HF 856

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; teachers retirement 
  1.3             association; extending deadline for certain teachers 
  1.4             to elect retirement coverage for Minnesota state 
  1.5             colleges and universities system service. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [TEACHERS RETIREMENT ASSOCIATION; COVERAGE 
  1.8   ELECTION OPTION DEADLINE EXTENSION.] 
  1.9      (a) Notwithstanding any provision of Minnesota Statutes, 
  1.10  section 354B.21, subdivision 2 or 3 to the contrary, an eligible 
  1.11  person described in paragraph (b) is entitled to elect to 
  1.12  continue retirement coverage by the teachers retirement 
  1.13  association. 
  1.14     (b) An eligible person is a person who: 
  1.15     (1) was born on May 5, 1960; 
  1.16     (2) was first employed as a teacher for the 1982-1983 
  1.17  school year; 
  1.18     (3) was employed as a teacher by independent school 
  1.19  district No. 345, New London-Spicer, from the 1984-1985 school 
  1.20  year until the 1994-1995 school year; 
  1.21     (4) was employed as a teacher by independent school 
  1.22  district No. 858, St. Charles, from the 1995-1996 school year 
  1.23  through the 2001-2002 school year; 
  1.24     (5) was employed by the Riverland community college on 
  1.25  August 22, 2002; and 
  2.1      (6) received a Minnesota state colleges and universities 
  2.2   system retirement plan election form on August 27, 2002, but did 
  2.3   not file the form by December 4, 2002, and received individual 
  2.4   retirement account retirement plan coverage by default. 
  2.5      (c) The election of teachers retirement coverage must be 
  2.6   made in writing by the eligible person and must be made on or 
  2.7   before September 1, 2003. 
  2.8      (d) If an election of teachers retirement association 
  2.9   coverage is made under this section, the Minnesota state 
  2.10  colleges and universities system shall transfer from the 
  2.11  individual retirement account plan member and employer 
  2.12  contributions equal to ten percent of the eligible person's 
  2.13  covered salary as an employee of the system from August 22, 
  2.14  2002, to the date of the coverage election under this section, 
  2.15  plus annual interest at the rate of 8.5 percent.  Upon the 
  2.16  contribution transfer, the teachers retirement association shall 
  2.17  credit the eligible person with allowable and formula service 
  2.18  credit for the period August 22, 2002, to the date of the 
  2.19  coverage election. 
  2.20     Sec. 2.  [EFFECTIVE DATE.] 
  2.21     Section 1 is effective the day following final enactment.