Legislative Session number- 89

Bill Name: SF1398

3E Relating to retirement

ARTICLE 1 - INTEREST, SALARY, AND PAYROLL GROWTH
ASSUMPTION CHANGES

Modifying actuarial valuation interest rate, salary
increase, and payroll growth assumptions use for certain public pension
plans

ARTICLE 2 - CONFORMING CHANGES IN REFUND REPAYMENT PROVISIONS RELATED
TO INTEREST ASSUMPTION CHANGE

Conforming certain interest assumption changes
in refund repayment provisions to certain public retirement plans

ARTICLE 3 -
CONFORMING CHANGES IN LEAVE AND PRIOR SERVICE CREDIT PURCHASE PROVISIONS RELATED
TO INTEREST ASSUMPTION CHANGE

Conforming changes in leave and prior service
credit purchase provisions relating to changes in interest assumption for
certain public retirement plans

ARTICLE 4 - POSTRETIREMENT ADJUSTMENT
FINANCIAL SUSTAINABILITY TRIGGER MODIFICATIONS

Revising the reduced rate
postretirement adjustment mechanisms of certain statewide retirement plans;
revising the postretirement adjustment mechanism of the St. Paul teachers
retirement fund association (SPTRFA) by increasing the minimum receipt period
required to qualify for an SPTRFA postretirement adjustment; repealing the St.
Paul teacher increase limit provision

ARTICLE 5 - CONTRIBUTION STABILIZER
PROVISION MODIFICATIONS

Modifying certain provisions for directing criteria
in making recommendations to adjust employee and employer contribution rates for
people enrolled in the Minnesota state retirement system (MSRS), the public
employees retirement association (PERA) or the teachers retirement association
(TRA)

ARTICLE 6 - POLICE AND FIREFIGHTER RETIREMENT SUPPLEMENTAL STATE
AID

Removing the termination of certain firefighter retirement supplemental
state aid

ARTICLE 7 - STATEWIDE VOLUNTEER FIREFIGHTER RETIREMENT PLAN LUMP
SUM RETIREMENT DIVISION MODIFICATIONS

Modifying certain provisions of the
lump sum volunteer firefighter retirement plan relating to eligibility and
computations

ARTICLE 8 - STATEWIDE VOLUNTEER FIREFIGHTER RETIREMENT PLAN
MONTHLY BENEFIT RETIREMENT DIVISION CREATION

Establishing a voluntary
statewide monthly benefit volunteer firefighter retirement plan to permit
transfers of local monthly benefit volunteer firefighters relief association
plan administration to the Public Employees Retirement Association (PERA);
requiring a cost analysis and an invested assets review for finalization of
coverage transfer under certain conditions; specifying certain annual funding
requirements for monthly benefit accounts, certain survivor benefit amounts;
authorizing fire chief to initiate certain post-transfer benefit plan document
modifications

ARTICLE 9 - VOLUNTEER FIREFIGHTER RELIEF ASSOCIATION WORKING
GROUP RECOMMENDATIONS

Implementing the recommendations of the state auditor's
volunteer firefighter working group; modifying certain disbursement, accounting
and benefit provisions; updating volunteer fire state aid references; addressing
various relief association establishment and membership issues

ARTICLE 10 -
PARTICULAR VOLUNTEER FIREFIGHTER RELIEF ASSOCIATION CHANGES

Providing for
governance and administration of the Roseville volunteer firefighters relief
association; providing for Lino Lakes firefighter past retirement coverage
transfer with the Centennial volunteer firefighter relief association

ARTICLE
11 - SMALL GROUP RETIREMENT CHANGES

Modifying certain small group retirement
provisions; modifying the definition of state employee; modifying and clarifying
certain legislative employee provisions; including membership of certain
Minnesota River Area Agency on Aging employees in the public employees
retirement association (PERA); excluding certain electricians and pipefitters
employed by the Minneapolis parks and recreation board with coverage under a
collective bargaining agreement of the PERA; authorizing the purchase of
allowable service credit for excluded pre-1995 seasonal department of revenue
employees under the MSRS general plan; permitting a service credit purchase for
a certain St. Paul public school employee and for a Nashville township employee
omitted contribution period under PERA general plan

ARTICLE 12 - MSRS, PERA,
AND TRA ADMINISTRATION PROVISIONS

Making administrative and technical
modifications; making federal conformity changes affecting all state pension
plans; clarifying coverage treatment of former MSHS-Cambridge employees;
revising disability to retirement transfer dates for state patrol plan
disabilitants; making administrative changes to the teachers retirement
association (TRA), changing maximum excluded earnings limits from calendar year
to fiscal year, and extending the interest-free period for leave of absence
service credit purchases; correcting legislators plan postretirement adjustment
trigger

ARTICLE 13 - OBSOLETE DATE REVISIONS AND VARIOUS
CLARIFICATIONS

Removing outdated allowable service date statutory references,
postretirement adjustment date statutory references, and pension date statutory
references; making various technical corrections and clarifications; repealing
certain statutes relating to public retirement funds

ARTICLE 14 - PERA-MERF
MERGER PROVISIONS

Merging the Minneapolis employees retirement fund (MERF)
into the general employees retirement plan of the public employees retirement
association (PERA-General); modifying and clarifying certain provisions; making
conforming changes and removing obsolete language; repealing certain
provisions
(je)