Minnesota Legislature
HF 660
as introduced - 89th Legislature (2015 - 2016) Posted on 03/12/2015 05:23pm
KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to retirement; Minnesota State Retirement System and Public Employees
Retirement Association; St. Paul teachers retirement plan; modifying various
economic actuarial assumptions; amending Minnesota Statutes 2014, section
356.215, subdivision 8.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2014, section 356.215, subdivision 8, is amended to read:
Subd. 8.
Interest and salary assumptions.
(a) The actuarial valuation must use the
applicable following interest assumption:
(1) select and ultimate interest rate assumption
| plan |
ultimate interest rate assumption |
|
|
deleted text begin
general state employees retirement plan deleted text end |
deleted text begin
8.5% deleted text end |
|
|
deleted text begin
correctional state employees retirement plan deleted text end |
deleted text begin
8.5 deleted text end |
|
|
deleted text begin
State Patrol retirement plan deleted text end |
deleted text begin
8.5 deleted text end |
|
|
deleted text begin
legislators retirement plan, and for the constitutional officers calculation of total plan liabilities deleted text end |
deleted text begin
0 deleted text end |
|
|
deleted text begin
judges retirement plan deleted text end |
deleted text begin
8.5 deleted text end |
|
|
deleted text begin
general public employees retirement plan deleted text end |
deleted text begin
8.5 deleted text end |
|
|
deleted text begin
public employees police and fire retirement plan deleted text end |
deleted text begin
8.5 deleted text end |
|
|
deleted text begin
local government correctional service retirement plan deleted text end |
deleted text begin
8.5 deleted text end |
|
| teachers retirement plan |
8.5new text begin % new text end |
|
|
deleted text begin
St. Paul teachers retirement plan deleted text end |
deleted text begin
8.5 deleted text end |
deleted text begin Except for the legislators retirement plan and the constitutional officers calculation
of total plan liabilities,deleted text end The select preretirement interest rate assumption for the period
deleted text begin after June 30, 2012,deleted text end through June 30, 2017, is 8 percent.
(2) single rate interest rate assumption
| plan |
interest rate assumption |
|
|
new text begin
general state employees retirement plan new text end |
new text begin
8% new text end |
|
|
new text begin
correctional state employees retirement plan new text end |
new text begin
8 new text end |
|
|
new text begin
State Patrol retirement plan new text end |
new text begin
8 new text end |
|
|
new text begin
legislators retirement plan, and for the constitutional officers calculation of total plan liabilities new text end |
new text begin
0 new text end |
|
|
new text begin
judges retirement plan new text end |
new text begin
8 new text end |
|
|
new text begin
general public employees retirement plan new text end |
new text begin
8 new text end |
|
|
new text begin
public employees police and fire retirement plan new text end |
new text begin
8 new text end |
|
|
new text begin
local government correctional service retirement plan new text end |
new text begin
8 new text end |
|
|
new text begin
St. Paul teachers retirement plan new text end |
new text begin
8 new text end |
|
| Bloomington Fire Department Relief Association |
6 |
|
| local monthly benefit volunteer firefighters relief associations |
5 |
(b)(1) If funding stability has been attained, the valuation must use a postretirement
adjustment rate actuarial assumption equal to the postretirement adjustment rate specified
in section 354A.27, subdivision 7; 354A.29, subdivision 9; or 356.415, subdivision 1,
whichever applies.
(2) If funding stability has not been attained, the valuation must use a select
postretirement adjustment rate actuarial assumption equal to the postretirement adjustment
rate specified in section 354A.27, subdivision 6a; 354A.29, subdivision 8; or 356.415,
subdivision 1a, 1b, 1c, 1d, 1e, or 1f, whichever applies, for a period ending when the
approved actuary estimates that the plan will attain the defined funding stability measure,
and thereafter an ultimate postretirement adjustment rate actuarial assumption equal
to the postretirement adjustment rate under section 354A.27, subdivision 7; 354A.29,
subdivision 9; or 356.415, subdivision 1, for the applicable period or periods beginning
when funding stability is projected to be attained.
(c) The actuarial valuation must use the applicable following single rate future salary
increase assumption, the applicable following modified single rate future salary increase
assumption, or the applicable following graded rate future salary increase assumption:
(1) single rate future salary increase assumption
| plan |
future salary increase assumption |
|
| legislators retirement plan |
5% |
|
| judges retirement plan |
3 |
|
| Bloomington Fire Department Relief Association |
4 |
|
(2) age-related future salary increase age-related select and ultimate future salary
increase assumption or graded rate future salary increase assumption
| plan |
future salary increase assumption |
| local government correctional service retirement plan |
assumption B |
| St. Paul teachers retirement plan |
assumption A |
For plans other than the St. Paul teachers
retirement plan and the local government
correctional service retirement plan, the
select calculation is: during the designated
select period, a designated percentage rate
is multiplied by the result of the designated
integer minus T, where T is the number of
completed years of service, and is added
to the applicable future salary increase
assumption. The designated select period
is ten years and the designated integer is
ten for the local government correctional
service retirement plan and 15 for the St.
