Legislative Session number- 85

Bill Name: HF3082

HF 3082

FIFTH ENGROSSMENT

Public and state employee retirement provisions
modified, and money appropriated.

ARTICLE 1 -- POSTRETIREMENT
PROVISIONS

Section 1: Composite funded ratio language provided.

Section 2:
Calculation of postretirement adjustment language modified.

Section 3: Lost
purchasing power increase language provided.

Section 4: Excess assets trigger
language provided.

Section 5: Benefit adjustments for certain disability and
survivor benefits language modified.

Section 6: Retirement benefit fund
language modified.

Section 7: Teacher retirement benefits language
provided.

ARTICLE 2 -- MINNESOTA POSTRETIREMENT INVESTMENT FUND
DISSOLUTION

Section 1: Dissolution of Minnesota Postretirement Investment Fund
language provided.

Section 2: Proposed statutory changes language
provided.

ARTICLE 3 -- PHASED RETIREMENT OR RETURN TO EMPLOYMENT
PROVISIONS

Section 1: Definition language modified.

Section 2: Eligibility
language modified.

Section 3: Annuity reduction not applicable language
modified.

Section 4: Appointing authority discretion language
modified.

Section 5: Duration language modified.

Section 6: Copy to fund
language modified.

Section 7: Termination of teaching service language
modified.

Section 8: Resumption of teaching service after retirement language
modified.

Section 9: Return to work agreement language provided.

Section 10:
Resumption of teaching after commencement of a retirement annuity language
modified.

Section 11: PERA Police and Fire; Temporary exemption from reemployed
annuitant earnings and limitations language provided.

Section 12: Bylaw
revision authorization language provided.

ARTICLE 4 -- MANDATORY JOINT AND
SURVIVOR BENEFIT FORM

Section 1: Surviving spouse benefit language
modified.

Section 2: Surviving spouse benefit language modified.

Section 3:
Optional retirement annuity forms language modified.

Section 4: Surviving
spouse optional annuity language modified.

Section 5: Death while eligible
survivor benefit language modified.

Section 6: Election that section does not
apply language modified.

Section 7: Application for retirement annuity;
procedure for electing annuity form; mandatory joint and survivor optional
annuity form language modified.

ARTICLE 5 -- ADMINISTRATIVE PROVISIONS

Section
1: Included employees language modified.

Section 2: Purchase procedure language
modified.

Section 3: Duties and powers of board of directors language
modified.

Section 4: Executive director; assistant director language
modified.

Section 5: Other refunds language modified.

Section 6: Payment of
additional equivalent contributions; post-June 30, 2007, coverage transfers
language modified.

Section 7: Effect of the asset transfer language
modified.

Section 8: Plan created language modified.

Section 9: Contracting
authorized language modified.

Section 10: Contributions language
modified.

Section 11: Reimbursement for health-related expenses language
modified.

Section 12: Fees language modified.

Section 13: Surviving spouse
coverage term certain language modified.

Section 14: Excluded employees
language modified.

Section 15: Salary language modified.

Section 16:
Termination of public service language modified.

Section 17: Uncredited
military service credit purchase language provided.

Section 18: Purchase
procedure language modified.

Section 19: Limitation on additional plan coverage
language provided.

Section 20: Treatment of periods before initial coverage
date language modified.

Section 21: Benefits paid under workers' compensation
law language modified.

Section 22: Pension coverage for certain tribal police
officers exercising state arrest power language modified.

Section 23: Benefits
paid under workers' compensation law language modified.

Section 24: Investment
options language modified.

Section 25: Federal compliance language
provided.

Section 26: Medical facility language modified.

Section 27:
Certification and decertification of medical facilities and other public
employing units language provided.

Section 28: Payment language
modified.

Section 29: Retirees not eligible for federal benefits language
modified.

Section 30: Purchase procedure language modified.

Section 31:
Payment language modified.

Section 32: Determination language
modified.

Section 33: Federal compensation limits language modified.

Section
34: Maximum annual addition limitation language provided.

Section 35: Effective
date language modified.

Section 36: Effective date language modified.

Section
37: Repealer provided.

ARTICLE 6 -- MSRS-CORRECTIONAL PLAN COVERAGE
EXPANSION

Section 1: Other correctional personnel language modified.

Section
2: Coverage transfer dates language provided.

ARTICLE 7 -- PERA BENEFITS
FOLLOWING PRIVATIZATIONS

Section 1: Medical facility language
modified.

Section 2: Effective date language provided.

ARTICLE 8 -- RETIREMENT
RELATED STATE AID PROGRAMS

Section 1: Special direct state aid to first class
city teachers retirement fund associations language modified.

Section 2:
Termination of supplemental contributions and direct matching and state aid
language modified.

Section 3: Additional amortization state aid language
modified.

