Legislative Session number- 82

Bill Name: SF0641

Modifying and clarifying certain duties of the board of directors and the
executive director of the Minnesota state retirement system; establishing the
health care reimbursement plan for members of the legislators, state employees,
state troopers and judicial retirement plans under MSRS and of the arts board
and humanities commission individual retirement account (IRA) plan of the
Minnesota state colleges and universities; requiring the plan to meet the
qualification requirements under the internal revenue code (IRC) for income tax
free contributions and benefit payments purposes; creating the state employees
health care reimbursement fund for deposit of employee and employer
contributions and investment returns and providing for the contributions;
providing for disbursements; designating the state treasurer as the ex officio
treasurer of the fund, duties; requiring and providing for investment of the
fund by the state board of investment; providing for benefits from the fund,
specifying certain age and service requirements and providing for monthly
benefit payments, for application to eligible disabled and deferred retired
employees, for benefits termination and exclusions and for annual benefit
inflation adjustments; providing for refund of employee contributions under
certain conditions and for payment upon death of participants and eligible
retired employees; providing for amendment of the plan and requiring and
providing for the legislative commission on pensions and retirement to contract
with the retained actuary for preparation of actuarial valuations, requiring an
actuary report to the LCPR, specifying certain report content requirements;
clarifying the definitions of covered pension and statewide plans for fiduciary
responsibility purposes; providing for additional payments to certain current
and deferred retirees and disabilitants, specifying certain eligibility
requirements and providing for employer contributions, requiring the
commissioner of finance in consultation with the commissioner of employee
relations (DOER) to determine amounts needed for the payments, transfer
necessary funds and report amounts transferred to the legislature (ra)