Paul Teachers Retirement Fund Association.
The designated percentage rate is 0.2 percent
for the St. Paul Teachers Retirement Fund
Association.
The ultimate future salary increase assumption is:
| age |
A |
B |
|
| 16 |
5.9% |
deleted text begin
9%
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new text begin
8.75% new text end |
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| 17 |
5.9 |
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5.9 |
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5.9 |
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9
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5.9 |
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9
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5.85 |
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8 new text end |
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8
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(3) service-related ultimate future salary increase assumption
| general state employees retirement plan of the Minnesota State Retirement System |
assumption A |
| general employees retirement plan of the Public Employees Retirement Association |
assumption B |
| Teachers Retirement Association |
assumption C |
| public employees police and fire retirement plan |
assumption D |
| State Patrol retirement plan |
assumption E |
| correctional state employees retirement plan of the Minnesota State Retirement System |
assumption F |
| service length |
A |
B |
C |
D |
E |
F |
| 1 |
deleted text begin
10.5% deleted text end new text begin 10.25% new text end |
deleted text begin
12.03% deleted text end new text begin 11.78% new text end |
12% |
deleted text begin
13% deleted text end new text begin 12.75% new text end |
deleted text begin
8%
deleted text end
new text begin
7.75% new text end |
deleted text begin
6%
deleted text end
new text begin
5.75% new text end |
| 2 |
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8.1
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new text begin
7.85 new text end |
deleted text begin
8.9
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new text begin
8.65 new text end |
9 |
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11
deleted text end
new text begin
10.75 new text end |
deleted text begin
7.5
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new text begin
7.25 new text end |
deleted text begin
5.85
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new text begin
5.6 new text end |
| 3 |
deleted text begin
6.9
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new text begin
6.65 new text end |
deleted text begin
7.46
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new text begin
7.21 new text end |
8 |
deleted text begin
9
deleted text end
new text begin
8.75 new text end |
deleted text begin
7
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6.75 new text end |
deleted text begin
5.7
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| 4 |
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new text begin
5.95 new text end |
deleted text begin
6.58
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6.33 new text end |
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8
deleted text end
new text begin
7.75 new text end |
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6.75
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5.55
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5.3 new text end |
| 5 |
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5.7
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new text begin
5.45 new text end |
deleted text begin
5.97
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new text begin
5.72 new text end |
7.25 |
deleted text begin
6.5
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new text begin
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deleted text begin
6.5
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| 6 |
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5.3
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new text begin
5.05 new text end |
deleted text begin
5.52
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5.27 new text end |
7 |
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6.1
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new text begin
5.85 new text end |
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6.25
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6 new text end |
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5.25
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new text begin
5 new text end |
| 7 |
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5
deleted text end
new text begin
4.75 new text end |
deleted text begin
5.16
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new text begin
4.91 new text end |
6.85 |
deleted text begin
5.8
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new text begin
5.55 new text end |
deleted text begin
6
deleted text end
new text begin
5.75 new text end |
deleted text begin
5.1
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new text begin
4.85 new text end |
| 8 |
deleted text begin
4.7
deleted text end
new text begin
4.45 new text end |
deleted text begin
4.87
deleted text end
new text begin
4.62 new text end |
6.7 |
deleted text begin
5.6
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new text begin
5.35 new text end |
deleted text begin
5.85
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new text begin
5.6 new text end |
deleted text begin
4.95
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new text begin
4.7 new text end |
| 9 |
deleted text begin
4.5
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new text begin
4.25 new text end |
deleted text begin
4.63
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new text begin
4.38 new text end |
6.55 |
deleted text begin
5.4
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new text begin
5.15 new text end |
deleted text begin
5.7
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5.45 new text end |
deleted text begin
4.8
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4.55 new text end |
| 10 |
deleted text begin
4.4
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new text begin
4.15 new text end |
deleted text begin
4.42
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new text begin
4.17 new text end |
6.4 |
deleted text begin
5.3
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new text begin
5.05 new text end |
deleted text begin
5.55
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new text begin
5.3 new text end |
deleted text begin
4.65
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new text begin
4.4 new text end |
| 11 |
deleted text begin
4.2
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new text begin
3.95 new text end |
deleted text begin
4.24
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new text begin
3.99 new text end |
6.25 |
deleted text begin
5.2
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new text begin
4.95 new text end |
deleted text begin
5.4
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new text begin
5.15 new text end |
deleted text begin
4.55
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new text begin
4.3 new text end |
| 12 |
deleted text begin
4.1
deleted text end
new text begin
3.85 new text end |
deleted text begin
4.08
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new text begin
3.83 new text end |
6 |
deleted text begin
5.1
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new text begin
4.85 new text end |
deleted text begin
5.25
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new text begin
5 new text end |
deleted text begin
4.45
