HF 3082

FIFTH ENGROSSMENT

Public and state employee retirement provisions modified, and money appropriated.

ARTICLE 1 -- POSTRETIREMENT PROVISIONS

Section 1: Composite funded ratio language provided.

Section 2: Calculation of postretirement adjustment language modified.

Section 3: Lost purchasing power increase language provided.

Section 4: Excess assets trigger language provided.

Section 5: Benefit adjustments for certain disability and survivor benefits language modified.

Section 6: Retirement benefit fund language modified.

Section 7: Teacher retirement benefits language provided.

ARTICLE 2 -- MINNESOTA POSTRETIREMENT INVESTMENT FUND DISSOLUTION

Section 1: Dissolution of Minnesota Postretirement Investment Fund language provided.

Section 2: Proposed statutory changes language provided.

ARTICLE 3 -- PHASED RETIREMENT OR RETURN TO EMPLOYMENT PROVISIONS

Section 1: Definition language modified.

Section 2: Eligibility language modified.

Section 3: Annuity reduction not applicable language modified.

Section 4: Appointing authority discretion language modified.

Section 5: Duration language modified.

Section 6: Copy to fund language modified.

Section 7: Termination of teaching service language modified.

Section 8: Resumption of teaching service after retirement language modified.

Section 9: Return to work agreement language provided.

Section 10: Resumption of teaching after commencement of a retirement annuity language modified.

Section 11: PERA Police and Fire; Temporary exemption from reemployed annuitant earnings and limitations language provided.

Section 12: Bylaw revision authorization language provided.

ARTICLE 4 -- MANDATORY JOINT AND SURVIVOR BENEFIT FORM

Section 1: Surviving spouse benefit language modified.

Section 2: Surviving spouse benefit language modified.

Section 3: Optional retirement annuity forms language modified.

Section 4: Surviving spouse optional annuity language modified.

Section 5: Death while eligible survivor benefit language modified.

Section 6: Election that section does not apply language modified.

Section 7: Application for retirement annuity; procedure for electing annuity form; mandatory joint and survivor optional annuity form language modified.

ARTICLE 5 -- ADMINISTRATIVE PROVISIONS

Section 1: Included employees language modified.

Section 2: Purchase procedure language modified.

Section 3: Duties and powers of board of directors language modified.

Section 4: Executive director; assistant director language modified.

Section 5: Other refunds language modified.

Section 6: Payment of additional equivalent contributions; post-June 30, 2007, coverage transfers language modified.

Section 7: Effect of the asset transfer language modified.

Section 8: Plan created language modified.

Section 9: Contracting authorized language modified.

Section 10: Contributions language modified.

Section 11: Reimbursement for health-related expenses language modified.

Section 12: Fees language modified.

Section 13: Surviving spouse coverage term certain language modified.

Section 14: Excluded employees language modified.

Section 15: Salary language modified.

Section 16: Termination of public service language modified.

Section 17: Uncredited military service credit purchase language provided.

Section 18: Purchase procedure language modified.

Section 19: Limitation on additional plan coverage language provided.

Section 20: Treatment of periods before initial coverage date language modified.

Section 21: Benefits paid under workers' compensation law language modified.

Section 22: Pension coverage for certain tribal police officers exercising state arrest power language modified.

Section 23: Benefits paid under workers' compensation law language modified.

Section 24: Investment options language modified.

Section 25: Federal compliance language provided.

Section 26: Medical facility language modified.

Section 27: Certification and decertification of medical facilities and other public employing units language provided.

Section 28: Payment language modified.

Section 29: Retirees not eligible for federal benefits language modified.

Section 30: Purchase procedure language modified.

Section 31: Payment language modified.

Section 32: Determination language modified.

Section 33: Federal compensation limits language modified.

Section 34: Maximum annual addition limitation language provided.

Section 35: Effective date language modified.

Section 36: Effective date language modified.

Section 37: Repealer provided.

ARTICLE 6 -- MSRS-CORRECTIONAL PLAN COVERAGE EXPANSION

Section 1: Other correctional personnel language modified.

Section 2: Coverage transfer dates language provided.

ARTICLE 7 -- PERA BENEFITS FOLLOWING PRIVATIZATIONS

Section 1: Medical facility language modified.

Section 2: Effective date language provided.

ARTICLE 8 -- RETIREMENT RELATED STATE AID PROGRAMS

Section 1: Special direct state aid to first class city teachers retirement fund associations language modified.

Section 2: Termination of supplemental contributions and direct matching and state aid language modified.

Section 3: Additional amortization state aid language modified.

