HF 44

SPECIAL SESSION CHAPTER 8
EFFECTIVE DATE: Various

Retirement and pension provisions modified and money appropriated.

ARTICLE 1 ¿ COVERED SALARY; AVERAGE SALARY

Section 1: ¿Salary¿ definition modified.
Sec. 2: ¿Average salary¿ defined.
Sec. 3: Normal retirement annuity calculation procedure modified.
Sec. 4-5: Technical statutory reference added.
Sec. 6: Annuity basis modified, definition removed.
Sec. 7: Technical reference added.
Sec. 8: Average salary defined.
Sec. 9: Salary defined.
Sec. 10: Average salary defined.
Sec. 11-14: Technical reference added.
Sec. 15: Salary definition modified.
Sec. 16: Average salary defined.
Sec. 17: Salary defined.
Sec. 18: Formula program retirement annuity computation procedures modified and technical references added.
Sec. 19: Average salary defined
Sec. 20: Salary defined.
Sec. 21-22: Technical references added.
Sec. 23: State salary limitations modified.
Sec. 24: Average salary defined.
Sec. 25: Salary defined.
Sec. 26: ¿Formula pension and annuity¿ definition modified.
Sec. 27: Death of member provision language clarified.
Sec. 28-29: Salary defined.
Sec. 30-31: ¿Final average compensation¿ defined.
Sec. 32: Repealer.
Sec. 33: Effective date.

ARTICLE 2 ¿ ALLOWABLE SERVICE CREDIT

Section 1: Service credit purchase procedures established for strike periods.
Sec. 2: ¿Allowable service¿ definition modified.
Sec. 3: Repealer extended.
Sec. 4: Sunset repealer extended.
Sec. 5: Metro transit strike provision established.
Sec. 6: Crosby-Ironton public strike provision established.
Sec. 7: University of Minnesota strike provision established.
Sec. 8: Effective date.

ARTICLE 3¿ACTUARIAL FINANCIAL REPORTING AND OTHER GENERALLLY APPLICABLE ADMINISTRATIVE CHANGES

Sections 1-3: ¿Actuarial equivalent¿ definition modified.
Sec. 4: Service credit contribution regulations clarified.
Sec. 5: Conforming change with sections 1-3.
Sec. 6: Actuarial report content requirements modified.
Sec. 7: Payment regulations modified.
Sec. 8: ¿Present worth¿ definition modified.
Sec. 9: ¿Actuarial equivalent¿ definition modified.
Sec. 10: Effective date.

ARTICLE 4 ¿ MEMBERSHIP INCLUSIONS AND EXCLUSIONS
Section 1: Police officer ineligibility specified.
Sec. 2: ¿State employee¿ definition modified.
Sec. 3: Membership inclusion position evaluation procedures established.
Sec. 4: ¿Member¿ definition modified.
Sec. 5: ¿Governmental subdivision¿ definition modified.
Sec. 6: University of Minnesota police officer inclusions and exclusions provided.
Sec. 7: Election coverage modified.
Sec. 8: Default coverage modified.
Sec. 9: Effective date.

ARTICLE 5 ¿ RETIREMENT CONTRIBUTIONS
Section 1: Employee contribution percentages adjusted.
Sec. 2: Employer contribution percentages adjusted.
Sec. 3: Additional employer contributions established.
Sec. 4: Employee and employer contribution modifications detailed.
Sec. 5: Interest chargeable on amounts due modified.
Sec. 6: Unpayed amount collection procedures and deposit regulations adjusted and established.
Sec. 7: Employee contribution rate provided.
Sec. 8: Employer contribution rate provided.
Sec. 9: PERA interest on service credit payment return calculation procedure modified.
Sec. 10: Service credit return for Minneapolis city employees provided.
Sec. 11: Effective date.

ARTICLE 6¿PENSION BENEFITS UPON PRIVATIZATION

Section 1: ¿Medical facility¿ definition modified.
Sec. 2: Public employee laws relating to PERA and existing facilities clarified.
Sec. 3-4: Effective dates established.

ARTICLE 7¿FIRST CLASS CITY TEACHER RETIREMENT FUND ASSOCIATIONS

Section 1: Articles of incorporation and bylaws provided and filing addressed.
Sec. 2: Effective date.

ARTICLE 8¿MINNESOTA STATE COLLEGES AND UNIVERSITIES INDIVIDUAL RETIREMENT ACCOUNT PLAN CHANGES

Section 1: Investment options modified.
Sec. 2: Effective date.

ARTICLE 9¿VOLUNTEER FIREFIGHTER RELIEF ASSOCIATION CHANGES

Section 1: Financial report and audit modified.
Sec. 2: Financial statement requirements provided.
Sec. 3: Volunteer firefighters¿ relief association financing guidelines act application regulations modified, and language clarified.
Sec. 4: Relief association financial requirements minimum obligation language clarified (shall changed to must, etc.).
Sec. 5: Technical reference added.
Sec. 6: Conforming change with section 5.
Sec. 7: Minimum municipal obligation relating to anticipated fire state aid detailed.
Sec. 8: Investment regulations modified.
Sec. 9: Authorized investment securities expanded.
Sec. 10: Service pension maximums clarified and contribution table modified.
Sec. 11: Language clarified.
Sec. 12: Deferred service pension interest procedures established.
Sec. 13: Service break credit provided to establish uniform service.
Sec. 14: Membership language clarified.
Sec. 15: Benefit regulations clarified.
Sec. 16: Effective date.

ARTICLE 10 ¿ VARIOUS CORRECTIONS AND CLARIFICATIONS

Sections 1-81: Technical corrections and language clarifications provided and statutory references added.

ARTICLE 11¿LOCAL RETIREMENT PLANS
Section 1: Fairmont police relief association, Minneapolis Firefighters Relief Association, and Virginial Fire Department Relief Association modifications provided.
Sec. 2: Bloomington Fire Department Relief Association included.
Sec. 3: Local police and fire fund actuarial valuation regulations expanded.
Sec. 4: Hennepin county account established.
Sec. 5: Minnesota supplemental investment fund participation provided.
Sec. 6: State supplemental investment fund share purchase regulations adjusted.
Sec. 7: Share redemption procedures modified.
Sec. 8: Minnesota State Retirement System billing authority specified.
Sec. 9: Police pension fund membership expanded.
Sec. 10: Persons entitled to receive Minneapolis police pensions modified.
Sec. 11: Additional pension unit provided.
Sec. 12: Benefit amount and entitlement provisions expanded.
Sec. 13: Service pension table modified.
Sec. 14: Disabled benefit recomputation prohibited.
Sec. 15: Benefit reduction prohibited.
Sec. 16: Aurora, Biwabik City, Hoyt Lakes, and Palo Volunteer Firefighter Relief Associations consolidation provided.
Sec. 17: Eveleth retired police and fire trust fund established.
Sec. 18: Maplewood and Oakdale volunteer firefighter relief associations asset transfer provided.
Sec. 19: Effective date.

ARTICLE 12 ¿ ONE PERSON AND SMALL GROUP RETIREMENT CHANGES

Section 1: Prior service credit purchase for single individual authorized.
Sec. 2: Effective date.

AME