HF 189

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; Duluth teachers retirement 
  1.3             fund association; authorizing the purchase of future 
  1.4             service credit under Laws 1994, chapter 572, section 
  1.5             3, for certain former teachers at the Duluth technical 
  1.6             college. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [DULUTH TEACHERS RETIREMENT FUND ASSOCIATION: 
  1.9   SPECIAL SERVICE PURCHASE AUTHORIZATION FOR CERTAIN FORMER DULUTH 
  1.10  TECHNICAL COLLEGE TEACHERS.] 
  1.11     (a) A retired member of the Duluth teachers retirement fund 
  1.12  association who: 
  1.13     (1) was born on April 29, 1932; 
  1.14     (2) was initially employed by independent school district 
  1.15  No. 709 on September 8, 1970; 
  1.16     (3) terminated employment as a teacher at the Duluth 
  1.17  technical college on July 1, 1994; 
  1.18     (4) retired from the Duluth teachers retirement fund 
  1.19  association effective on July 15, 1994; and 
  1.20     (5) did not receive certification of eligibility for an 
  1.21  early separation incentive from the chancellor of the higher 
  1.22  education board in a timely fashion, but did eventually receive 
  1.23  the required certification on October 24, 1994; 
  1.24  may purchase two years of additional service credit from the 
  1.25  Duluth teachers retirement fund association as provided in Laws 
  1.26  1994, chapter 572, section 3, subdivision 3, paragraph (e), 
  2.1   clause (2), subclause (i), as though otherwise qualified, to 
  2.2   have the person's retirement annuity from the Duluth teachers 
  2.3   retirement fund association recomputed based on the additional 
  2.4   service credit, and to have any medical insurance premiums that 
  2.5   the person paid subsequent to retirement reimbursed by the 
  2.6   Duluth technical college on the basis of the provisions of Laws 
  2.7   1994, chapter 572, section 3, subdivision 3, paragraph (e), 
  2.8   clause (1). 
  2.9      (b) The purchase of additional service credit must be made 
  2.10  within 30 days of the effective date of this section. 
  2.11     (c) The recomputed retirement annuity must be based on any 
  2.12  optional annuity form selected upon retirement and must be 
  2.13  subject to the early retirement reduction imposed upon 
  2.14  retirement.  The recomputed annuity accrues as of the effective 
  2.15  date of retirement and any omitted retirement annuity amounts 
  2.16  from the date of retirement to the date of recomputation must be 
  2.17  paid in a lump sum as soon as practicable following the 
  2.18  recomputation and must include annual interest on the omitted 
  2.19  amounts at the rate of six percent, expressed as a monthly rate, 
  2.20  and compounded monthly. 
  2.21     (d) If the retired member seeks reimbursement for medical 
  2.22  insurance premiums, the retired member must furnish the 
  2.23  president of the Duluth technical college with reasonable 
  2.24  verification of medical insurance coverage and of prior medical 
  2.25  insurance premiums paid. 
  2.26     Sec. 2.  [EFFECTIVE DATE.] 
  2.27     Section 1 is effective on the day following approval by the 
  2.28  board of education of independent school district No. 709 and 
  2.29  compliance with Minnesota Statutes, section 645.021.