HF 2587

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; permitting certain teachers with a break 
  1.4             in service for the 1968-1969 school year to elect the 
  1.5             improved money purchase plan retirement annuity upon 
  1.6             retirement; amending Minnesota Statutes 1998, section 
  1.7             354.55, subdivision 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) A teacher who was first employed as a teacher before 
  1.18  July 1, 1968, and who was not granted an opportunity to make an 
  1.19  election under Minnesota Statutes 1971, section 354.145, 
  1.20  subdivisions 1, clause (1), and 2, clause (1), because the 
  1.21  person resigned his or her teaching position for the 1968-1969 
  1.22  school year in the Campbell, Minnesota school district in order 
  1.23  to handle a family illness, is entitled to have his or her 
  1.24  retirement annuity computed under section 354.44, subdivision 2 
  1.25  or 6, whichever is the larger amount. 
  1.26     Sec. 2.  [EFFECTIVE DATE.] 
  2.1      Section 1 is effective on the day following final enactment.