HF 2971

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; allowing the purchase of service credit 
  1.4             for private American schools located in foreign 
  1.5             countries; amending Minnesota Statutes 1999 
  1.6             Supplement, section 354.536, subdivision 1. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1999 Supplement, section 
  1.9   354.536, subdivision 1, is amended to read: 
  1.10     Subdivision 1.  [SERVICE CREDIT PURCHASE AUTHORIZED.] (a) A 
  1.11  teacher who has at least three years of allowable service credit 
  1.12  with the teachers retirement association is entitled to purchase 
  1.13  up to ten years of allowable and formula service credit for 
  1.14  private or parochial school teaching service by making payment 
  1.15  under section 356.55, provided that the teacher is not entitled 
  1.16  to receive a current or deferred age and service retirement 
  1.17  annuity or disability benefit from the applicable 
  1.18  employer-sponsored pension plan and has not purchased service 
  1.19  credit from the applicable defined benefit employer-sponsored 
  1.20  pension plan for that service. 
  1.21     (b) An accredited private American school located in a 
  1.22  foreign country is a private or parochial school for purposes of 
  1.23  paragraph (a). 
  1.24     Sec. 2.  [EFFECTIVE DATE.] 
  1.25     Section 1 is effective the day following final enactment.