3E Relating to retirement;

ARTICLE 1 - POSTRETIREMENT PROVISIONS

Requiring the state board of investment to annually determine a composite funded ratio for state pension assets, modifying the postretirement adjustment calculation, requiring the board to determine fund total fair market value, limiting the postretirement adjustment percentage, providing a lost purchasing power increase for the Minnesota postretirement investment fund and specifying conditions, requiring a legislative report under condition of excess assets

ARTICLE 2 - MINNESOTA POSTRETIREMENT INVESTMENT FUND DISSOLUTION

Modifying the procedures used by the state board of investment to determine postretirement adjustments for the Minneapolis employees retirement fund; providing for Minnesota postretirement investment fund dissolution according to a transition schedule, providing for postretirement adjustments, requiring a legislative report on statutory drafting changes for conformance

ARTICLE 3 - PHASED RETIREMENT OR RETURN TO EMPLOYMENT PROVISIONS

Defining terminated state employee and describing its relation to certain postretirement options, modifying state employee postretirement employment provisions, modifying certain duties of the commissioner of employee relations (DOER) relating to postretirement option position and renewal offers; establishing a phased retirement program for teachers, defining eligibility; requiring an agreement on time worked and
duration of participation between the teacher and administration, establishing certain service credit and contribution restrictions for participants, requiring the completion of an annuity application by the participant; establishing a temporary exemption for certain people receiving a retirement annuity from the public employees police and fire plan; authorizing the St. Paul and Duluth teachers retirement fund associations (TRA) to revise bylaws to reflect annuity payments procedure for participants in phased retirement

ARTICLE 4 - MANDATORY JOINT AND SURVIVOR BENEFIT FORM

Requiring signed consent of a spouse when certain public employees enrolled in the Minnesota state retirement system (MSRS) or the public employees retirement association (PERA) choose that payment be made to a designated beneficiary in the event the employee dies; requiring the selection of a joint and survivor annuity benefit under all public pension plans offering joint and survivor optional annuity forms, specifying certain calculation requirements for minimum continuing benefits to a surviving spouse, modifying annuity form information and notice requirements; excluding certain retirement plans, clarifying treatment of a survivor of a deceased disabilitant, specifying certain limitations due to marriage dissolution, exempting certain plan administrators from liability

ARTICLE 5 - ADMINISTRATIVE PROVISIONS

Establishing certain employees of the Minnesota government engineers council enrolled in MSRS as state employees, modifying the leave of absence service credit purchase procedure for certain employees enrolled MSRS, modifying the duties and powers of the MSRS board of directors, establishing an assistant director of MSRS, clarifying the employment status and salary of the executive director and the assistant director of MSRS, modifying certain MSRS refund requirements, modifying the formula for payment of additional equivalent contributions prior to a certain date of coverage and specifying certain duties of the MSRS executive director, specifying certain effect of asset transfer, modifying the MSRS health care savings plan, expanding the role of the executive director of MSRS in the administration of the health care savings plan; excluding resident physicians, medical interns and pharmacist residents and pharmacist interns serving in a degree or residency program in public clinics from membership in PERA, modifying certain PERA provisions relating to the definition of salary and modifying termination of public service provisions, permitting uncredited military service credit purchase for certain public employees enrolled in PERA, clarifying correctional state employees retirement plan transfer of service credit procedures, providing limitations on additional plan coverage, modifying requirements for treatment of periods before initial coverage date; clarifying the relationship between workers compensation disability payments and those paid by PERA, eliminating certain guidelines in awarding pension coverage for certain tribal police officers exercising state arrest powers; modifying investment options for public employees defined contribution plan; establishing federal compliance for public employees deferred compensation plans, defining certain terms; determining members required minimum distributions, eliminating certain privatized public hospital pension benefits under PERA to employees of the Kanabec and Northfield hospitals and the Renville county hospital in Olivia; providing for certification and decertification of medical facilities and other public employing units, specifying certain eligibility determination requirements, requiring recommendation report to the legislature under certain conditions; modifying allowable teacher's retirement association (TRA) service credit purchase requirements for family leave of absence, modifying certain computation of TRA retirement annuities requirements for retirees not eligible for federal benefits; revising TRA strike period and leave of absence service credit purchase procedures; revising TRA reemployed annuitant account holding period; modifying certain PERA determination requirements for prior service credit purchase amounts; establishing the application of certain retirement plans to federal compensation limits, establishing a maximum annual addition limitation for certain retirement plans; modifying certain PERA approval requirements for the Clearwater county memorial hospital; repealing certain provisions relating to TRA retirement benefits extension of the 1997 permanent increase, modification in survivor coverage in certain instances, payments to receive credit for prior services for other state or school teaching service and certain annuity options; repealing a certain MSRS provision relating to state salary limitations; repealing certain provisions relating to teachers on certain extended leave; repealing provisions relating to legislators second social security referendum election of coverage, payment of retroactive social security taxes and deduction from wages

