HF 2545

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 11:31pm

A bill for an act
relating to retirement; authorizing a refund repayment by a Minnesota State
Colleges and Universities System employee covered by the individual retirement
account plan.

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

Section 1. new text begin MSRS-GENERAL AND PERA-GENERAL; AUTHORITY FOR IRAP
MEMBER TO REPAY PRIOR REFUNDS OF MEMBER CONTRIBUTIONS.
new text end

new text begin (a) Notwithstanding any provision of Minnesota Statutes, chapter 352 or 353, to
the contrary, an eligible person described in paragraph (b) is entitled to repay member
contribution refunds taken from the general state employees retirement plan of the
Minnesota State Retirement System and from the general employees retirement plan of
the Public Employees Retirement Association.
new text end

new text begin (b) An eligible person is a person who:
new text end

new text begin (1) was born on July 19, 1948;
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new text begin (2) was employed by Mankato State University in 1969, with retirement coverage in
the general state employees retirement plan of the Minnesota State Retirement System, for
which a refund of member contributions and interest was taken before 2007;
new text end

new text begin (3) was employed by the city of Austin in the early 1980s, with retirement coverage
in the general employees retirement plan of the Public Employees Retirement Association,
for which a refund of member contributions and interest was taken before 2007;
new text end

new text begin (4) is employed by the Minnesota State Colleges and Universities System at
Riverland Community College; and
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new text begin (5) had the person's employment position upgraded by the Minnesota State Colleges
and Universities System on September 9, 2007, and had retirement coverage transferred
by operation of law to the higher education individual retirement account plan.
new text end

new text begin (c) The refund repayment amount is governed by Minnesota Statutes, sections
352.23 and 353.35.
new text end

new text begin (d) Authority to repay a refund under this section expires on December 31, 2010.
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