Relating to retirementARTICLE 1 � POSTSENTENCING OFFICERS AND EMERGENCY DISPATCHERS +RETIREMENT PLAN CREATIONEstablishing the postsentencing (probation) officers and emergency +dispatchers retirement plan and fund under the public employees retirement +association (PERA); defining certain terms; requiring the state board of +investment to invest money in the fund and specifying certain duties of the +commissioner of finance; requiring and providing for plan participation in the +postretirement investment fund; regulating member and employer contribution rates +and the treatment of omitted salary deductions; providing for plan +membership, authorizing a onetime election to retain existing retirement coverage+ and to decline transfer to the plan and requiring social security coverage; +providing for retirement annuity eligibility and amount for entitlement to +early retirement with reduced annuities; regulating annuity accrual and +duration; providing for certain optional annuity forms and for augmentation of +certain annuities; regulating the payment of disability benefits, specifying +certain age and service requirements, regulating the accrual and computation +of benefits, requiring medical or psychological examination and +providing for termination; providing for death and survivor benefits, for the +payment of refunds and for optional or reversionary annuities under certain +conditions; exempting annuities or other benefits from legal process and the +income tax; regulating automatic deposits; providing for refund or deferred +annuities under certain conditions, for annuities for service in more than one +retirement plan and for augmentation of deferred annuities ARTICLE 2 � CONFORMING CHANGESMaking conforming amendments to certain statutory provisions relating+ to valuation and reporting requirements of the legislative commission on+ pensions and retirement (CPR) and the allocation of actuarial cost and to +social security coverage; excluding members of the postsentencing officers +and emergency dispatchers retirement plan from the definition of state +employee under the Minnesota state retirement system (MSRS) and public +employees retirement association (PERA); subjecting the plan to certain +financial reporting, actuarial valuation and experience studies, amortization contribution, combined service annuity, supplemental needs trust and +parental or family leave service credit purchase requirements ARTICLE 3 � ACTUARIAL COST ESTIMATE; FUNDING OF STUDYRequiring and providing for the consulting actuary retained by the +legislative commission on pensions and retirement to prepare an actuarial cost +estimate of the proposed postsentencing officers and emergency dispatchers +retirement plan and appropriating money to the executive director of the LCPR to fund+ the cost estimate (je)