Legislative Session number- 84

Bill Name: HF2362

HF 2362

FIRST ENGROSSMENT

Minnesota state retirement contributions increased,
correctional retirement plan inclusions provided, prior service credit transfers
and purchases authorized, and administrative provisions modified.

ARTICLE 1:
MINNESOTA STATE RETIREMENT SYSTEM CONTRIBUTION INCREASES

Section 1: Employee
contribution requirements modified.
Sec. 2: Employer contribution requirements
modified.
Sec. 3: Contribution revision procedure established.
Sec. 4-7:
Conforming changes relating to contributions.
Sec. 8: Contribution rate
regulations modified.
Sec. 9: Effective date.

ARTICLE 2: MSRS-CORRECTIONAL
RETIREMENT PLAN INCLUSIONS

Section 1: Policy modified.
Sec. 2: Qualifying
jobs list modified.
Sec. 3: Correctional industry modified.
Sec. 4: Nursing
personnel clarified.
Sec. 5: Other correctional personnel definitions
clarified.
Sec. 6: Covered correctional service definition modified.
Sec. 7:
Human services department covered correctional service definition modified.
Sec.
8: Additional covered correctional service lists modified.
Sec. 9: Employment
occupation name changes provided.
Sec. 10: Lateral transfers to new
correctional facilities provided.
Sec. 11: Department of Corrections coverage
change procedure established.
Sec. 12: Prior state service coverage
provided.
Sec. 13: Service credit transfer to correctional plan modified.
Sec.
14: Effective date.

ARTICLE 3: RETIREMENT PLAN ADMINISTRATIVE
PROVISIONS

Section 1: Subsequent vendor contracts modified.
Sec. 2: Temporary
reemployment benefit reduction waiver modified.
Sec. 3: Bounce-back annuity
modified.
Sec. 4: Bounce-back annuity modified.
Sec. 5: Included employee list
clarified.
Sec. 6: Optional membership age provision revised.
Sec. 7: Public
service termination definition modified.
Sec. 8: Membership termination
definiton modified.
Sec. 9: Authorized temporary or seasonal layoff definition
modified.
Sec. 10: Indefinite layoff defined.
Sec. 11: Allowable service
definition modified.
Sec. 12: Management modified.
Sec. 13: Board vacancy
modified.
Sec. 14: Board legal authority provided.
Sec. 15: Erroneous receipts
adjustment modified.
Sec. 16: Deductions or contributions transmitted by error
modified.
Sec. 17: Member overpaymetns modified.
Sec. 18: Upaid amount
collection modified.
Sec. 19: Annuity payment modified.
Sec. 20: Bounce-back
annuity modified.
Sec. 21: Bounce-back annuity modified.
Sec. 22: Surviving
spouse optional annuity provision modified.
Sec. 23: Survivor coverage term
clarified.
Sec. 24: Technical changes.
Sec. 25: Employment return provision
expanded.
Sec. 26: Disabilitant earnings reports modified.
Sec. 27: Refund or
deferred annuity modified.
Sec. 28: Disability benefit payments limitation
modified.
Sec. 29: Eligibility modified.
Sec. 30: Ambulance service personnel
eligibility clarifed.
Sec. 31: County correctional institution modified.
Sec.
32: Bounce-back annuity modified.
Sec. 33: Bounce-back annuity modified.
Sec.
34: Member contributions regulations modified.
Sec. 35: Repealer.
Sec. 36:
Early retirement incentive eligibility provided and incentive established.
Sec.
37: PERA-general service credit purchase provided.
Sec. 38: Repealer.
Sec. 39:
Effective date.

ARTICLE 4: PERA-P&F RETIREMENT PLAN CHANGES

Section 1:
Benefit computation modified.
Sec. 2: Nonduty disability benefit modified.
Sec.
3: Disability survivor benefits modified.
Sec. 4: Effective date.

ARTICLE 5:
PRIVATIZATION RETIREMENT COVERAGE CHANGE

Section 1: Rates for privatized
terminated employees modified.
Sec. 2: Medical facility definition
modified.
Sec. 3: Public employing unit modified.
Sec. 4: Effective
date.

ARTICLE 6: SOCIAL SECURITY COVERAGE CHANGES

Section 1: Local
governmental subdivision definition modified.
Sec. 2: General authority
provision expanded.
Sec. 3: Groups covered by Social Secuity list
modified.
Sec. 4: Referendum required.
Sec. 5: Retroactive social security
coverage provided.
Sec. 6: Optional Medicare coverage provided.
Sec. 7:
Effective date.

ARTICLE 7: SUPPLEMENTAL RETIREMENT PLAN COVERAGE
CHANGES

Section 1: Restriction modified.
Sec. 2: Effective date.

ARTICLE 8:
RETIREMENT FUND INVESTMENT AUTHORITY CHANGES

Section 1: Local police and paid
fire relief association investment authority modified.
Sec. 2: Authorized
investments expanded.,
Sec. 3: Asset investment technical reference added.
Sec.
4: Report contents expanded.
Sec. 5: Investment disclosure report
modified.
Sec. 6: Authorized investment securities list expansion
modified.
Sec. 7: Transition provision.
Sec. 8: Effective date.

