HF 2599

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; public employees police and 
  1.3             fire plan; allowing retirees from former consolidation 
  1.4             accounts to make a special joint and survivor optional 
  1.5             annuity election. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [PUBLIC EMPLOYEES POLICE AND FIRE PLAN; 
  1.8   ONE-TIME SPECIAL OPTIONAL ANNUITY ELECTION FOR CERTAIN FORMER 
  1.9   CONSOLIDATION ACCOUNT RETIREES.] 
  1.10     (a) In addition to the survivor benefit payable under 
  1.11  Minnesota Statutes, section 353B.11, a consolidated member who 
  1.12  was deferred, retired, or receiving disability benefits on the 
  1.13  effective date of the consolidation of a local police and 
  1.14  firefighter relief association, who elected annual adjustments 
  1.15  as provided under Minnesota Statutes, section 353A.08, 
  1.16  subdivision 1 or 2; or Laws 1999, chapter 222, article 4, 
  1.17  section 10, subdivisions 5 and 6, may elect an optional annuity 
  1.18  form. 
  1.19     (b) The optional annuity form may be either a 25 percent or 
  1.20  a 50 percent joint and survivor annuity and is without 
  1.21  reinstatement in the event of the surviving spouse predeceasing 
  1.22  the member. 
  1.23     (c) The optional annuity form election is effective October 
  1.24  1, 2000.  Optional annuity forms must be actuarially equivalent 
  1.25  to the service pension currently paid to the retired 
  2.1   consolidated member and must be based upon the age of the member 
  2.2   and the age of the spouse of the member as of October 1, 2000. 
  2.3      (d) The annuity form must be elected in writing on a form 
  2.4   prescribed by the executive director of the public employees 
  2.5   retirement association before October 1, 2000.  Once selected, 
  2.6   the optional annuity is irrevocable. 
  2.7      (e) The executive director of the public employees 
  2.8   retirement association shall provide counseling to members 
  2.9   regarding the election of an optional annuity form. 
  2.10     Sec. 2.  [EFFECTIVE DATE.] 
  2.11     Section 1 is effective the day following final enactment.