4E Relating to retirement

ARTICLE 1 - MINNESOTA POSTRETIREMENT INVESTMENT FUND CHANGES

Limiting the full postretirement adjustment percentage certified to participating public pension plans or funds under the Minnesota postretirement investment fund; excepting the Minneapolis employees retirement fund (MERF) from adjustment applicability; limiting the St. Paul teachers retirement fund association from paying a postretirement adjustment

ARTICLE 2 - DEFERRED ANNUITY AUGMENTATION RATE CHANGE

Defining eligibility for augmentation of deferred annuities paid to certain new members of the Minnesota state retirement system (MSRS), the state troopers retirement plan, the public employees retirement association (PERA), the local government correctional service retirement plan and the teachers retirement associations (TRA); specifying calculation

ARTICLE 3 - TEACHERS RETIREMENT ASSOCIATION COVERAGE AND BENEFIT RESTRUCTURING

Increasing aid adjustment to special school district #1, Minneapolis, clarifying continuity on tenure, pensions, and retirement; consolidating the Minneapolis teachers retirement fund association (MTRFA) coordinated program with the statewide teachers retirement association; requiring previous state aid paid to the Minneapolis teachers retirement fund association (MTRFA) to be paid to the teachers retirement association (TRA); expanding the definition of allowable service under provisions regulating the statewide TRA to certain service rendered before a certain date by teacher employees of special school district #1, Minneapolis or by employees of the Minneapolis TRA not yet receiving retirement benefits or receiving a refund; increasing employee and employer contributions to the TRA for coordinated and basic members; providing for the computation of retirement benefits, for the transfer of membership, service credit, liability, records and assets of the Minneapolis TRA to the TRA and for the calculation of postretirement adjustments; terminating the Minneapolis teacher retirement fund association (MTRFA), repealing the articles of incorporation and bylaws; making conforming amendments to certain teachers retirement association, first class cities teachers retirement fund association and general retirement provisions; specifying a full funding date for the teachers retirement association; making mandatory certain contributions by special school district #1 and the city of Minneapolis to the TRA for matching aid and modifying the match requirement; increasing the applicable benefit accrual rate for coordinated plan and program members; specifying a termination date for Minneapolis teachers retirement fund association (MTRFA) members and start and end dates for membership in the teachers retirement association (TRA); requiring the commissioner of employee relations (DOER) after a certain date to place the former members of the Minneapolis teachers retirement fund association (MTRF) into state service in proper classifications at current wage levels, exception from examination requirement; specifying requirements for vacation leave balances and length of service dispositions, requiring enrollment in state employee group insurance program (SEGIP) after a certain date, requiring the commissioner of employee relations (DOER) to offer open enrollment and the opportunity to purchase optional life and disability insurance; repealing the articles of incorporation and bylaws of the Minneapolis teachers retirement fund association (MTRFA), specifying remaining application, restricting application of annuity adjustment or increase under the articles of incorporation after a certain date

ARTICLE 4 - STATE BOARD OF INVESTMENT

Reducing appropriations to the state board of investment; regulating state board of investment expenses; requiring the executive director to prepare and submit biennial and annual budgets to the board and the department of finance; modifying certain requirements for apportionment of expenses

ARTICLE 5 - BUDGET PRESENTATION OF EMPLOYER PENSION CONTRIBUTIONS

Requiring the commissioner of the department of employee relations (DOER) to include in total compensation reporting the number of employees by agency or department, separated by retirement plan membership, and retirement plan contributions

ARTICLE 6 - INVESTMENT PERFORMANCE REPORTING

Classifying data relating to retirement systems received by the state auditor as public; authorizing the state auditor to charge fees; requiring the state auditor to provide an analysis on pension plan rates of return

ARTICLE 7 - STUDY OF COMPARATIVE PUBLIC RETIREMENT PLAN PROVISIONS

Requiring the legislative commission on pensions and retirement to study the structure and implications of procedures used by the Minnesota state retirement system (MSRS), the public employees retirement association (PERA), the teachers retirement association (TRA), the Minneapolis employees retirement fund (MERF), the first class city teacher retirement fund associations, and the Minneapolis police and fire relief associations for purposes of providing investment performance based postretirement increase to plan benefit recipients, requiring a report and proposed legislation and requiring the report filed with certain legislative committees by a certain date

ARTICLE 8 - STUDY OF STATEWIDE RETIREMENT PLAN STRUCTURE

Requiring the legislative commission on pensions and retirement to study the structure of the combined investment funds and the Minnesota postretirement investment fund, requiring a report and proposed legislation and requiring the report filed with certain legislative committees by a certain date
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