HF 765

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; permitting certain persons to 
  1.3             repay refunds to the Minnesota state retirement system.
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [REPAYMENT OF REFUND.] 
  1.6      (a) This section applies to a person who: 
  1.7      (1) is currently employed by the office of transit 
  1.8   operations of the transportation division of the metropolitan 
  1.9   council and has been continuously employed since 1969 by an 
  1.10  entity responsible for providing transit service in the 
  1.11  metropolitan area; 
  1.12     (2) upon assuming an engineering aide position in 1975, was 
  1.13  required to take a refund of retirement deductions taken during 
  1.14  employment with the transit operations division; and 
  1.15     (3) was not permitted to repay the refund after merger of 
  1.16  the transit operating division plan into the Minnesota state 
  1.17  retirement system. 
  1.18     (b) A person described in paragraph (a) may repay the 
  1.19  refund of retirement deductions taken during employment with the 
  1.20  transit operations division to the Minnesota state retirement 
  1.21  system.  Upon making this repayment, the person must be credited 
  1.22  with service credit in the Minnesota state retirement system for 
  1.23  the period covered by the refund.  The refund must be repaid 
  1.24  with interest at an annual rate of 8.5 percent compounded 
  2.1   annually.  The refund may be paid in a lump sum or by payroll 
  2.2   deduction in the manner provided in Minnesota Statutes, section 
  2.3   352.04. 
  2.4      Sec. 2.  [EFFECTIVE DATE.] 
  2.5      Section 1 is effective the day following final enactment.