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new text begin
4.2 new text end |
| 13 |
deleted text begin
4
deleted text end
new text begin
3.75 new text end |
deleted text begin
3.94
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new text begin
3.69 new text end |
5.75 |
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5
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new text begin
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5.1
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| 14 |
deleted text begin
3.8
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new text begin
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deleted text begin
3.82
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3.57 new text end |
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4.9
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new text begin
4.65 new text end |
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4.95
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new text begin
4.7 new text end |
deleted text begin
4.25
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4 new text end |
| 15 |
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3.7
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3.45 new text end |
deleted text begin
3.7
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5.25 |
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4.8
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4.15
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3.6
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4.65
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4.05
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new text begin
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| 17 |
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3.5
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new text begin
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deleted text begin
3.51
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new text begin
3.26 new text end |
4.75 |
deleted text begin
4.8
deleted text end
new text begin
4.55 new text end |
deleted text begin
4.5
deleted text end
new text begin
4.25 new text end |
deleted text begin
3.95
deleted text end
new text begin
3.7 new text end |
| 18 |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
4.5 |
deleted text begin
4.8
deleted text end
new text begin
4.55 new text end |
deleted text begin
4.35
deleted text end
new text begin
4.1 new text end |
deleted text begin
3.85
deleted text end
new text begin
3.6 new text end |
| 19 |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
4.25 |
deleted text begin
4.8
deleted text end
new text begin
4.55 new text end |
deleted text begin
4.2
deleted text end
new text begin
3.95 new text end |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| 20 |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
4 |
deleted text begin
4.8
deleted text end
new text begin
4.55 new text end |
deleted text begin
4.05
deleted text end
new text begin
3.8 new text end |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| 21 |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
3.9 |
deleted text begin
4.7
deleted text end
new text begin
4.45 new text end |
deleted text begin
4
deleted text end
new text begin
3.75 new text end |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| 22 |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
3.8 |
deleted text begin
4.6
deleted text end
new text begin
4.35 new text end |
deleted text begin
4
deleted text end
new text begin
3.75 new text end |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| 23 |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
3.7 |
deleted text begin
4.5
deleted text end
new text begin
4.25 new text end |
deleted text begin
4
deleted text end
new text begin
3.75 new text end |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| 24 |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
3.6 |
deleted text begin
4.5
deleted text end
new text begin
4.25 new text end |
deleted text begin
4
deleted text end
new text begin
3.75 new text end |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| 25 |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
3.5 |
deleted text begin
4.5
deleted text end
new text begin
4.25 new text end |
deleted text begin
4
deleted text end
new text begin
3.75 new text end |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| 26 |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
3.5 |
deleted text begin
4.5
deleted text end
new text begin
4.25 new text end |
deleted text begin
4
deleted text end
new text begin
3.75 new text end |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| 27 |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
3.5 |
deleted text begin
4.5
deleted text end
new text begin
4.25 new text end |
deleted text begin
4
deleted text end
new text begin
3.75 new text end |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| 28 |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
3.5 |
deleted text begin
4.5
deleted text end
new text begin
4.25 new text end |
deleted text begin
4
deleted text end
new text begin
3.75 new text end |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| 29 |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
3.5 |
deleted text begin
4.5
deleted text end
new text begin
4.25 new text end |
deleted text begin
4
deleted text end
new text begin
3.75 new text end |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| 30 or more |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
deleted text begin
3.5
deleted text end
new text begin
3.25 new text end |
3.5 |
deleted text begin
4.5
deleted text end
new text begin
4.25 new text end |
deleted text begin
4
deleted text end
new text begin
3.75 new text end |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
(d) The actuarial valuation must use the applicable following payroll growth
assumption for calculating the amortization requirement for the unfunded actuarial
accrued liability where the amortization retirement is calculated as a level percentage
of an increasing payroll:
| plan |
payroll growth assumption |
| general state employees retirement plan of the Minnesota State Retirement System |
deleted text begin
3.75%
deleted text end
new text begin
3.5% new text end |
| correctional state employees retirement plan |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| State Patrol retirement plan |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| judges retirement plan |
deleted text begin
3
deleted text end
new text begin
2.75 new text end |
| general employees retirement plan of the Public Employees Retirement Association |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| public employees police and fire retirement plan |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| local government correctional service retirement plan |
deleted text begin
3.75
deleted text end
new text begin
3.5 new text end |
| teachers retirement plan |
3.75 |
| St. Paul teachers retirement plan |
4 |
(e) The assumptions set forth in paragraphs (c) and (d) continue to apply, unless a
different salary assumption or a different payroll increase assumption:
(1) has been proposed by the governing board of the applicable retirement plan;
(2) is accompanied by the concurring recommendation of the actuary retained under
section 356.214, subdivision 1, if applicable, or by the approved actuary preparing the
most recent actuarial valuation report if section 356.214 does not apply; and
(3) has been approved or deemed approved under subdivision 18.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective June 30, 2015, and applies to
actuarial valuations prepared for an actuarial valuation date after that date.
new text end