3E Relating to retirement

ARTICLE 1 - STATE BOARD OF INVESTMENT PROVISIONS

Authorizing state board of investment swap contracts

ARTICLE 2 - MSRS ADMINISTRATIVE PROVISIONS

Modifying certain legislative commission on pensions and retirement standards for pension valuations and cost estimates and contents of a public pension fund financial required report; merging the elected state officers retirement plan into the legislators retirement plan; modifying medical adviser designation; revising the contribution rate for the general state employees retirement plan, the correctional state employees retirement plan, and the state patrol retirement plan; modifying provisions relating to permanent disability benefits including medical or psychological examinations, independent medical examination or vocational rehabilitation counseling, regular medical or psychological examinations, and refusal of examination; requiring certain disabilitant earning reports; clarifying certain language; removing certain obsolete language and revising certain outdated requirements; modifying contents of a public pension fund financial required report, legislators retirement plan actuarial valuation; modifying certain actuary retention provisions; modifying provisions relating to combined service annuities, exemption from the process and postretirement adjustments; specifying application; repealing certain provisions relating to legislators retirement plan retirement allowance, retirement plan application; contribution rate revision, reporting commission review, elective state officers retirement plan application, administration and benefit adjustments

ARTICLE 3 - PERA ADMINISTRATIVE PROVISIONS

Clarifying coverage of student employees and extending duration of excluded work-study positions under the public employees retirement association (PERA); revising military service credit purchase provision for consistency with federal code; clarifying average salary for benefit purposes; clarifying Minneapolis employees retirement fund (MERF) division benefit eligibility; providing privatized public hospital employees retirement coverage to employees of the Lake County Sunrise Home; making administrative changes; modifying certain privatized public hospital and pension benefits plan provisions under PERA; defining privatized former public employer and employee; removing legislative approval requirements and modifying certain legislative notification requirements; clarifying privatized public hospital pension benefits eligibility; specifying application of reemployed annuitant earnings limitations; making administrative changes; repealing the definitions of medical facility and other employing unit and the application date requirement and the social security leveling option under PERA

ARTICLE 4 - BENEFIT ACCRUAL RATE SPECIFICATION

Modifying the retirement annuity formula for state, public employees retirement association (PERA), and fire marshal division employees, state troopers, teachers, and St. Paul and Duluth teachers; modifying correctional employees monthly annuity calculation; modifying the state and local corrections and PERA employee and state trooper disability benefit computations; making technical changes; specifying future benefit accrual rate increases application; repealing retirement benefit formula percentages

ARTICLE 5 - REVISIONS AND REPEALS OF FORMER LOCAL POLICE AND PAID FIREFIGHTER RELIEF ASSOCIATION LAWS

Making technical and conforming changes; revising various statutes to reflect the recent mergers of local police and salaried firefighter relief associations and consolidation accounts with the public employees police and fire retirement plan; establishing the Bloomington Fire Department Relief Association Guidelines Act and making conforming changes; repealing mergers of police and fire relief associations into PERA police and fire, consolidation of the Minneapolis firefighters and police relief associations, the Fairmont police relief association and the Virginia fire department relief association, local relief association consolidation, police and salaried firefighters relief association, calculation of apportionment of police state aid to counties, PERA police and fire fund membership exclusion, police and firefighters supplementary amortization state aid, and the Bloomington firefighters relief association minimum member contribution

ARTICLE 6 - VOLUNTEER FIREFIGHTER RETIREMENT CHANGES

Defining a relief association fiscal year; clarifying return to active firefighting after break in service exceptions; modifying separation from active service exception and deferred service pensions and requiring municipal approval; requiring supplemental survivor benefit payment; repealing the state supplemental benefit volunteer firefighters retroactive reimbursement in certain instances; extending the allowed time period for municipal action or independent nonprofit firefighting corporation approval or rejection of the length of time for action on the election of transfer to statewide plan coverage; authorizing the White Bear Lake volunteer fire department relief association to provide for the payment of a lump sum death benefit from the special fund of the relief association to the estate of a retired member

