Legislative Session number- 81

Bill Name: SF1077

E Relating to retirement ARTICLE 1 - INDIVIDUAL AND SMALL GROUP PENSION CHANGES
Authorizing and providing for the purchase of prior service credit in the public
employees retirement association by a certain former St. Paul bureau of health
employee, of prior service credit in the teachers retirement association by a
certain teacher granted a medical leave by independent school district 276,
Minnetonka, of allowable service credit for sabbatical leave in TRA by a certain
teacher employed by independent school district 16, Spring Lake Park qualifying
for an early normal retirement annuity under the rule of , of prior service
credit in PERA by a certain employee of the state board of public defense and of
prior service credit in TRA by a certain elementary school principal employed by
independent school district 11, Anoka-Hennepin; requiring the teachers
retirement association to repay a certain amount plus interest to a certain
member formerly employed by independent school district 274, Hopkins for a past
overcharge in member contribution shortage payments ARTICLE 2 - INCLUSION OF
SUPPLEMENTAL NEEDS TRUSTS AS OPTIONAL ANNUITY FORM RECIPIENTS Authorizing the
designation of certain qualified supplemental needs trusts as the remainder
recipient on optional annuity forms under the Minnesota state retirement system,
the correctional employees retirement plan under MSRS, the state patrol,
legislators, and judges retirement plans, the public employees retirement
association (PERA), the public employees police and fire fund, the teachers
retirement associations (TRA) and the Minneapolis employees retirement fund
(MERF) and Minneapolis firefighters and police relief associations, defining
qualified supplemental needs trust ARTICLE 3 - VOLUNTEER FIRE RELIEF ASSOCIATION
CHANGES Repealing the service credit maximum for receipt of volunteer
firefighters relief association monthly service pensions ARTICLE 4 -
CORRECTIONAL EMPLOYEES RETIREMENT PLAN CHANGES Expanding coverage under the
Minnesota state retirement system correctional employees retirement plan to
certain employees of the Minnesota extended treatment options program at the
Cambridge regional human services center; modifying the early retirement annuity
reduction formula ARTICLE 5 - PUBLIC SAFETY EMPLOYEE PENSION PLAN CHANGES
Modifying the retirement annuity reduction percentage for early retirement under
the state patrol retirement fund and the public employees police and fire fund
of the public employees retirement association (PERA); providing for the
applicability of certain benefit changes for pre-1999 relief association
consolidations with the police and fire fund; providing for continuation of
membership in the police and fire fund by a certain Rice county correctional
officer; imposing a penalty for membership miscertifications and certification
failures ARTICLE 6 - SPECIAL RETIREMENT COVERAGE FOR CERTAIN STATE FIRE MARSHAL
EMPLOYEES Providing for special benefit coverage under the Minnesota state
retirement system (MSRS) for certain employees of the state fire marshal
division of the department of public safety, specifying eligibility and the
retirement annuity formula; providing for non-job and job related disability
benefits, for employee and employer contributions and for election of coverage
ARTICLE 7 - TEACHER RETIREMENT PLANS PRIOR SERVICE CREDIT PURCHASE AUTHORIZATION
Authorizing and providing for the purchase of prior or uncredited military
service credit and prior credit for out of state teaching service, for maternity
leaves of absence, for breaks in service, for private or parochial teaching
service and for peace corps or vista service in the teachers retirement
associations (TRA); modifying certain provisions regulating the purchase of
prior service credit under public pension funds; specifying certain headnote
replacement instructions to the revisor of statutes ARTICLE 8 - MINNEAPOLIS
EMPLOYEES RETIREMENT PLAN CHANGES Modifying certain provisions under the
Minneapolis employees retirement fund (MERF); clarifying the payment of death
benefits from the deposit accumulation fund; requiring additional employer
contributions for deficits in the fund; modifying the disability allowance
adjustment requirement; clarifying the payment of certain refunds; modifying a
certain provision governing the payment of survivor benefits; providing for cost
allocation; repealing the death while deferred survivor benefit ARTICLE 9 -
EMPLOYER MATCHING CONTRIBUTION TAX SHELTERED ANNUITY CHANGES Expanding
authorized supplemental pension or deferred compensation plan investments except
for employees covered by the state colleges and universities supplemental
retirement plan to certain qualified investment entities; requiring the
legislative commission on pensions and retirement (LCPR) to study the issue of
providing partially employer funded tax sheltered savings opportunities for
educational employees ARTICLE 10 - MNSCU INDIVIDUAL RETIREMENT ACCOUNT PLAN
CHANGES Expanding eligibility for individual and employer paid health insurance
benefits to certain retired state college or university employees; excepting
certain MnSCU employees from certain annuity reduction requirements under the
Minnesota state retirement system (MSRS) for reemployment and clarifying and
modifying the exception under the teachers retirement association; providing for
participation in the part time mobility program of TRA by MnSCU teachers
teaching only during and retiring immediately after the first semester of an
academic year; making mandatory the additional contribution to the state college
and university individual retirement account plan for sabbatical leave;
expanding investment options for IRAP, eliminating certain restrictions on the
selection of financial institutions and expanding state board of investment
financial institution selection considerations; modifying and higher education
supplemental retirement plan administrative expenses charging and payment
requirements; creating an IRAP part time teacher mobility program (rla, ja)