HF 2893

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; clarifying persons eligible 
  1.3             for optional annuities from the Minneapolis police 
  1.4             relief association; amending Minnesota Statutes 2000, 
  1.5             section 423B.09, subdivision 6. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2000, section 423B.09, 
  1.8   subdivision 6, is amended to read: 
  1.9      Subd. 6.  [OPTIONAL ANNUITIES.] A member who is retired or 
  1.10  disabled on the effective date of Laws 1997, chapter 233, 
  1.11  article 4, section 6, may elect an optional retirement annuity 
  1.12  within 60 days of the effective date of Laws 1997, chapter 233, 
  1.13  article 4, section 6, instead of the normal retirement annuity.  
  1.14  A member who retires or becomes disabled after the effective 
  1.15  date of Laws 1997, chapter 233, article 4, section 6, may elect 
  1.16  an optional retirement annuity prior to the receipt of any 
  1.17  benefits.  The optional retirement annuity may be a 50 percent, 
  1.18  a 75 percent, or a 100 percent joint and survivor annuity 
  1.19  without reinstatement in the event of the designated beneficiary 
  1.20  predeceasing the member or a 50 percent, a 75 percent, or a 100 
  1.21  percent joint and survivor annuity with reinstatement in the 
  1.22  event of the designated beneficiary predeceasing the member.  
  1.23  Optional retirement annuity forms must be actuarially equivalent 
  1.24  to the service pension and automatic survivor coverage otherwise 
  1.25  payable to the retiring member and the member's 
  2.1   beneficiaries.  A member may only designate the member's spouse 
  2.2   as the recipient of a joint and survivor annuity and no benefit 
  2.3   or annuity may be paid to a person who does not meet the 
  2.4   definition of a surviving spouse member under section 423B.01, 
  2.5   subdivision 17.  Once selected, the optional annuity is 
  2.6   irrevocable. 
  2.7      Sec. 2.  [EFFECTIVE DATE.] 
  2.8      Section 1 is effective the day following final enactment 
  2.9   and applies to all joint annuity options selected by members of 
  2.10  the Minneapolis police relief association.