Section 4: Repealer modified.

ARTICLE 9 -- MNSCU-IRAP AND RELATED
CHANGES

Section 1: Unclaimed plan account amounts language provided.

Section
2: Individual retirement account plan administrative expenses language
modified.

Section 3: Disposition of abandoned public pension amounts language
provided.

Section 4: Administrative expenses language modified.

Section 5:
Unclaimed plan account amounts language provided.

Section 6: Prohibition on
loans or pretermination distributions language modified.

Section 7: Actuarial
impact study; MNSCU-tenured faculty retirement plan coverage change language
provided.

ARTICLE 10 -- FINANCIAL AND ACTUARIAL REPORTING

Section 1:
Retirement fund reporting language modified.

Section 2: Report required
language modified.

Section 3: Covered public pension plans and funds language
modified.

Section 4: Filing requirement language modified.

Section 5: Contents
of financial report language modified.

Section 6: Financial report for police
or firefighters relief association language modified.

Section 7: Actuary
retention language modified.

Section 8: Reporting to commission language
modified.

Section 9: Commission to contract with auditing actuary language
provided.

Section 10: Definitions language modified.

Section 11: Requirements
language modified.

Section 12: Reports language modified.

Section 13: Interest
and salary assumptions language modified.

Section 14: Amortization
contributions language modified.

Section 15: Establishment of actuarial
assumptions language modified.

Section 16: Definitions language
modified.

Section 17: Appropriation; legislative commission on pensions and
retirement language provided.

Section 18: Repealer language provided.

Section
19: Effective date language provided.

ARTICLE 11 -- RETIREMENT SAVINGS
PROGRAMS

Section 1: Annuity contract; payroll allocation language
modified.

Section 2: Duties and powers of board of directors language
modified.

Section 3: Minnesota state deferred compensation plan language
modified.

Section 4: Prior deferred compensation plans; construction plan
language modified.

Section 5: Authorized rollovers language modified.

Section
6: Restriction; exceptions language modified.

Section 7: Definitions
modified.

Section 8: Contracting procedures language modified.

Section 9:
Scope of application language modified.

Section 10: Participation in state
deferred compensation plan language modified.

Section 11: Public pension plan
language modified.

Section 12: Repealer language provided.

ARTICLE 12 -- PERA
POLICE AND FIRE PLAN DUTY DISABILITY BENEFIT INCREASE

Section 1: Duty
disability; computation of benefits language modified.

ARTICLE 13 -- LOCAL
POLICE AND PAID FIRE RELIEF ASSOCIATION CHANGES

Section 1: Defined
postretirement benefits language provided.

ARTICLE 14 -- VOLUNTEER FIREFIGHTER
RELIEF ASSOCIATION CHANGES

Section 1: Public accountants; report of evidence
pointing to misconduct language modified.

Section 2: Definitions
modified.

Section 3: Authorized holder of assets; title to assets language
modified.

Section 4: Expanded list of authorized investment securities language
modified.

Section 5: Disclosure of investment authority; receipt of statement
language modified.

Section 6: Ancillary benefit language provided.

Section 7:
Surviving spouse language modified.

Section 8: Flexible service pension
maximums language modified.

Section 9: Deferred service pensions language
modified.

Section 10: Limitation on ancillary benefits language
modified.

Section 11: Authorized disbursements from the special fund language
modified.

Section 12: Voluntary statewide volunteer firefighter retirement plan
advisory board language provided.

Section 13: Repealer of prior inconsistent
special volunteer fire relief association ancillary benefit legislation language
provided.

ARTICLE 15 -- MEMBERSHIP DUES WITHHOLDING

Section 1: Voluntary
membership dues deduction language provided.

ARTICLE 16 -- SMALL GROUP
PROVISIONS

Section 1: Public employees retirement association coverage
termination language provided.

Section 2: PERA-general; St. Paul Public Works
Employee; retirement annuity revocation language provided.

Section 3: PERA-P&F;
Transfer of service credit for prior Maple Grove city employment period language
provided.

Section 4: Teachers Retirement Association coverage election for
certain MNSCU faculty members language provided.

Section 5: Teachers Retirement
Association; service credit purchase authorization language provided.

Section
6: Revised total and permanent disability benefit, Minneapolis bomb squad
disabilitant language provided.

Section 7: PERA Consolidated Independent School
District No. 2859 Glencoe/Silver Lake, annuitant waiver of repayment requirement
language provided.

Section 8: PERA-General; City of St. Paul employee service
credit purchase language provided.

Section 9: St. Paul School Board; prior
service purchase language provided.

Section 10: Teachers Retirement
Association; Service credit purchase authorization language provided.

Section
11: MSRS-Unclassified program; marital property division language provided.

SNA
5/21/08