Legislative Session number- 85

Bill Name: SF3324

Relating to retirement

ARTICLE 1 - POSTRETIREMENT OPTION REVISION

Restricting
the state employee postretirement program to conform with federal in-service
distribution restrictions

ARTICLE 2 - REVISED REEMPLOYMENT ANNUITANT
TREATMENT

Increasing teachers retirement association (TRA) reemployed annuitant
exempt income limit; revising reemployed annuitant account holding
period

ARTICLE 3 - TEACHER RETIREMENT ASSOCIATION CLARIFICATION OF STRIKE
PERIOD PROCEDURE

Revising TRA strike period and leave of absence service credit
purchase procedures

ARTICLE 4 - PUBLIC EMPLOYEES RETIREMENT ASSOCIATION REVISED
PRIVATIZATION PROCEDURES

Providing for certification and decertification of
medical facilities and other public employing units; specifying certain
eligibility determination requirements; requiring recommendation report to the
legislature under certain conditions

ARTICLE 5 - PUBLIC EMPLOYEES RETIREMENT
ASSOCIATION PRIVATIZATIONS

Eliminating certain privatized public hospital
pension benefits under PERA to employees of the Kanabec and Northfield hospitals
and the Renville county hospital in Olivia; modifying certain approval
requirements for the Clearwater county memorial hospital

ARTICLE 6 - PUBLIC
EMPLOYEES RETIREMENT ASSOCIATION PROVISIONS

Excluding resident physicians,
medical interns and pharmacist residents and pharmacist interns serving in a
degree or residency program in public clinics from membership in PERA; modifying
certain provisions relating to the definition of salary; modifying termination
of public service provisions; clarifying correctional state employees retirement
plan transfer of service credit procedures, providing limitations on additional
plan coverage; modifying requirements for treatment of periods before initial
coverage date; modifying investment options for public employees defined
contribution plan; modifying certain determination requirements for prior
service credit purchase amounts

ARTICLE 7 - MINNESOTA STATE RETIREMENT SYSTEM
PROVISIONS

Modifying leave of absence service credit purchase procedures;
modifying certain refund requirements; modifying the formula for payment of
additional equivalent contributions prior to a certain date of coverage and
specifying certain duties of the executive director; specifying certain effect
of asset transfer; modifying the time period for surviving spouse coverage in
the form of a term certain annuity under the state unclassified employees
retirement program; repealing a certain provision relating to state salary
limitations

ARTICLE 8 - TEACHERS RETIREMENT ASSOCIATION PROVISIONS

Modifying
the definition of termination of teaching service; modifying allowable service
credit purchase requirements for family leave of absence; modifying certain
computation of retirement annuities requirements for retirees not eligible for
federal benefits; repealing certain provisions relating to retirement benefits
extension of the 1997 permanent increase, modification in survivor coverage in
certain instances, payments to receive credit for prior services for other state
or school teaching service and certain annuity options

ARTICLE 9 - REPEAL OF
OBSOLETE LEAVE AND ELECTION PROCEDURES

Repealing certain provisions relating to
teachers on certain extended leave; repealing provisions relating to legislators
second social security referendum election of coverage, payment of retroactive
social security taxes and deduction from wages
(je)