Consolidating the Minneapolis teachers retirement fund association coordinated program with the statewide teachers retirement association; authorizing and providing for special school district #1, Minneapolis to finance the current and future unfunded pension liability of the Minneapolis teachers retirement fund association through the issuance without election of pension obligation bonds under certain conditions, providing for use of the proceeds and for payment of the bonds and of debt service; specifying certain investment requirements of the state board of investment and certain certification requirements of the district superintendent; providing an aid reduction for repayment under certain deficiency conditions; expanding the definition of teacher under the provisions regulating the TRA to coordinated member employees of the Minneapolis TRA and the definition of allowable service to certain service rendered by the member employees before a certain date; providing for employee and employer contributions, for the transfer of membership, service credit, liability, records and assets of the Minneapolis TRA to the TRA and for the calculation of benefits; rededicating a certain prior appropriation to the Minneapolis employees retirement fund to the Minneapolis TRA to offset the current and future unfunded pension liability of the Minneapolis TRA upon satisfaction of the financial requirements of MERF; making mandatory certain contributions by special school district #1 and the city of Minneapolis to the Minneapolis TRA for matching aid; providing for postconsolidation funding and eliminating a certain additional amortization state aid contingency; designating special school district #1, Minneapolis as the successor to the Minneapolis TRA for certain state aid payments; establishing a date for full funding of the Minneapolis teachers retirement fund; providing job protection for employees of the Minneapolis TRA; specifying certain reference substitution instructions to the revisor of statutes; repealing a certain Minneapolis TRA postretirement adjustments provision
(mk)