HF 223

Introduction - 79th Legislature (1995 - 1996)

Posted on 12/15/2009 12:00 a.m.

  1.1                          A bill for an act 
  1.2             relating to retirement; Minneapolis employees; 
  1.3             granting a temporary option on survivor benefits to 
  1.4             retired members. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [TEMPORARY OPTION.] 
  1.7      Notwithstanding any law to the contrary, a retired member 
  1.8   of the Minneapolis employees retirement fund with a living 
  1.9   designated optional annuity recipient may select a joint and 
  1.10  survivor option under which the retired member will receive a 
  1.11  normal single-life annuity if the designated recipient dies 
  1.12  before the retired member.  This optional annuity must be the 
  1.13  actuarial equivalent of the joint and survivor annuity option 
  1.14  existing at the time this option is selected.  This option must 
  1.15  be exercised before July 1, 1996, according to procedures 
  1.16  specified by the board of the Minneapolis employees retirement 
  1.17  fund. 
  1.18     Sec. 2.  [LOCAL APPROVAL.] 
  1.19     Section 1 is effective on approval by the Minneapolis city 
  1.20  council and compliance with Minnesota Statutes, section 645.021.