Modifying and clarifying certain retirement provisions

ARTICLE 1 - COVERED SALARY; AVERAGE SALARY

Defining average salary under the Minnesota state retirement system, the elective state officers and judges retirement plans, the public employees retirement association, the public employees police and fire plan, the teachers retirement associations and the Minneapolis employees retirement fund for retirement annuity calculation purposes; increasing the limit on covered salary for pension purposes for members of MSRS, the state troopers retirement plan, local relief association benefit plans, the TRAs, the MERF and the judges retirement plan, excepting employees or elected officials not subject to the salary limit for local government unit employees, employees of the southern Minnesota municipal power association and the director of the Duluth port authority

ARTICLE 2 - ALLOWABLE SERVICE CREDIT

Providing for purchase of allowable service credit for certain strike periods by public employees under certain defined benefit plans, by certain metro transit employees and certain employees of the Crosby Ironton school district and of the university of Minnesota and for certain periods of authorized leaves of absence under the judges retirement plan of the Minnesota state retirement system (MSRS); extending the sunset for prior service credit purchase for certain employees serving in the armed forces

ARTICLE 3 - ACTUARIAL FINANCIAL REPORTING AND OTHER GENERALLY APPLICABLE ADMINISTRATIVE CHANGES

Clarifying certain references to actuarial services in determining actuarial
equivalence under the Minnesota state retirement system (MSRS), the public employees retirement association (PERA), the teachers retirement associations, the Minneapolis employees retirement fund (MERF) and the judges retirement plan; clarifying the handling of employee contributions from pretax savings accounts for TRA members on extended leaves of absences, modifying the interest rate; requiring public pension fund annual financial reports to contain an itemization of administrative expenses; authorizing the rollover of amounts in reemployed annuitant earnings limits accounts to other tax qualified plans in lieu of a lump sum distribution

ARTICLE 4 - MEMBERSHIP INCLUSIONS AND EXCLUSIONS

Expanding membership in the state patrol retirement fund of the Minnesota state retirement system to peace officers employed by the insurance fraud prevention division of the department of commerce; providing for membership in the MSRS correctional employees retirement plan for certain additional employees of the department of corrections and certain employees of the department of human services, requiring the departments to establish a procedure for evaluating and recommending potential employment positions for membership; including and excluding certain police officers employed by the university of Minnesota in and from the public employees police and fire plan of the public employees retirement association (PERA); modifying the time limit for election between defined benefit and defined contribution plan coverage under the Minnesota state colleges and universities (MnSCU) system (higher education) individual retirement account (IRA) plan of the teachers retirement association (TRA)

ARTICLE 5 - RETIREMENT CONTRIBUTIONS

Increasing employee and employer contribution rates to the coordinated program and the police and fire fund under the public employees retirement association; requiring contribution rate adjustments under PERA under certain sufficiency or deficiency conditions; providing for the collection of unpaid employer contributions due to employees of local government units not funded directly from the proceeds of the property tax under PERA; authorizing and providing for the payment of interest by PERA on the return of certain excess prior service credit purchase payments by certain Minneapolis community development agency (MCDA) employees

ARTICLE 6 - PENSION BENEFITS UPON PRIVATIZATION

Expanding privatized public hospital pension benefits under the public employees retirement association to employees of the Northfield hospital, Bridges medical services and the Hutchinson area health care facility, specifying certain actuarial accrued liability calculation requirements; eliminating coverage under PERA for privatized water and wastewater facility employees; extending the deadline for filing of the certificate of special law approval with the secretary of state by the city of Renville relating to continued benefits coverage under PERA following privatization of the RenVilla nursing home

ARTICLE 7 - FIRST CLASS CITY TEACHER RETIREMENT FUND ASSOCIATIONS

Requiring and providing for the chief administrative officers of the first class city teachers retirement fund associations (TRA) to biennially publish updated compilations of articles of incorporation and bylaws of the association; requiring certification of accuracy and completeness and an index; specifying certain availability requirements, authorizing a fee for copies; authorizing the associations to contract with the revisor of statutes for preparation of the compilation

