HF 2847

THIRD ENGROSSMENT

Minneapolis Teachers Retirement Fund Association and Teachers Retirement Association merged, 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: St. Paul teacher increase limit provided.
Sec. 3: 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.
Sec. 11: Effective date.

ARTICLE 3: TEACHERS RETIREMENT ASSOCIATION COVERAGE AND BENEFIT RESTRUCTURING

Section 1: Aid adjustment provided.
Sec. 2: Tenure, pensions, and retirement continuity modified.
Sec. 3: Aid rededication provided.
Sec. 4: Teacher definition modified.
Sec. 5: Allowable service definition modified.
Sec. 6: Employee clarified.
Sec. 7: Employer contribution modified.
Sec. 8: Formula program retirement annuity computation date modified.
Sec. 9: Consolidation of Minneapolis Teachers Retirement Fund Association provided.
Sec. 10: Minneapolis employees retirement fund state aid rededication provided.
Sec. 11: Normal retirement age term definition modified.
Sec. 12: Teacher term definition modified.
Sec. 13: Duluth and St. Paul teachers retirement fund association established.
Sec. 14-18: Conforming and technical changes.
Sec. 19: Technical changes.
Sec. 20: Conforming changes.
Sec. 21-22: Special direct state aid clarified.
Sec. 23: Supplemental contribution termination provided.
Sec. 24: Supplemental administrative expense assessment modified.
Sec. 25-29: Technical and conforming changes.
Sec. 30: Coordinated program administration procedure modified.
Sec. 31-33: Conforming changes.
Sec. 34: Date for full funding specified.
Sec. 35-37: Conforming changes.
Sec. 38-39: Coodinated plan members rates specified.
Sec. 40-42: Conforming changes.
Sec. 43: Minneapolis teachers retirement fund association MTRFA employee job preference clause established.
Sec. 44: Minneapolis Teachers Retirement Fund association MTRFA articles and bylaws repealer and applicability specified.
Sec. 45: Repealer.
Sec. 46: Effective date.

AME
5/22/06