HF 54

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; teachers retirement 
  1.3             association and Minnesota state retirement system; 
  1.4             authorizing a special repayment of previous member 
  1.5             contribution refunds by certain former pension plan 
  1.6             members. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [TEACHERS RETIREMENT ASSOCIATION AND MINNESOTA 
  1.9   STATE RETIREMENT SYSTEM; REFUND REPAYMENTS IN CERTAIN 
  1.10  INSTANCES.] 
  1.11     (a) Notwithstanding any provision of Minnesota Statutes, 
  1.12  sections 352.23, 354.50, or other law to the contrary, a person 
  1.13  described in paragraph (b) may repay any previously received 
  1.14  refunds of accumulated members contributions and accrued 
  1.15  interest from the teachers retirement association and the 
  1.16  Minnesota state retirement system, with interest at the compound 
  1.17  annual rate of 8.5 percent on each refund from the date that the 
  1.18  refund was paid to the date that the refund repayment occurs. 
  1.19     (b) The entitlement in paragraph (a) applies to a person: 
  1.20     (1) who was a teacher with retirement coverage by the 
  1.21  teachers retirement association during the 1961-1962, 1962-1963, 
  1.22  1985-1986, 1986-1987, 1987-1988, 1989-1990, and 1990-1991 school 
  1.23  years; 
  1.24     (2) who was a state employee with retirement coverage by 
  1.25  the Minnesota state retirement system during fiscal year 1972; 
  1.26  and 
  2.1      (3) who took a refund of accumulated member contributions 
  2.2   and interest following the death of the person's mother in 
  2.3   December 1991. 
  2.4      (c) Authority to repay these refunds terminates on January 
  2.5   15, 1999. 
  2.6      Sec. 2.  [EFFECTIVE DATE.] 
  2.7      Section 1 is effective on the day following final enactment.