ARTICLE 9:
MINNEAPOLIS EMPLOYEES RETIREMENT FUND CHANGES

Section 1: Retirement fund
investment authority modified.
Sec. 2: Deposit accumulation fund modified.
Sec.
3: Reserves transfer to retirement benefit fund modified.
Sec. 4: Disability
benefit fund modified.
Sec. 5: Retirement benefit fund modified.
Sec. 6: State
contributions modified.
Sec. 7: Repealer.
Sec. 8: Effective date.

ARTICLE 10:
MINNEAPOLIS POLICE RELIEF ASSOCIATION CHANGES

Section 1: Authorized fund
disbursements modified.
Sec. 2: Minneapolis police pension units modified.
Sec.
3: Effective date.

ARTICLE 11: RECODIFICATION OF VARIOUS STATEWIDE RETIREMENT
PLANS

Section 1: Purposes provided.
Sec. 2: Actuarial equivalent
defined.
Sec. 3: Average monthly salary defined.
Sec. 4: Consitutional officer
defined.
Sec. 5: Dependent child definiton modified.
Sec. 6: Director
definition modified.
Sec. 7: Former legislator defined.
Sec. 8: Member of the
legislature defined.
Sec. 9: Normal retirement age defined.
Sec. 10:
Retirement defined.
Sec. 11: Salary defined.
Sec. 12: Plan administration
clarified.
Sec. 13: Qualifications modified.
Sec. 14: Reduced retirement
allowance provision clarified.
Sec. 15: Appropriation clarified.
Sec. 16:
Deferred annuities augmentation modified.
Sec. 17: Optional annuities
modified.
Sec. 18-27: Technical changes and conforming language
clarifications.
Sec. 28: Annuity entitlement clarified.
Sec. 29:
Constitutional officer retirement plan established.
Sec. 30: Administrative
agency and standards clarified.
Sec. 31-32: Technical and conforming
changes.
Sec. 33: Repealer.
Sec. 34: Effective date.

ARTICLE 12: JUDGES
RETIREMENT PLAN AND BOARD ON JUDICIAL STANDARDS RECODIFICATION

Section 1:
Scope provided.
Sec. 2: Actuarial equivalent defined.
Sec. 3: Allowable
service definition modified.
Sec. 4: Annuity definition modified.
Sec. 5:
Annuitant definition modified.
Sec. 6: Approved actuary defined.
Sec. 7: Court
defined.
Sec. 8: Dependent surviving child defined.
Sec. 9: Disability
definition modified.
Sec. 10: Disability retirement date definition
modified.
Sec. 11: Disability retirement annuity definition modified.
Sec. 12:
Early retirement date defined.
Sec. 13: Early retirement annuity defined.
Sec.
14: Judge defined.
Sec. 15: Judges retirement fund and related terms
defined.
Sec. 16: Mandatory retirement date defined.
Sec. 17: Normal
retirement annuity defined.
Sec. 18: Normal retirement date defined.
Sec. 19:
Service credit limit definition modified.
Sec. 20: Surviving spouse
defined.
Sec. 21: Survivor¿s annuity defined.
Sec. 22: Judges¿ retirement
administration modified.
Sec. 23: Fund creation for judges¿ retirement
provided.
Sec. 24: Member contribution rates modified.
Sec. 25: Employer
contribution rate modified.
Sec. 26: Additional employer contribution
modified.
Sec. 27: Commissioner of finance regulations modified.
Sec. 28:
Investment technical references added.
Sec. 29: Basic retirement annuity
clarification provided.
Sec. 30: Minimum service requirement modified.
Sec. 31:
Early reduced retirement modified.
Sec. 32: Disability retirement provision
clarified.
Sec. 33-43: Technical and conforming
changes.
Sec. 44: Board of
judicial standards established.
Sec. 45: Judicial standards board powers
specified.
Sec. 46: Persons affected clause provided.
Sec. 47: Technical
reference removed.
Sec. 48: Revisor¿s instruction.
Sec. 49: Repealer.
Sec.
50: Effective date.

ARTICLE 13: JUDGES RETIREMENT PLAN AND RELATED
CHANGES

Section 1: Optional annuities age reduced.
Sec. 2: Technical
reference added.
Sec. 3: Survivors¿ annuity modified.
Sec. 4: Effective
date.

ARTICLE 14: VOLUNTEER FIRE RELIEF ASSOCIATION CHANGES

Section 1:
Volunteer fire relief associations report modified.
Sec. 2: Volunteer
firefighter defined.
Sec. 3: Individual retirement account transfer
modified.
Sec. 4: Special fund disbursements modified.
Sec. 5: Randall
Firemen¿s Relief Association revised benefit for spouse of deceased firefighter
provided.
Sec. 6: Effective date.

ARTICLE 15: ONE PERSON AND SMALL GROUP
RETIREMENT PROVISIONS

Section 1: Plan coverage error correction provided.
Sec.
2: Service credit purchase for individual person provided.
Sec. 3: Teachers
retirement association services credit purchase for individual provided.
Sec. 4:
PERA-general public defender service credit purchase authorized.
Sec. 5-15:
Additional service credit purchase authorizations for specific individuals
provided.
Sec. 16: Effective date.

AME
5/22/06