HF 657

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; St. Paul teachers retirement 
  1.3             fund association; providing for the investment of the 
  1.4             retirement fund by the state board of investment; 
  1.5             amending Minnesota Statutes 1998, sections 11A.23, 
  1.6             subdivision 4; and 354A.08; proposing coding for new 
  1.7             law in Minnesota Statutes, chapter 354A; repealing 
  1.8             Minnesota Statutes 1998, section 354A.29. 
  1.9   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.10     Section 1.  Minnesota Statutes 1998, section 11A.23, 
  1.11  subdivision 4, is amended to read: 
  1.12     Subd. 4.  [COVERED RETIREMENT FUNDS AND PLANS.] The 
  1.13  provisions of this section shall apply to the following 
  1.14  retirement funds and plans:  
  1.15     (1) board of trustees of the Minnesota state colleges and 
  1.16  universities supplemental retirement plan established under 
  1.17  chapter 354C; 
  1.18     (2) state employees retirement fund established pursuant to 
  1.19  chapter 352; 
  1.20     (3) correctional employees retirement plan established 
  1.21  pursuant to chapter 352; 
  1.22     (4) state patrol retirement fund established pursuant to 
  1.23  chapter 352B; 
  1.24     (5) unclassified employees retirement plan established 
  1.25  pursuant to chapter 352D; 
  1.26     (6) public employees retirement fund established pursuant 
  1.27  to chapter 353; 
  2.1      (7) public employees police and fire fund established 
  2.2   pursuant to chapter 353; 
  2.3      (8) teachers' retirement fund established pursuant to 
  2.4   chapter 354; 
  2.5      (9) St. Paul teachers retirement fund association 
  2.6   established under chapter 354A; 
  2.7      (10) judges' retirement fund established pursuant to 
  2.8   chapter 490; and 
  2.9      (10) (11) any other funds required by law to be invested by 
  2.10  the board.  
  2.11     Sec. 2.  Minnesota Statutes 1998, section 354A.08, is 
  2.12  amended to read: 
  2.13     354A.08 [AUTHORIZED INVESTMENTS.] 
  2.14     A (a) The Duluth teachers retirement fund association and 
  2.15  the Minneapolis teachers retirement fund association may 
  2.16  receive, hold, and dispose of real estate or personal property 
  2.17  acquired by it, whether the acquisition was by purchase, or any 
  2.18  other lawful means, as provided in this chapter or in the 
  2.19  association's articles of incorporation.  In addition to other 
  2.20  authorized real estate investments, an association governed by 
  2.21  this paragraph may also invest funds in Minnesota situs nonfarm 
  2.22  real estate ownership interests or loans secured by mortgages or 
  2.23  deeds of trust. 
  2.24     (b) The assets of the St. Paul teachers retirement fund 
  2.25  association must be invested by the state board of investment.  
  2.26  The executive secretary of the association shall certify and 
  2.27  transfer to the state board of investment for investment under 
  2.28  section 11A.23 all amounts that are not needed for current 
  2.29  purposes or that are not transferred for investment through the 
  2.30  Minnesota postretirement investment fund under section 354A.085. 
  2.31     Sec. 3.  [354A.085] [PARTICIPATION IN THE MINNESOTA 
  2.32  POSTRETIREMENT INVESTMENT FUND.] 
  2.33     Subdivision 1.  [AUTHORIZATION.] The St. Paul teachers 
  2.34  retirement fund association must participate in the Minnesota 
  2.35  postretirement investment fund. 
  2.36     Subd. 2.  [VALUATION OF ASSETS; ADJUSTMENT OF BENEFITS.] (a)
  3.1   The required reserves for retirement annuities of the St. Paul 
  3.2   teachers retirement fund association as determined in accordance 
  3.3   with this chapter must be transferred to the Minnesota 
  3.4   postretirement investment fund as of the last business day of 
  3.5   the month in which the retirement annuity begins.  The required 
  3.6   reserves must be determined in accordance with the appropriate 
  3.7   annuity table of mortality based on the experience of the fund 
  3.8   as recommended by the commission-retained actuary and using the 
  3.9   applicable interest assumption specified in section 356.215, 
  3.10  subdivision 4d. 
  3.11     (b) Annuity payments for the St. Paul teachers retirement 
  3.12  fund association must be adjusted in accordance with the 
  3.13  provisions of section 11A.18.  Members who retire effective July 
  3.14  1 are considered to have retired on the preceding June 30. 
  3.15     (c) An increase in annuity payments under this section must 
  3.16  be made automatically unless written notice is filed by the 
  3.17  annuitant with the executive secretary of the association 
  3.18  requesting that the increase not be made. 
  3.19     Sec. 4.  [REPEALER.] 
  3.20     Minnesota Statutes 1998, section 354A.29, is repealed. 
  3.21     Sec. 5.  [EFFECTIVE DATE.] 
  3.22     Sections 1 to 4 are effective on the day following final 
  3.23  enactment.