ARTICLE 6 - MSRS-CORRECTIONAL COVERAGE EXPANSION

Adding a certain number of employment positions to the correctional state employees retirement plan

ARTICLE 7 - PERA BENEFITS FOLLOWING PRIVATIZATIONS

Including Worthington Regional hospital and certain departments of the Willmar Rice memorial hospital in privatized public employee retirement coverage

ARTICLE 8 - RETIREMENT RELATED STATE AID PROGRAMS

Correcting special direct state aid payments to first class city teachers retirement fund associations (TRA); providing for certain retroactivity for direct state aid; requiring the commissioner of revenue to allocate amortization state aid to the St. Paul teachers retirement fund association, the city of Minneapolis for the police relief association and the firefighters relief association and the city of Duluth for police and firefighters relief associations and for volunteer firefighters relief associations; repealing certain provisions relating to direct state aid to first class city teachers and direct state matching aid to the TRA under certain circumstances

ARTICLE 9 - MNSCU IRAP AND RELATED CHANGES

Creating unclaimed account procedures for the Minnesota state colleges and universities (MnSCU) system individual retirement account plan and supplemental plan; providing for the disposition of abandoned public pension amounts; requiring the TRA to retain an actuary to conduct an actuarial impact study regarding a change in retirement plan coverage for members employed by the Minnesota state colleges and universities system

ARTICLE 10 - FINANCIAL AND ACTUARIAL REPORTING

Modifying the commissioner of finance duties relating to retirement fund reporting; modifying persons responsible for public pension fund annual financial reporting; removing certain financial annual report content requirements; removing the definition of current assets and providing a definition of actuarial value of assets for actuarial valuation purposes; modifying certain provisions on the procurement of actuarial services for state and local public retirement programs; authorizing the legislative commission on pensions and retirement to contract with an actuarial consulting firm for certain audit and review purposes; modifying the definition of current assets; modifying the general and correctional state employees, state patrol, legislators, elective state officers, judges, general public employees, public employees police and fire, local government correctional service and teachers postretirement interest rate assumptions; requiring use of certain salary assumptions and actuarial valuations prior to a certain date; modifying the correctional state employees retirement plan future salary increase assumption;
changing the select calculation period to a designated select period and providing the designated select period and a calculation for state retirement plans; changing current ultimate future salary increase assumptions; modifying the general state, correctional state and general public employees and teachers and Duluth teachers retirement plans actuarial valuation; providing for actuarial valuation assumption applicability after a certain date, exceptions; requiring actuarial valuation exhibits to contain exhibits indicating unfunded actuarial accrued liability amortization; specifying full funding deadlines for the correctional state employees, judges and public employees police and fire retirement plans; requiring the actuarial valuation of retirement plan to include unfunded actuarial accrued liability calculation for amortization determination for the Minnesota post retirement investment fund; modifying legislative commission on pensions and retirement approval requirements and process before and after a certain date; appropriating money to the legislative commission on pensions and retirement for actuarial consulting firm contracting costs; repealing certain provisions relating to actuarial valuation preparation allocation of actuarial costs, and to actuarial valuations and experience studies project valuation requirements

