Skip to main content Skip to office menu Skip to footer
Capital IconMinnesota Legislature
Office of the Revisor of Statutes

HF 4666

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/11/2024 04:56pm

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Pdf Rtf

Bill Text Versions

Engrossments
Introduction Posted on 03/06/2024

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 2.10 2.11 2.12 2.13 2.14 2.15 2.16 2.17 2.18
2.19 2.20

A bill for an act
 relating to retirement; public employees police and fire retirement plan; increasing
the postretirement adjustment; decreasing the waiting period for a postretirement
adjustment; amending Minnesota Statutes 2022, section 356.415, subdivision 1c.

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

Section 1.

Minnesota Statutes 2022, section 356.415, subdivision 1c, is amended to read:


Subd. 1c.

Annual postretirement adjustments; deleted text begin PERA-deleted text end new text begin public employees new text end police and
firenew text begin retirement plannew text end .

(a) Retirement annuity, disability benefit, or survivor benefit recipients
of the public employees police and fire retirement plan are entitled to an annual postretirement
adjustment, effective as of each January 1, deleted text begin as follows:deleted text end new text begin equal to the percentage of increase
determined under this subdivision. The increase to the annuity or benefit shall be determined
by multiplying the monthly amount of the annuity or benefit by the percentage of increase
specified in paragraph (b), after taking into account any reduction to the percentage of
increase required under paragraph (c).
new text end

new text begin (b) The percentage of increase shall be one percent unless the federal Social Security
Administration has announced a cost-of-living adjustment pursuant to United States Code,
title 42, section 415(i), in the last quarter of the preceding calendar year that is greater than
two percent. If the cost-of-living adjustment announced by the federal Social Security
Administration is greater than two percent, the percentage of increase shall be 50 percent
of the cost-of-living adjustment announced by the federal Social Security Administration,
but in no event may the percentage of increase exceed 1.5 percent.
 new text end

new text begin (c)new text end (1) deleted text begin for each annuitant or benefitdeleted text end new text begin If the new text end recipient deleted text begin who will havedeleted text end new text begin of an annuity, disability
benefit, or survivor's benefit has new text end been receiving deleted text begin andeleted text end new text begin the new text end annuity or benefit for at least deleted text begin 36deleted text end new text begin 12
new text end full months as of the deleted text begin immediate precedingdeleted text end June 30deleted text begin , a postretirementdeleted text end new text begin of the calendar year
immediately before the effective date of the increase, there is no reduction in the percentage
of new text end increase deleted text begin of one percent must be applied each year to the amount of the monthly annuity
or benefit of the annuitant or benefit recipient; ordeleted text end new text begin .
new text end

(2) deleted text begin for each annuitant or benefitdeleted text end new text begin If the new text end recipient deleted text begin whodeleted text end new text begin of an annuity, disability benefit, or
survivor's benefit new text end has been receiving the annuity or benefit for at least deleted text begin 25 full monthsdeleted text end new text begin one
monthnew text end , but less than deleted text begin 36deleted text end new text begin 12 full new text end months as of the deleted text begin immediate precedingdeleted text end June 30deleted text begin , a
postretirement increase of 1/12 of one percent for each full month that the person has been
receiving andeleted text end new text begin of the calendar year immediately before the effective date of the increase, the
percentage of the increase is multiplied by a fraction, the numerator of which is the number
of months the new text end annuity or benefit deleted text begin duringdeleted text end new text begin was received as of June 30 of new text end the deleted text begin fiscaldeleted text end new text begin preceding
calendar new text end year deleted text begin in which the annuity or benefit was effective must be applied each year to the
amount of the monthly annuity or benefit of the annuitant or benefit recipientdeleted text end new text begin and the
denominator of which is 12new text end .

deleted text begin (b)deleted text end new text begin (d)new text end An increase in annuity or benefit payments under this deleted text begin sectiondeleted text end new text begin subdivision new text end must
be made automatically unless written notice is filed by the annuitant or benefit recipient
with the executive director of the Public Employees Retirement Association requesting that
the increase not be made.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for postretirement adjustments beginning
on or after January 1, 2025.
 new text end