HF 3548

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; modifying payment amount 
  1.3             determinations for military service credit purchases 
  1.4             in the teachers retirement association; amending 
  1.5             Minnesota Statutes 2000, section 354.533, subdivision 
  1.6             1. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2000, section 354.533, 
  1.9   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 and who performed 
  1.13  service in the United States armed forces before becoming a 
  1.14  teacher as defined in section 354.05, subdivision 2, or who 
  1.15  failed to obtain service credit for a military leave of absence 
  1.16  under the provisions of section 354.53, is entitled to purchase 
  1.17  allowable and formula service credit for the initial period of 
  1.18  enlistment, induction, or call to active duty without any 
  1.19  voluntary extension by making payment under section 356.55 
  1.20  paragraph (b) provided the teacher is not entitled to receive a 
  1.21  current or deferred retirement annuity from a United States 
  1.22  armed forces pension plan and has not purchased service credit 
  1.23  from any other defined benefit public employee pension plan for 
  1.24  the same period of service. 
  1.25     (b) The purchase payment amount must be based on the 
  1.26  teacher's average full-time monthly salary rate during the first 
  2.1   year of employment as a teacher following service in the United 
  2.2   States armed forces and must be without interest. 
  2.3      Sec. 2.  [EFFECTIVE DATE.] 
  2.4      Section 1 is effective the day following final enactment.