Session Year 2005, Special Session 1

Bill Name: HF0044

HF 44

SPECIAL SESSION CHAPTER 8
EFFECTIVE DATE: Various

Retirement and
pension provisions modified and money appropriated.

ARTICLE 1 ¿ COVERED
SALARY; AVERAGE SALARY

Section 1: ¿Salary¿ definition modified.
Sec. 2:
¿Average salary¿ defined.
Sec. 3: Normal retirement annuity calculation
procedure modified.
Sec. 4-5: Technical statutory reference added.
Sec. 6:
Annuity basis modified, definition removed.
Sec. 7: Technical reference
added.
Sec. 8: Average salary defined.
Sec. 9: Salary defined.
Sec. 10:
Average salary defined.
Sec. 11-14: Technical reference added.
Sec. 15: Salary
definition modified.
Sec. 16: Average salary defined.
Sec. 17: Salary
defined.
Sec. 18: Formula program retirement annuity computation procedures
modified and technical references added.
Sec. 19: Average salary defined
Sec.
20: Salary defined.
Sec. 21-22: Technical references added.
Sec. 23: State
salary limitations modified.
Sec. 24: Average salary defined.
Sec. 25: Salary
defined.
Sec. 26: ¿Formula pension and annuity¿ definition modified.
Sec. 27:
Death of member provision language clarified.
Sec. 28-29: Salary defined.
Sec.
30-31: ¿Final average compensation¿ defined.
Sec. 32: Repealer.
Sec. 33:
Effective date.

ARTICLE 2 ¿ ALLOWABLE SERVICE CREDIT

Section 1: Service
credit purchase procedures established for strike periods.
Sec. 2: ¿Allowable
service¿ definition modified.
Sec. 3: Repealer extended.
Sec. 4: Sunset
repealer extended.
Sec. 5: Metro transit strike provision established.
Sec. 6:
Crosby-Ironton public strike provision established.
Sec. 7: University of
Minnesota strike provision established.
Sec. 8: Effective date.

ARTICLE
3¿ACTUARIAL FINANCIAL REPORTING AND OTHER GENERALLLY APPLICABLE ADMINISTRATIVE
CHANGES

Sections 1-3: ¿Actuarial equivalent¿ definition modified.
Sec. 4:
Service credit contribution regulations clarified.
Sec. 5: Conforming change
with sections 1-3.
Sec. 6: Actuarial report content requirements modified.
Sec.
7: Payment regulations modified.
Sec. 8: ¿Present worth¿ definition
modified.
Sec. 9: ¿Actuarial equivalent¿ definition modified.
Sec. 10:
Effective date.

ARTICLE 4 ¿ MEMBERSHIP INCLUSIONS AND EXCLUSIONS
Section 1:
Police officer ineligibility specified.
Sec. 2: ¿State employee¿ definition
modified.
Sec. 3: Membership inclusion position evaluation procedures
established.
Sec. 4: ¿Member¿ definition modified.
Sec. 5: ¿Governmental
subdivision¿ definition modified.
Sec. 6: University of Minnesota police
officer inclusions and exclusions provided.
Sec. 7: Election coverage
modified.
Sec. 8: Default coverage modified.
Sec. 9: Effective date.

ARTICLE
5 ¿ RETIREMENT CONTRIBUTIONS
Section 1: Employee contribution percentages
adjusted.
Sec. 2: Employer contribution percentages adjusted.
Sec. 3:
Additional employer contributions established.
Sec. 4: Employee and employer
contribution modifications detailed.
Sec. 5: Interest chargeable on amounts due
modified.
Sec. 6: Unpayed amount collection procedures and deposit regulations
adjusted and established.
Sec. 7: Employee contribution rate provided.
Sec. 8:
Employer contribution rate provided.
Sec. 9: PERA interest on service credit
payment return calculation procedure modified.
Sec. 10: Service credit return
for Minneapolis city employees provided.
Sec. 11: Effective date.

ARTICLE
6¿PENSION BENEFITS UPON PRIVATIZATION

Section 1: ¿Medical facility¿
definition modified.
Sec. 2: Public employee laws relating to PERA and existing
facilities clarified.
Sec. 3-4: Effective dates established.

ARTICLE 7¿FIRST
CLASS CITY TEACHER RETIREMENT FUND ASSOCIATIONS

Section 1: Articles of
incorporation and bylaws provided and filing addressed.
Sec. 2: Effective
date.

ARTICLE 8¿MINNESOTA STATE COLLEGES AND UNIVERSITIES INDIVIDUAL
RETIREMENT ACCOUNT PLAN CHANGES

Section 1: Investment options modified.
Sec.
2: Effective date.

ARTICLE 9¿VOLUNTEER FIREFIGHTER RELIEF ASSOCIATION
CHANGES

Section 1: Financial report and audit modified.
Sec. 2: Financial
statement requirements provided.
Sec. 3: Volunteer firefighters¿ relief
association financing guidelines act application regulations modified, and
language clarified.
Sec. 4: Relief association financial requirements minimum
obligation language clarified (shall changed to must, etc.).
Sec. 5: Technical
reference added.
Sec. 6: Conforming change with section 5.
Sec. 7: Minimum
municipal obligation relating to anticipated fire state aid detailed.
Sec. 8:
Investment regulations modified.
Sec. 9: Authorized investment securities
expanded.
Sec. 10: Service pension maximums clarified and contribution table
modified.
Sec. 11: Language clarified.
Sec. 12: Deferred service pension
interest procedures established.
Sec. 13: Service break credit provided to
establish uniform service.
Sec. 14: Membership language clarified.
Sec. 15:
Benefit regulations clarified.
Sec. 16: Effective date.

ARTICLE 10 ¿ VARIOUS
CORRECTIONS AND CLARIFICATIONS

Sections 1-81: Technical corrections and
language clarifications provided and statutory references added.

ARTICLE
11¿LOCAL RETIREMENT PLANS
Section 1: Fairmont police relief association,
Minneapolis Firefighters Relief Association, and Virginial Fire Department
Relief Association modifications provided.
Sec. 2: Bloomington Fire Department
Relief Association included.
Sec. 3: Local police and fire fund actuarial
valuation regulations expanded.
Sec. 4: Hennepin county account
established.
Sec. 5: Minnesota supplemental investment fund participation
provided.
Sec. 6: State supplemental investment fund share purchase regulations
adjusted.
Sec. 7: Share redemption procedures modified.
Sec. 8: Minnesota
State Retirement System billing authority specified.
Sec. 9: Police pension
fund membership expanded.
Sec. 10: Persons entitled to receive Minneapolis
police pensions modified.
Sec. 11: Additional pension unit provided.
Sec. 12:
Benefit amount and entitlement provisions expanded.
Sec. 13: Service pension
table modified.
Sec. 14: Disabled benefit recomputation prohibited.
Sec. 15:
Benefit reduction prohibited.
Sec. 16: Aurora, Biwabik City, Hoyt Lakes, and
Palo Volunteer Firefighter Relief Associations consolidation provided.
Sec. 17:
Eveleth retired police and fire trust fund established.
Sec. 18: Maplewood and
Oakdale volunteer firefighter relief associations asset transfer provided.
Sec.
19: Effective date.

ARTICLE 12 ¿ ONE PERSON AND SMALL GROUP RETIREMENT
CHANGES

Section 1: Prior service credit purchase for single individual
authorized.
Sec. 2: Effective date.

AME