Legislative Session number- 88

Bill Name: SF1191

2E Relating to various retirement plans and financial solvency
measures

ARTICLE 1 - STATE PATROL RETIREMENT PLAN FINANCIAL SOLVENCY
MEASURES

Modifying the state patrol retirement plan by increasing member and
employer contributions; increasing the new hire vesting minimum requirement;
expanding the definition of average monthly salary; placing a cap on allowable
service for computing annuities; modifying the early retirement penalty;
clarifying refund of payments; modifying the surviving spouse benefit; modifying
the annual postretirement adjustments; appropriating money to the department of
public safety for increased employer state patrol fund contributions; repealing
surviving spouse benefit entitlements

ARTICLE 2 - PERA PLANS SALARY
DEFINITION

Modifying the salary definition for public employees retirement
association (PERA) for retirement purposes by expanding the definition to
include other forms of compensation

ARTICLE 3 - PUBLIC EMPLOYEES POLICE AND
FIRE RETIREMENT PLAN FINANCIAL SOLVENCY MEASURES

Redefining average salary;
modifying the trigger for increasing or lowering annual postretirement
adjustments for all plans; modifying duty disability definitions and clarifying
disability application requirements for the public employees police and fire and
local government correctional plan; clarifying refund rights; revising vesting,
increasing plan employee and employer contributions, increasing the reduction
for early retirement; clarifying survivor benefit provisions; delaying the first
annual adjustment for public employees police and fire retirement
plan

ARTICLE 4 - TEACHERS RETIREMENT ASSOCIATION EARLY RETIREMENT REDUCTION
FACTORS

Modifying teachers retirement association (TRA) early retirement
adjustment factors; phasing in actuarial equivalent early retirement adjustment
factors over a five-year period beginning in 2015

ARTICLE 5 - FIRST CLASS
CITY TEACHER RETIREMENT INCREASES AND FINANCIAL SOLVENCY MEASURES

Modifying
certain teachers retirement provisions for members of the St. Paul teachers
retirement fund association (SPTRFA) and Duluth teachers retirement fund
association (DTRFA); requiring direct state aid on behalf of the former
Minneapolis teachers retirement fund association; increasing state aid;
increasing employee and employer contributions; requiring employer contributions
for reemployed annuitants; modifying special direct state aid to first class
city teachers retirement fund associations; modifying provisions relating to
recovery of benefit overpayments; clarifying postretirement adjustment
transition eligibility; requiring deferred annuity payments for reemployed
annuitants to be forfeited to the SPTRFA or DTRFA fund after a certain date;
modifying computation of normal coordinated retirement annuities; modifying
certain future salary increase assumptions; modifying the actuarial reduction
for early retirement; authorizing SPTRFA and DTRFA bylaws amendments; requiring
a consolidation study of the Duluth teachers retirement fund association and the
St. Paul teachers retirement fund association into the teachers retirement
association (TRA); repealing the DTRFA postretirement adjustment
mechanism

ARTICLE 6 - JUDGES RETIREMENT PLAN FINANCIAL SOLVENCY
MEASURES

Reducing postretirement adjustments; increasing the normal
retirement age; providing for tier I or tier II programs and exempting tier II
judges from the service credit limit; permitting existing judges to elect to be
treated as a new judge for benefit and contribution purposes; modifying and
establishing member and employer contributions; authoring existing judges to
elect to be treated as a new judge for benefit and contribution purposes;
providing for tier II program election for certain judges

ARTICLE 7 -
MISCELLANEOUS PROVISIONS

Requiring Minnesota state retirement system (MSRS)
and public employees retirement association (PERA) monthly public pension fund
deductions for membership dues or other labor organization payments upon
annuitant written authorization; authorizing certain labor organizations to
conduct blind mailings to annuitants of public retirement systems
(rt)