HF 2546

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

A bill for an act
relating to retirement; general employees retirement
plan of the Public Employees Retirement Association;
permitting the purchase of service credit for which
Independent School District No. 271, Bloomington,
failed to make member deductions.

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

Section 1. new text begin PERA-GENERAL; BLOOMINGTON PUBLIC SCHOOLS
CUSTODIAN SERVICE CREDIT PURCHASE AUTHORIZATION.
new text end

new text begin (a) Notwithstanding any provision of law to the contrary,
an eligible person specified in paragraph (b) may purchase
allowable service credit in the general employees retirement
plan of the Public Employees Retirement Association for the
years and months that elapsed between the date of hire by
Independent School District No. 271, Bloomington, and the date
on which the person was recorded as a member of the general
employees retirement plan of the Public Employees Retirement
Association upon the payment of the amount set forth in
paragraph (c).
new text end

new text begin (b) An eligible person is a person who was employed by
Independent School District No. 271, Bloomington, on the
applicable indicated employment date, but who was not reported
to the Public Employees Retirement Association as a member of
the general employees retirement plan until the applicable
indicated membership record date, and who consequently has an
uncredited period of school district employment, as follows:
new text end

new text begin employee new text end new text begin employment date new text end new text begin membership record date
new text end

new text begin A new text end new text begin August 29, 1985 new text end new text begin January 1, 1989
new text end

new text begin B new text end new text begin April 29, 1986 new text end new text begin November 16, 1988
new text end

new text begin C new text end new text begin January 7, 1987 new text end new text begin June 12, 1989
new text end

new text begin D new text end new text begin July 21, 1986 new text end new text begin July 1, 1989
new text end

new text begin E new text end new text begin May 22, 1988 new text end new text begin June 12, 1989
new text end

new text begin F new text end new text begin September 11, 1988 new text end new text begin June 12, 1989
new text end

new text begin G new text end new text begin February 9, 1989 new text end new text begin June 16, 1989
new text end

new text begin H new text end new text begin February 15, 1989 new text end new text begin June 16, 1989
new text end

new text begin I new text end new text begin March 25, 1989 new text end new text begin June 12, 1989
new text end

new text begin (c) The prior service credit purchase payment amount is the
amount determined for each eligible person by the executive
director of the Public Employees Retirement Association under
Minnesota Statutes, section 356.551.
new text end

new text begin (d) The eligible person shall pay an amount equal to the
member contribution that the person would have paid if the
person had been a member of the general employees retirement
plan of the Public Employees Retirement Association during the
period between the applicable employment date and the applicable
membership record date, plus annual compound interest on the
total amount at the rate of 8.5 percent from the midpoint date
of the uncredited employment period until the date on which the
equivalent member contribution is paid. Payment must be made by
July 1, 2006, or by the date of the termination of employment,
whichever is earlier.
new text end

new text begin (e) If the eligible person makes the required payment under
paragraph (d) in a timely fashion, an appropriation must be made
from the general fund to the Public Employees Retirement
Association to cover the difference between the amount
determined under paragraph (c) and the amount paid under
paragraph (d). The payment by the state must be made within 30
days of notification to the commissioner of finance by the
executive director of the Public Employees Retirement
Association of the payment by an eligible person under paragraph
(d).
new text end

new text begin (f) The eligible person shall provide any relevant
documentation related to the eligibility to make this service
credit purchase that is required by the executive director of
the Public Employees Retirement Association.
new text end

new text begin (g) Only periods of employment when the eligible person
would have been eligible for coverage by the general employees
retirement plan of the Public Employees Retirement Association
are purchasable under this section.
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