000, section 354A.31, is 
  2.9   amended by adding a subdivision to read: 
  2.10     Subd. 4b.  [RULE OF 90; MINNEAPOLIS FUND.] Notwithstanding 
  2.11  any other law to the contrary, a member of the Minneapolis 
  2.12  teachers retirement fund association whose attained age plus 
  2.13  credited allowable service totals 90 years is entitled upon 
  2.14  application to a retirement annuity in an amount equal to the 
  2.15  normal retirement annuity provided in subdivision 4 without any 
  2.16  reduction in annuity by reason of such early retirement.