ARTICLE 7 - ONE PERSON AND SMALL GROUP RETIREMENT CHANGES

Providing retirement coverage for employees of the Minnesota association of professional employees (MAPE) under the Minnesota state retirement system (MSRS); allowing public pension plan members receiving retirement annuities or disability benefits and designated survivors to mutually agree to terminate the survivor designation; placing the St. Paul teachers retirement fund association in the covered state plans; clarifying the Minnesota state retirement system (MSRS) rule of 90 eligibility for certain state employees; authorizing certain employees of the city of Northfield to purchase prior service credit under the public employees retirement association (PERA) general employees retirement plan; authorizing purchase of PERA general employees retirement plan allowable service credit for omitted member deductions for public employment by the Wright county highway department

ARTICLE 8 - MISCELLANEOUS PROVISIONS

Requiring the state auditor to provide volunteer firefighter relief associations with certain investment information; requiring board approval of public pension plan early retirement and optional annuity factors and requiring board schedule implementation subject to legislative commission on pensions and retirement review

ARTICLE 9 - STATE PATROL RETIREMENT PLAN FINANCIAL SOLVENCY MEASURES

Defining average monthly salary; modifying the state patrol retirement plan by increasing member and employer contributions; increasing the new hire vesting minimum requirement; placing a cap on allowable service for computing annuities; modifying the early retirement penalty; modifying the surviving spouse benefit; modifying the annual postretirement adjustments; repealing surviving spouse benefit entitlements

ARTICLE 10 - PERA PLANS SALARY DEFINITION

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

ARTICLE 11 - PUBLIC EMPLOYEES POLICE AND FIRE RETIREMENT PLAN FINANCIAL SOLVENCY MEASURES

Relating to the public employees retirement association (PERA); 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 retirement plans; 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 12 - TEACHERS RETIREMENT ASSOCIATION EARLY RETIREMENT REDUCTION FACTORS

Modifying certain early retirement adjustment factors; phasing in actuarial equivalent early retirement factors over a five-year period beginning in 2015

ARTICLE 13 - FIRST CLASS CITY TEACHER RETIREMENT INCREASES AND FINANCIAL SOLVENCY MEASURES

Appropriating money to the teachers retirement association (TRA) on behalf of the former Minneapolis teachers retirement fund association; modifying the retirement definition for St. Paul teachers retirement fund association employees terminating employment; increasing the Duluth teachers retirement fund association coordinated rate plan and employer contributions and requiring the Duluth school district to make employer contributions for reemployed annuitants; increasing the St. Paul teachers coordinated and basic member contribution rates and requiring school district employer contributions for reemployed annuitants; modifying an aid termination date provision; authorizing the St. Paul teachers fund to recover annuity amounts; adding a new postretirement adjustment; making corrections; revising provisions relating to first class city teacher plan reemployed annuitant holding account, St. Paul teachers fund retirement annuity computation, Duluth teacher retirement fund retirement annuity computation, first class city teacher plan actuarial reduction for early retirement, death while under age 55, reemployed annuitant account application, and amortization aid termination; authorizing the Duluth and St. Paul teachers retirement funds to revise bylaws; requiring a consolidation study; providing additional money in direct state aid to the Duluth teachers retirement fund and additional amounts in direct state aid to the St. Paul teachers retirement fund; repealing a Duluth teachers retirement fund postretirement provision providing no increase under certain conditions

ARTICLE 14 - JUDGES RETIREMENT PLAN FINANCIAL SOLVENCY MEASURES

Relating to the Minnesota state employers retirement (MSRS) plan for judges; 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; 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 15 - 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

ARTICLE 16 - APPROPRIATIONS

Appropriating money to the department of public safety for increased employer contributions
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