HF 2668

as introduced - 91st Legislature (2019 - 2020) Posted on 03/21/2019 02:32pm

A bill for an act
relating to retirement; Teachers Retirement Association and higher education
individual retirement account plan; authorizing eligible St. Cloud State University
employee to elect Teachers Retirement Association coverage and receive retroactive
coverage.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin TRA COVERAGE ELECTION FOR CERTAIN ST. CLOUD STATE
UNIVERSITY EMPLOYEE.
new text end

new text begin (a) An eligible person described in paragraph (b) is authorized to become a coordinated
member of the Teachers Retirement Association and to purchase service and salary credit
in the Teachers Retirement Association coordinated plan retroactively from July 1, 2001,
upon making an election under paragraph (c) and upon making all required payments under
paragraph (d).
new text end

new text begin (b) An eligible person is a person who:
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new text begin (1) was born on November 30, 1955;
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new text begin (2) was initially employed in a clerical position by St. Cloud State University and was
covered by the general state employees retirement plan of the Minnesota State Retirement
System on November 27, 1989;
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new text begin (3) was hired as an academic adviser by St. Cloud State University on July 1, 2001;
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new text begin (4) was covered by the higher education individual retirement account plan on July 1,
2001; and
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new text begin (5) did not elect Teachers Retirement Association coverage in the coverage election
authorized by Minnesota Statutes 2001, section 354B.21.
new text end

new text begin (c) To be eligible for coverage by the Teachers Retirement Association, an eligible
person must submit a written application to the executive director of the Teachers Retirement
Association on a form provided by the Teachers Retirement Association. The application
must include all documentation of the applicability of this section and any other relevant
information that the executive director may require. Teachers Retirement Association plan
membership commences after the date of the retirement coverage election under this section
and past salary and service credit is granted for past Minnesota State Colleges and
Universities system employment from July 1, 2001, until the executive director receives
the written application specified in this paragraph and receipts of the payments specified in
paragraph (d). The authority granted by this section is void if the applicable eligible person
terminated from Minnesota state system employment prior to receipt by the executive
director of the Teachers Retirement Association of the application specified in this paragraph
and the amounts specified in paragraph (d). Coverage by the Teachers Retirement Association
is in lieu of coverage by the individual retirement account plan.
new text end

new text begin (d) If the eligible person elects retirement coverage by the Teachers Retirement
Association under paragraph (c), the eligible person shall execute documents necessary to
transfer the entirety of the person's account in the individual retirement account plan to the
Teachers Retirement Association and, to the extent that the transferred account balance is
less than the amount calculated under Minnesota Statutes, section 356.551, shall pay the
remaining amount within 30 days of the retirement coverage election.
new text end

new text begin (e) The authority to make a retirement coverage election under this section expires
January 1, 2020.
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new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end