HF 2092

FIRST ENGROSSMENT

Public pension plans clarified and revised, obsolete provisions eliminated, definitions provided, service credits authorized, financial provision requirements provided, and money appropriated.

ARTICLE 1--CLARIFICATION / RECODIFICATION OF STATEWIDE SPECIALTY RETIREMENT PLANS

Section 1: Purposes modified.
Sec. 2: "Actuarial equivalent" defined.
Sec. 3: "Average monthly salary" defined.
Sec. 4: "Constitutional officer" defined.
Sec. 5: "Dependent child" definition modified.
Sec. 6: "Director" definition modified.
Sec. 7: "Former legislator" defined.
Sec. 8: "Member of the legislature" defined.
Sec. 9: "Normal retirement age" definition modified.
Sec. 10: "Retirement" defined.
Sec. 11: "Salary" defined.
Sec. 12: Plan administration responsibility modified.
Sec. 13: Qualifications modified.
Sec. 14: Reduced retirement allowance procedures modified.
Sec. 15: Retirement appropriation for former legislators modified.
Sec. 16: Deferred annuities augmentation modified.
Sec. 17: Optional annuity language modified.
Sec. 18-23: Technical language modifications provided to increase clarity.
Sec. 24: Survivor benefits appropriated to director from general fund.
Sec. 25-29: Technical language modifications provided to increase clarity.
Sec. 30: Retirement plan application specified.
Sec. 31: Administrative agency and standards modified.
Sec. 32: Scope modified.
Sec. 33: "Actuarial equivalent" defined.
Sec. 34: "Allowable service" definition modified.
Sec. 35: "Annuity" definition modified.
Sec. 36: "Annuitant" defnition modified.
Sec. 37: "Approved actuary" defined.
Sec. 38: "Court" defined.
Sec. 39: "Dependent surviving child" defined.
Sec. 40: "Disability" definition modified.
Sec. 41: "Disability retirement date" definition modified.
Sec. 42: "Disability retirement annuity" definition modified.
Sec. 43: "Early retirement date" defined.
Sec. 44: "Early retirement annuity" defined.
Sec. 45: "Final average compensation" definition modified.
Sec. 46: "Judge" defined.
Sec. 47: "Judges' retirement fund" defined.
Sec. 48: "Mandatory retirement date" defined.
Sec. 49: "Normal retirement annuity" defined.
Sec. 50: "Normal retirement date" defined.
Sec. 51: "Service credit limit" definition modified.
Sec. 52: "Surviving spouse" defined.
Sec. 53: "Survivor's annuity" defined.
Sec. 54-74: judicial retirement provisions modified.
Sec. 75: Board of Judicial Standards established as a continuation of previously established board.
Sec. 76: judicial standards board powers specified.
Sec. 77: legislators, elective state officers, and judicial retirement plans obsolete provisions repealed.
Sec. 78: effective date.

ARTICLE 2--COVERED SALARY; AVERAGE SALARY
Sec. 1- 21: MSRS, PERA, TRA, city, and judicial retirement provisions modified.
Sec. 22: repealer.
Sec. 23: effective date.

ARTICLE 3--ALLOWABLE SERVICE CREDIT
Sec. 1: service credit purchase procedures for strike periods provided for covered state, public, and teacher benefit plans.
Sec. 2: allowable service definition modified.
Sec. 3: repealer.
Sec. 4: effective date/sunset repealer.
Sec. 5: metro transit strike provision.
Sec. 6: Corsy-Ironton public school strike provision.
Sec. 7: effective date.

ARTICLE 4--ACTUARIAL AND FINANCIAL REPORTING CHANGES
ARTICLE 5--MEMBERSHIP INCLUSIONS AND EXCLUSIONS
ARTICLE 6--RETIREMENT CONTRIBUTIONS
ARTICLE 7--PENSION BENEFITS UPON PRIVATIZATION
ARTICLE 8--FIRST CLASS CITY TEACHER RETIREMENT FUND ASSOCIATIONS
ARTICLE 9--MINNESOTA STATE COLLEGES AND UNIVERSITIES INDIVIDUAL RETIREMENT ACCOUNT PLAN CHANGES
ARTICLE 10--SUIPPLEMENTAL RETREMENT PLANS
ARTICLE 11--VOLUNTEER FIREFIGHTER RELIEF ASSOCIATION CHANGES
ARTICLE 12--VARIOUS CORRECTIONS AND CLARIFICATIONS
ARTICLE 13--LOCAL RETIREMENT PLANS

AME
4-26-05
CH050605