4E Relating to retirement

ARTICLE 1 - FINANCIAL SUSTAINABILITY
PROVISIONS

Relating to legislators' retirement, state troopers retirement, university
hospital employee retirement, Minnesota state retirement system (MSRS), public employees retirement association (PERA), local government correctional service retirement, privatized public hospital PERA
pension benefits, teachers retirement association (TRA), public employees
retirement systems, first class city teacher retirement fund associations,
police and salaried firefighters relief association; increasing certain
contribution rates, suspending certain postretirement adjustments; reducing certain postretirement adjustment increase rates, interest rates on refunds and deferred annuity augmentation rates; eliminating interest on reemployed annuitant earnings limitation deferred accounts; increasing certain vesting requirements and certain early retirement reduction rates, defining vesting; reducing certain benefit accrual rates; extending certain amortization periods; requiring a retirement fund investment authority and defined contribution studies; authorizing certain bylaw amendments; repealing the Duluth teachers retirement fund association
postretirement adjustment modification

ARTICLE 2 - MSRS ADMINISTRATIVE PROVISIONS

Making administrative changes to Minnesota state retirement system (MSRS) state troopers, public employees retirement association (PERA), teachers retirement and judges public pension plans; repealing covered correctional service correction of errors and the penalty for membership miscertifications and certification failures

ARTICLE 3 - MINNESOTA STATE DEFERRED COMPENSATION PLAN AMENDMENTS

Requiring participating employers to provide necessary data to third-party
administrators; requiring adherence to data privacy regulation; prohibiting third-party participant solicitation

ARTICLE 4 - MSRS UNCLASSIFIED STATE EMPLOYEES RETIREMENT PROGRAM
AMENDMENTS

Modifying the Minnesota state retirement system (MSRS) unclassified program; providing for reversion to the general plan by members of
the unclassified employees retirement program; modifying certain definitions and certain provisions

ARTICLE 5 - PUBLIC EMPLOYEES RETIREMENT ASSOCIATION ADMINISTRATIVE PROVISIONS

Clarifying public employees retirement association (PERA) membership qualifications, allowable service computation, allowing reduced salary periods salary credit purchase, modifying election, shortages payment, reporting requirements, allowing fines, eligibility, hearings, records for review, adding Virginia employees; repealing reduced salary during period of workers compensation, the savings clause purchase of allowable service annuity, funding of plan physician contribution and contributions for prior elected service eligibility contributions

ARTICLE 6 - VOLUNTARY STATEWIDE LUMP-SUM VOLUNTEER FIREFIGHTER RETIREMENT PLAN

Allowing state aid transmission for municipalities with organized fire departments providing firefighter retirement coverage through the
voluntary statewide lump-sum volunteer firefighter retirement plan and exempting these municipalities from reporting requirements, adding a cash flow funding requirement; expanding authorized account disbursements; modifying levels; providing continuation of prior service pension levels and disability benefit coverage authority for casualty insurance; requiring certain municipalities without volunteer firefighter relief associations to transmit fire state aid to the voluntary statewide lump-sum volunteer firefighter retirement fund

ARTICLE 7 - TEACHERS RETIREMENT ASSOCIATION SERVICE CREDIT PROCEDURE REVISIONS

Defining annual base salary, service credit and calculation, annual base salary reporting, noncompliance consequences and part-time teaching positions

ARTICLE 8 - MnSCU IRAP ADMINISTRATIVE PROVISIONS

Requiring the board of investment to contract with the Minnesota state colleges and universities (MnSCU) board of trustees for investment review; prohibiting certain contracts; repealing investment of supplemental investment fund shares

ARTICLE 9 - ACTUARIAL VALUATION REPORTING DEADLINE DATES

Requiring actuarial valuation copies to be filed with the legislative commission on pensions and retirement, the commissioner of management and budget (MMB) and the legislative reference library by a certain date

ARTICLE 10 - OPTIONAL ANNUITY REVOCATION FOLLOWING CERTAIN MARRIAGE DISSOLUTIONS

Providing revocation of optional annuity due to marriage dissolution or annulment

ARTICLE 11 - ADMINISTRATIVE CONSOLIDATION OF THE MINNEAPOLIS EMPLOYEES RETIREMENT FUND INTO THE PUBLIC EMPLOYEES RETIREMENT ASSOCIATION

Establishing the Minneapolis employees retirement fund (MERF) division
within the general employees retirement fund of the public employees retirement association (PERA) and establishing a separate MERF division account; modifying certain provisions relating to the general employees retirement plan, the public employees police and fire retirement plan and the local government correctional employees retirement plan; renaming the public employees retirement fund to the general employees retirement fund

ARTICLE 12 - CONFORMING CHANGES RELATED TO THE MERF ADMINISTRATIVE CONSOLIDATION

Making technical and conforming changes to certain statutory provisions

ARTICLE 13 - VOLUNTEER FIREFIGHTER RELIEF ASSOCIATION MODIFICATIONS

Relating to volunteer fire relief associations; making various technical
corrections; modifying break-in-service return to firefighting authorizations;
allowing relief association deferred compensation plan transfers; allowing
credits to inactive members; modifying the limitations on ancillary benefits and bylaws amendments local approval; authorizing special fund disbursement for annuity purchases; specifying corrections of erroneous special fund deposits; repealing surviving spouse and repayment of service pension in certain instances

ARTICLE 14 - ONE PERSON/SMALL GROUP PENSION ISSUES

Authorizing public employees retirement association (PERA) general purchase of a certain omitted Inver Grove Heights school district omitted member contributions and authorizing teachers retirement association (TRA) second chance retirement coverage authority for a certain IRAP member

ARTICLE 15 - MISCELLANEOUS PROVISIONS

Allowing furloughed university of Minnesota MSRS general state employees retirement plan members and university of Minnesota public employees police and fire plan members to receive allowable service credit and salary credit for the furlough period; adding Hennepin county medical center (HCMC) alternative retirement plans to the list of exceptions of governmental subdivision or state agencies supplemental pension or deferred compensation tax levy prohibition
(rt)