Legislative Session number- 86

Bill Name: SF2918

4E Relating to retirement

ARTICLE 1 - FINANCIAL
SUSTAINABILITY
PROVISIONS

Relating to legislators' retirement, state
troopers retirement, university
hospital employee retirement, Minnesota state
retirement system (MSRS), public employees retirement association (PERA), local
government correctional service retirement, privatized public hospital
PERA
pension benefits, teachers retirement association (TRA), public
employees
retirement systems, first class city teacher retirement fund
associations,
police and salaried firefighters relief association; increasing
certain
contribution rates, suspending certain postretirement adjustments;
reducing certain postretirement adjustment increase rates, interest rates on
refunds and deferred annuity augmentation rates; eliminating interest on
reemployed annuitant earnings limitation deferred accounts; increasing certain
vesting requirements and certain early retirement reduction rates, defining
vesting; reducing certain benefit accrual rates; extending certain amortization
periods; requiring a retirement fund investment authority and defined
contribution studies; authorizing certain bylaw amendments; repealing the Duluth
teachers retirement fund association
postretirement adjustment
modification

ARTICLE 2 - MSRS ADMINISTRATIVE PROVISIONS

Making
administrative changes to Minnesota state retirement system (MSRS) state
troopers, public employees retirement association (PERA), teachers retirement
and judges public pension plans; repealing covered correctional service
correction of errors and the penalty for membership miscertifications and
certification failures

ARTICLE 3 - MINNESOTA STATE DEFERRED COMPENSATION PLAN
AMENDMENTS

Requiring participating employers to provide necessary data to
third-party
administrators; requiring adherence to data privacy regulation;
prohibiting third-party participant solicitation


ARTICLE 4 - MSRS
UNCLASSIFIED STATE EMPLOYEES RETIREMENT PROGRAM
AMENDMENTS

Modifying the
Minnesota state retirement system (MSRS) unclassified program; providing for
reversion to the general plan by members of
the unclassified employees
retirement program; modifying certain definitions and certain
provisions

ARTICLE 5 - PUBLIC EMPLOYEES RETIREMENT ASSOCIATION ADMINISTRATIVE
PROVISIONS

Clarifying public employees retirement association (PERA)
membership qualifications, allowable service computation, allowing reduced
salary periods salary credit purchase, modifying election, shortages payment,
reporting requirements, allowing fines, eligibility, hearings, records for
review, adding Virginia employees; repealing reduced salary during period of
workers compensation, the savings clause purchase of allowable service annuity,
funding of plan physician contribution and contributions for prior elected
service eligibility contributions

ARTICLE 6 - VOLUNTARY STATEWIDE LUMP-SUM
VOLUNTEER FIREFIGHTER RETIREMENT PLAN

Allowing state aid transmission for
municipalities with organized fire departments providing firefighter retirement
coverage through the
voluntary statewide lump-sum volunteer firefighter
retirement plan and exempting these municipalities from reporting requirements,
adding a cash flow funding requirement; expanding authorized account
disbursements; modifying levels; providing continuation of prior service pension
levels and disability benefit coverage authority for casualty insurance;
requiring certain municipalities without volunteer firefighter relief
associations to transmit fire state aid to the voluntary statewide lump-sum
volunteer firefighter retirement fund

ARTICLE 7 - TEACHERS RETIREMENT
ASSOCIATION SERVICE CREDIT PROCEDURE REVISIONS

Defining annual base salary,
service credit and calculation, annual base salary reporting, noncompliance
consequences and part-time teaching positions

ARTICLE 8 - MnSCU IRAP
ADMINISTRATIVE PROVISIONS

Requiring the board of investment to contract with
the Minnesota state colleges and universities (MnSCU) board of trustees for
investment review; prohibiting certain contracts; repealing investment of
supplemental investment fund shares

ARTICLE 9 - ACTUARIAL VALUATION REPORTING
DEADLINE DATES

Requiring actuarial valuation copies to be filed with the
legislative commission on pensions and retirement, the commissioner of
management and budget (MMB) and the legislative reference library by a certain
date

ARTICLE 10 - OPTIONAL ANNUITY REVOCATION FOLLOWING CERTAIN MARRIAGE
DISSOLUTIONS

Providing revocation of optional annuity due to marriage
dissolution or annulment

ARTICLE 11 - ADMINISTRATIVE CONSOLIDATION OF THE
MINNEAPOLIS EMPLOYEES RETIREMENT FUND INTO THE PUBLIC EMPLOYEES RETIREMENT
ASSOCIATION

Establishing the Minneapolis employees retirement fund (MERF)
division
within the general employees retirement fund of the public employees
retirement association (PERA) and establishing a separate MERF division account;
modifying certain provisions relating to the general employees retirement plan,
the public employees police and fire retirement plan and the local government
correctional employees retirement plan; renaming the public employees retirement
fund to the general employees retirement fund

ARTICLE 12 - CONFORMING CHANGES
RELATED TO THE MERF ADMINISTRATIVE CONSOLIDATION

Making technical and
conforming changes to certain statutory provisions

ARTICLE 13 - VOLUNTEER
FIREFIGHTER RELIEF ASSOCIATION MODIFICATIONS

Relating to volunteer fire
relief associations; making various technical
corrections; modifying
break-in-service return to firefighting authorizations;
allowing relief
association deferred compensation plan transfers; allowing
credits to inactive
members; modifying the limitations on ancillary benefits and bylaws amendments
local approval; authorizing special fund disbursement for annuity purchases;
specifying corrections of erroneous special fund deposits; repealing surviving
spouse and repayment of service pension in certain instances

ARTICLE 14 - ONE
PERSON/SMALL GROUP PENSION ISSUES

Authorizing public employees retirement
association (PERA) general purchase of a certain omitted Inver Grove Heights
school district omitted member contributions and authorizing teachers retirement
association (TRA) second chance retirement coverage authority for a certain IRAP
member

ARTICLE 15 - MISCELLANEOUS PROVISIONS

Allowing furloughed
university of Minnesota MSRS general state employees retirement plan members and
university of Minnesota public employees police and fire plan members to receive
allowable service credit and salary credit for the furlough period; adding
Hennepin county medical center (HCMC) alternative retirement plans to the list
of exceptions of governmental subdivision or state agencies supplemental pension
or deferred compensation tax levy prohibition
(rt)