Section 4: Repealer modified.

ARTICLE 9 -- MNSCU-IRAP AND RELATED CHANGES

Section 1: Unclaimed plan account amounts language provided.

Section 2: Individual retirement account plan administrative expenses language modified.

Section 3: Disposition of abandoned public pension amounts language provided.

Section 4: Administrative expenses language modified.

Section 5: Unclaimed plan account amounts language provided.

Section 6: Prohibition on loans or pretermination distributions language modified.

Section 7: Actuarial impact study; MNSCU-tenured faculty retirement plan coverage change language provided.

ARTICLE 10 -- FINANCIAL AND ACTUARIAL REPORTING

Section 1: Retirement fund reporting language modified.

Section 2: Report required language modified.

Section 3: Covered public pension plans and funds language modified.

Section 4: Filing requirement language modified.

Section 5: Contents of financial report language modified.

Section 6: Financial report for police or firefighters relief association language modified.

Section 7: Actuary retention language modified.

Section 8: Reporting to commission language modified.

Section 9: Commission to contract with auditing actuary language provided.

Section 10: Definitions language modified.

Section 11: Requirements language modified.

Section 12: Reports language modified.

Section 13: Interest and salary assumptions language modified.

Section 14: Amortization contributions language modified.

Section 15: Establishment of actuarial assumptions language modified.

Section 16: Definitions language modified.

Section 17: Appropriation; legislative commission on pensions and retirement language provided.

Section 18: Repealer language provided.

Section 19: Effective date language provided.

ARTICLE 11 -- RETIREMENT SAVINGS PROGRAMS

Section 1: Annuity contract; payroll allocation language modified.

Section 2: Duties and powers of board of directors language modified.

Section 3: Minnesota state deferred compensation plan language modified.

Section 4: Prior deferred compensation plans; construction plan language modified.

Section 5: Authorized rollovers language modified.

Section 6: Restriction; exceptions language modified.

Section 7: Definitions modified.

Section 8: Contracting procedures language modified.

Section 9: Scope of application language modified.

Section 10: Participation in state deferred compensation plan language modified.

Section 11: Public pension plan language modified.

Section 12: Repealer language provided.

ARTICLE 12 -- PERA POLICE AND FIRE PLAN DUTY DISABILITY BENEFIT INCREASE

Section 1: Duty disability; computation of benefits language modified.

ARTICLE 13 -- LOCAL POLICE AND PAID FIRE RELIEF ASSOCIATION CHANGES

Section 1: Defined postretirement benefits language provided.

ARTICLE 14 -- VOLUNTEER FIREFIGHTER RELIEF ASSOCIATION CHANGES

Section 1: Public accountants; report of evidence pointing to misconduct language modified.

Section 2: Definitions modified.

Section 3: Authorized holder of assets; title to assets language modified.

Section 4: Expanded list of authorized investment securities language modified.

Section 5: Disclosure of investment authority; receipt of statement language modified.

Section 6: Ancillary benefit language provided.

Section 7: Surviving spouse language modified.

Section 8: Flexible service pension maximums language modified.

Section 9: Deferred service pensions language modified.

Section 10: Limitation on ancillary benefits language modified.

Section 11: Authorized disbursements from the special fund language modified.

Section 12: Voluntary statewide volunteer firefighter retirement plan advisory board language provided.

Section 13: Repealer of prior inconsistent special volunteer fire relief association ancillary benefit legislation language provided.

ARTICLE 15 -- MEMBERSHIP DUES WITHHOLDING

Section 1: Voluntary membership dues deduction language provided.

ARTICLE 16 -- SMALL GROUP PROVISIONS

Section 1: Public employees retirement association coverage termination language provided.

Section 2: PERA-general; St. Paul Public Works Employee; retirement annuity revocation language provided.

Section 3: PERA-P&F; Transfer of service credit for prior Maple Grove city employment period language provided.

Section 4: Teachers Retirement Association coverage election for certain MNSCU faculty members language provided.

Section 5: Teachers Retirement Association; service credit purchase authorization language provided.

Section 6: Revised total and permanent disability benefit, Minneapolis bomb squad disabilitant language provided.

Section 7: PERA Consolidated Independent School District No. 2859 Glencoe/Silver Lake, annuitant waiver of repayment requirement language provided.

Section 8: PERA-General; City of St. Paul employee service credit purchase language provided.

Section 9: St. Paul School Board; prior service purchase language provided.

Section 10: Teachers Retirement Association; Service credit purchase authorization language provided.

Section 11: MSRS-Unclassified program; marital property division language provided.

SNA 5/21/08