2E Relating to various retirement plans and financial solvency measures

ARTICLE 1 - STATE PATROL RETIREMENT PLAN FINANCIAL SOLVENCY MEASURES

Modifying the state patrol retirement plan by increasing member and employer contributions; increasing the new hire vesting minimum requirement; expanding the definition of average monthly salary; placing a cap on allowable service for computing annuities; modifying the early retirement penalty; clarifying refund of payments; modifying the surviving spouse benefit; modifying the annual postretirement adjustments; appropriating money to the department of public safety for increased employer state patrol fund contributions; repealing surviving spouse benefit entitlements

ARTICLE 2 - PERA PLANS SALARY DEFINITION

Modifying the salary definition for public employees retirement association (PERA) for retirement purposes by expanding the definition to include other forms of compensation

ARTICLE 3 - PUBLIC EMPLOYEES POLICE AND FIRE RETIREMENT PLAN FINANCIAL SOLVENCY MEASURES

Redefining average salary; modifying the trigger for increasing or lowering annual postretirement adjustments for all plans; modifying duty disability definitions and clarifying disability application requirements for the public employees police and fire and local government correctional plan; clarifying refund rights; revising vesting, increasing plan employee and employer contributions, increasing the reduction for early retirement; clarifying survivor benefit provisions; delaying the first annual adjustment for public employees police and fire retirement plan

ARTICLE 4 - TEACHERS RETIREMENT ASSOCIATION EARLY RETIREMENT REDUCTION FACTORS

Modifying teachers retirement association (TRA) early retirement adjustment factors; phasing in actuarial equivalent early retirement adjustment factors over a five-year period beginning in 2015

ARTICLE 5 - FIRST CLASS CITY TEACHER RETIREMENT INCREASES AND FINANCIAL SOLVENCY MEASURES

Modifying certain teachers retirement provisions for members of the St. Paul teachers retirement fund association (SPTRFA) and Duluth teachers retirement fund association (DTRFA); requiring direct state aid on behalf of the former Minneapolis teachers retirement fund association; increasing state aid; increasing employee and employer contributions; requiring employer contributions for reemployed annuitants; modifying special direct state aid to first class city teachers retirement fund associations; modifying provisions relating to recovery of benefit overpayments; clarifying postretirement adjustment transition eligibility; requiring deferred annuity payments for reemployed annuitants to be forfeited to the SPTRFA or DTRFA fund after a certain date; modifying computation of normal coordinated retirement annuities; modifying certain future salary increase assumptions; modifying the actuarial reduction for early retirement; authorizing SPTRFA and DTRFA bylaws amendments; requiring a consolidation study of the Duluth teachers retirement fund association and the St. Paul teachers retirement fund association into the teachers retirement association (TRA); repealing the DTRFA postretirement adjustment mechanism

ARTICLE 6 - JUDGES RETIREMENT PLAN FINANCIAL SOLVENCY MEASURES

Reducing postretirement adjustments; increasing the normal retirement age; providing for tier I or tier II programs and exempting tier II judges from the service credit limit; permitting existing judges to elect to be treated as a new judge for benefit and contribution purposes; modifying and establishing member and employer contributions; authoring existing judges to elect to be treated as a new judge for benefit and contribution purposes; providing for tier II program election for certain judges

ARTICLE 7 - MISCELLANEOUS PROVISIONS

Requiring Minnesota state retirement system (MSRS) and public employees retirement association (PERA) monthly public pension fund deductions for membership dues or other labor organization payments upon annuitant written authorization; authorizing certain labor organizations to conduct blind mailings to annuitants of public retirement systems
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