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

Modifying an investment option under the Minnesota state colleges and
universities (MnSCU) system (higher education) individual retirement account (IRA) plan of the teachers retirement association (TRA), authorizing the inclusion of various investment accounts offered through the Minnesota supplemental investment fund as investment products

ARTICLE 9 - VOLUNTEER FIREFIGHTER RELIEF ASSOCIATION CHANGES

Implementing the recommendations of the volunteer firefighter relief association working group of the state auditor; modifying the trigger date for the filing of financial reports for certain salaried and volunteer firefighters relief associations; modifying and clarifying certain provisions relating to the volunteer firefighters relief association financing guidelines act; modifying the basis of certain determinations by the state auditor and excluding certain municipalities or nonprofit firefighting corporations or associated relief associations from eligibility for fire state aid based on certain violations; clarifying certain financial requirements of relief associations paying lump sum or monthly service pensions, requiring the amortization of experience losses; modifying the limit on mutual fund investments and clarifying corporate stock and exchange traded funds investment authority; modifying the per firefighter financing requirements for monthly benefit service pensions; clarifying the deferred service pension options available to defined contribution plans; modifying the options for crediting interest on deferred service pensions; providing for the crediting of service during military service leaves; modifying
the municipal representation requirements on relief association governing
boards; clarifying the payment of benefits following consolidation by volunteer firefighters under the consolidating volunteer firefighters relief association

ARTICLE 10 - VARIOUS CORRECTIONS AND CLARIFICATIONS

Clarifying exemptions from process and taxation for certain statewide and major local retirement plans; updating language usage and style, clarifying and correcting cross references in certain provisions relating to police and fire state aid, the Minnesota state retirement system, the state patrol retirement plan, the unclassified employees retirement program under MSRS, the public employees retirement association, the teachers retirement associations, the Minneapolis employees retirement fund and fiduciary responsibility; excluding certain labor service employees from certain refund eligibility under MSRS; providing statutory language for the special retirement fund of the TRA; modifying the prior service credit purchase payment amount determination procedure; specifying certain reference replacement instructions to the revisor of statutes; repealing a certain definition of adjustable fixed benefit annuity for postretirement investment fund participation under MSRS, certain deferred annuity, prior service credit purchase, survivor rights and benefits and retirement annuity benefits under PERA, a certain state university teachers additional retirement allowance provision under TRA and certain refund provisions under MERF

ARTICLE 11 - LOCAL RETIREMENT PLANS

Extending the deadline for full funding of and increasing the interest and single rate salary assumptions for the Bloomington fire department relief association, providing for amortization of the unfunded actuarial accrued liability; extending the amortization date for the Minneapolis police relief association and modifying the number of members remaining in the association for continuation of the governing board; providing for administration of the Hennepin county supplemental retirement program by the Minnesota state retirement system (MSRS) on behalf of the county; modifying a certain provision providing for eligibility for service pensions from the Minneapolis police and firefighters relief associations based on a certain funding ratio, providing additional half units to certain members of the police relief association and increasing surviving spouse benefits, certain benefits to be retroactive; prohibiting the recomputation of firefighters relief association disability benefits at retirement age and the reduction of benefits to members of either association under certain conditions; providing for calculation of the service pension amount for members of the Aurora, Biwabik, Hoyt Lakes and Palo volunteer firefighters relief associations after consolidation; providing a retroactive ad hoc postretirement adjustment to retired police officers, firefighters and surviving spouses of the Eveleth police and fire trust fund; authorizing and providing for the Maplewood firefighters relief association to transfer assets to the Oakdale fire department relief association for members eligible to receive a combined service pension for service in both associations

ARTICLE 12 - ONE PERSON AND SMALL GROUP RETIREMENT CHANGES

Authorizing the purchase of prior service credit in the teachers retirement association (TRA) by a certain person employed by independent school district #11, Anoka-Hennepin
(Ch. 8, 2005 First Special Session)