ARTICLE 11 - RETIREMENT SAVINGS PROGRAMS

Requiring collective bargaining over the number of tax sheltered annuity vendors school districts permit for payroll deduction, specifying factors a school district and an employee representative shall consider before selecting a vendor; modifying the MSRS deferred compensation plan; providing for statutory plan establishment, MSRS administration, right to participate in the plan, failure to implement the plan by public employers, plan investments, state board of investment determination of investments, plan administrative expenses, non applicability of other laws, process exemption and missing participants procedures; making certain conforming statutory amendments for public retirement systems generally and Hennepin county employees bargaining units retirement provisions, modifying certain restrictions and exceptions upon governmental units relating to supplemental pension plans of certain employees of MNSCU and the deferred compensation plan for employees of United hospital district, Blue Earth; repealing current statutory language and rules for MSRS deferred compensation

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

Providing for a duty disability pension amount for injured police officers and firefighters

ARTICLE 13 - LOCAL POLICE AND PAID FIRE RELEIF ASSOICATION CHANGES

Providing for a pension unit increase for service pensioners that belong to a salaried firefighter relief association in certain cities of the first class, specifying that the pension unit increase take precedence over any other benefit when the fund reaches a certain amount, permitting salaried firefighter relief associations in certain cities of the first class to apply excess investment income to a supplemental benefit to an eligible member

ARTICLE 14 - VOLUNTEER FIREFIGHTER RELEIF ASSOCIATION CHANGES

Requiring public accountants to report evidence of misconduct relating to the books and affairs of certain volunteer firefighter relief associations; modifying the definition of retirement benefits other than a service pension; permitting certain security brokers and depository agents of the state board of investment to hold assets covered by a public pension; establishing certain disclosure of investment requirements for security brokers; defining ancillary benefit as it relates to volunteer firefighters retirement; modifying the definition of surviving spouse as it relates to volunteer firefighters retirement; authorizing an increase in maximum monthly service pension amounts for volunteer firefighters; modifying the manners of payment allowed for the payment of deferred service pension lump sum amounts by a relief association for volunteer firefighters, modifying the payment of interest on the deferred lump sum service pension during the period of deferral; modifying certain limitations on the payment of ancillary benefits by a relief association; modifying the authorized disbursements from the relief associations special fund; establishing a voluntary statewide volunteer firefighter retirement advisory board, defining certain terms, prescribing membership, creating board duties, instructing certain municipalities and fire departments to provide relevant information the board or executive director needs to perform certain duties; repealing prior inconsistent special volunteer fire relief association ancillary benefit legislation, permitting local approval

ARTICLE 15 - MEMBERSHIP DUES WITHOLDING

Authorizing certain voluntary deductions from persons entitled to receive an annuity from a public pension fund administered by MSRS, the public employees retirement system (PERS) or the Minneapolis employees retirement system; restricting liability; limiting deductions; requiring labor organizations to reimburse the public pension fund for the expense of withholding premium amounts

ARTICLE 16 - SMALL GROUP PROVISIONS

Authorizing an individual employed by Olmsted county, the city of Rochester and independent school district #535 to apply for a retirement annuity through PERA under certain conditions; authorizing and providing for a certain St. Paul public works employee and eligible member of PERA to withdraw a previously filed retirement annuity application and submit a disability benefit application; authorizing and providing for the purchase of prior service credit in the PERA police and fire fund by a certain former employee of the city of Maple Grove with a prior period of firefighter employment; authorizing certain members of the MnSCU system faculty to elect prospective and retroactive retirement coverage by TRA in place of the higher education individual retirement account plan; specifying election procedure; sunset provision; authorizing an individual to receive service credit for prior Illinois teaching from TRA; waiving the annuity repayment requirement for a certain former employee of independent school district #2859, Glencoe/Silver Lake under the PERA general employees retirement plan; authorizing and providing for the purchase of prior service credit in the PERA general plan by a certain former employee of the city of St. Paul; authorizing the purchase of prior service credit in the PERA defined contribution retirement plan for a certain independent school district #625, St. Paul school board member; authorizing the purchase of service credit by a person who took a leave of absence from teaching at independent school district #284, Wayzata and did not receive the allowable and formula service credit from TRA; authorizing a former employee of the state lottery to have the MSRS benefit divided as provided in a marital property division as a result of a marriage dissolution
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