1E Relating to public retirement

ARTICLE 1 - RETIREMENT PLAN MEMBERSHIP INCLUSIONS AND EXCLUSIONS

Providing public employees retirement association (PERA) general grandparent coverage for certain Stevens county housing and redevelopment authority employees and validating certain other coverages for current employees; ratifying certain current St. Cloud metropolitan transit commission bus drivers; reorganizing and updating Minnesota state retirement system general (MSRS), PERA general, teachers retirement association (TRA), and the two first class cities teachers retirement fund associations inclusions and exclusions; replacing the membership monthly minimum salary threshold with an annual minimum salary threshold for certain governmental unit employees

ARTICLE 2 - RETIREMENT GOVERNING BOARD PROVISIONS

Modifying the MSRS board membership provision by permitting deferred retirees to vote in board member elections

ARTICLE 3 - RETIREMENT PLAN CONTRIBUTION RATE CHANGES

Increasing the MSRS general and correctional and the PERA general member and employer contribution rates; modifying the PERA contribution stabilizer provision

ARTICLE 4 - JOINT AND SURVIVOR OPTIONAL ANNUITY COMPUTATION DISCOUNT RATE

Specifying a certain interest rate for computing joint and survivor annuities in the defined benefit retirement plans

ARTICLE 5 - MSRS-CORRECTIONAL RETIREMENT PLAN COVERAGE CHANGES

Ratifying the department of human services (DHS) extension of MSRS correctional retirement coverage to certain employees at the Minnesota security hospital at St. Peter; extending retirement coverage for former Minnesota extended treatment option (METO) program employees at Cambridge; proposing a certain addition to the retirement plan coverage list

ARTICLE 6 - TRA-DTRFA CONSOLIDATION

Mandating a full consolidation of the Duluth teachers retirement fund association (DTRFA) into the teachers retirement association (TRA) by a certain time and upon approval; providing annual new state aid to TRA to fund the consolidation

ARTICLE 7 - FIRST CLASS CITY TEACHER RETIREMENT FUND ASSOCIATION CHANGES

Making a certain appropriation to the St. Paul teachers retirement fund association (SPTRFA) permanent; resetting the SPTRFA state aid termination upon full funding; replacing the SPTRFA rolling amortization target date

ARTICLE 8 - MNSCU RELATED PROVISIONS

Extending the duration of an early retirement incentive program for the Minnesota state colleges and universities (MnSCU) system; increasing the maximum for the annuitant retire-to-work provision for faculty; removing the faculty member retirement coverage transfer and service credit purchase authority expiration date

ARTICLE 9 - POLICE ANF FIREFIGHTER PENSION CHANGES

Clarifying Minneapolis police and firefighter law post-retirement adjustments consistency with previous adjustments; making technical corrections; clarifying independent nonprofit firefighting corporation eligibility for receipt of police and fire supplemental retirement state aid; requiring certain PERA consolidation account survivor benefits reporting

ARTICLE 10 - ACTUARIAL ASSUMPTION CHANGES

Replacing the current implicit post-retirement adjustment rate actuarial assumption for the public employee defined benefit retirement plans; making a technical correction; repealing the temporary reduced post-retirement adjustment rate interest rate adjustment provision

ARTICLE 11 - POST-RETIREMENT ADJUSTMENT TRIGGER PROCEDURES

Requiring the statewide and major local retirement plans to have two consecutive years with certain excess funding ratios prior to post-retirement adjustment full rate restoration

ARTICLE 12 - VOLUNTEER FIREFIGHTER RELIEF ASSOCIATION CHANGES

Excluding certain municipalities with full-time fire departments covered by PERA police and fire from filing a fire state aid annual financial report; limiting retirement plan asset investments in certain bonds; providing an aggregation and extension; clarifying treatment of previously forfeited amounts by a defined contribution relief association; clarifying certain ratification and filing requirements and certain definitions; modifying the special fund authorized disbursement provision

ARTICLE 13 - MISCELLANEOUS RETIREMENT PROVISIONS

Clarifying offerings under the supplemental fund to not be named and permitting state board of investment revisions at will; expanding the state deferred compensation plan liability provision investment exclusion; modifying the PERA employing unit payroll reporting requirements and the post-retirement options (PRO) program ; permitting county sheriffs an additional month to retire; exempting ex-spouse monthly benefit portion from certain deferral procedures; shortening the timeframe for MSRS annuity applications; modifying the TRA reemployed annuitant to apply to certain teachers; modifying the TRA medical advisor provision and permitting members to have dues deducted from annuities; making a technical change

ARTICLE 14 - ONE PERSON AND SMALL GROUP RETIREMENT PROVISIONS

Extending the PERA police and fire disability benefit application deadline for certain Wadena county sheriff deputies; permitting Duluth and Duluth airport authority employees to purchase certain salary credit; permitting a MnSCU employee to transfer past and prospective coverage to TRA under certain conditions; permitting a full actuarial value service credit purchase by a Mille Lacs tribal police officer; permitting a Hennepin county commissioner to purchase service credit from PERA general
(rt)