HF 2367

FIRST ENGROSSMENT

Minneapolis Teachers Retirement Fund Association and Teachers Retirement Association merged, postretirement calculation modified, contribution rates adjusted, benefit increase provided, technical changes provided, and money appropriated.

ARTICLE 1 -- MINNESOTA POSTRETIREMENT INVESTMENT FUND CHANGES

Section 1: Postretirement calculation modified.
Sec. 2: Effective date.

ARTICLE 2 -- DEFERRED ANNUITY AUGMENTATION RATE CHANGE

Section 1: Actuarial reduction for early retirement modified.
Sec. 2-3: Deferred annuity computation procedure modified.
Sec. 4: Actuarial reduction for early retirement modified.
Sec. 5: Deferred annuity computation procedure modified.
Sec. 6: Program retirement annuity formula computation modified.
Sec. 7-10: Dates and technical changes provided.

ARTICLE 3: TEACHERS RETIREMENT ASSOCIATION COVERAGE AND BENEFIT RESTRUCTURING

Section 1: Tenure, pensions, and retirement continuity modified.
Sec. 2: Aid rededication provided.
Sec. 3: Teacher definition modified.
Sec. 4: Allowable service definition modified.
Sec. 5: Employee clarified.
Sec. 6: Employer contribution modified.
Sec. 7: Formula program retirement annuity computation date modified.
Sec. 8: Consolidation of Minneapolis Teachers Retirement Fund Association provided.
Sec. 9: Minneapolis employees retirement fund state aid rededication provided.
Sec. 10: Normal retirement age term definition modified.
Sec. 11: Teacher term definition modified.
Sec. 12: Duluth and St. Paul teachers retirement fund association established.
Sec. 13-19: Conforming and technical changes.
Sec. 20-21: Special direct state aid clarified.
Sec. 22: Supplemental contribution termination provided.
Sec. 23: Supplemental administrative expense assessment modified.
Sec. 24-28: Technical and conforming changes.
Sec. 29: Coordinated program administration procedure modified.
Sec. 30-32: Conforming changes.
Sec. 33: Date for full funding specified.
Sec. 34-36: Conforming changes.
Sec. 37-38: Coodinated plan members rates specified.
Sec. 39-41: Conforming changes.
Sec. 42: Full funding date specified.
Sec. 43: Minneapolis teachers retirement fund association employee job preference clause established.
Sec. 44: Minneapolis Teachers Retirement Fund association articles and bylaws repealer and applicability specified.
Sec. 45: Repealer.
Sec. 46: Effective date.

AME
5/22/06