HF 271

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; teachers retirement 
  1.3             associations; modifying particular term certain and 
  1.4             life retirement annuities; amending Minnesota Statutes 
  1.5             1994, section 354.45, by adding a subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1994, section 354.45, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 1b.  [PERIOD CERTAIN OPTIONAL ANNUITY BOUNCE-BACK IN 
  1.10  CERTAIN INSTANCES.] (a) If a retired teacher has selected a 
  1.11  period certain optional retirement annuity form under 
  1.12  subdivision 1 with the remainder interest payable to the 
  1.13  retiree's spouse upon the retiree's death, the retired teacher 
  1.14  is entitled to receive a normal single life annuity if the 
  1.15  spouse dies before the retiree.  Under the period certain 
  1.16  retirement annuity option, if the remainder interest is payable 
  1.17  to the spouse upon the retired teacher's death, no reduction may 
  1.18  be made in the annuity to provide for restoration of the normal 
  1.19  single life retirement annuity amount in the event the spouse 
  1.20  predeceases the retired teacher. 
  1.21     (b) A retired teacher who, before July 1, 1994, selected a 
  1.22  period certain optional retirement annuity form with the 
  1.23  remainder interest payable to the retiree's spouse upon the 
  1.24  retiree's death is entitled to restoration of the normal single 
  1.25  life retirement annuity amount in the event that the spouse 
  2.1   predeceases the retiree, but is not entitled to receive 
  2.2   retroactive payments before July 1, 1994. 
  2.3      (c) The restoration of the normal single life retirement 
  2.4   annuity under this subdivision is effective on the first of the 
  2.5   month next following the date of death of the spouse or July 1, 
  2.6   1994, whichever is later. 
  2.7      Sec. 2.  [EFFECTIVE DATE.] 
  2.8      Section 1 is effective retroactive to July 1, 1994.