HF 968

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; authorizing purchase of 
  1.3             service credit for previously exempt service by 
  1.4             certain members of the teachers retirement association.
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [PURCHASE OF PRIOR TRA EXEMPT SERVICE CREDIT.] 
  1.7      Subdivision 1.  [ELIGIBILITY.] The following members of the 
  1.8   teachers retirement association may purchase service credit in 
  1.9   the association for those periods of service not previously 
  1.10  credited because of a pre-age 25 years limited exemption from 
  1.11  membership and contributions: 
  1.12     (1) a member who was born November 29, 1934; first employed 
  1.13  as a teacher for the 1953-1954 school year by independent school 
  1.14  district No. 225 (Otter Tail county); and first became a member 
  1.15  of the association for the 1957-1958 school year; 
  1.16     (2) a member who was born April 19, 1931; first employed as 
  1.17  a teacher for the 1951-1952 school year by independent school 
  1.18  district No. 23 (Tyler); and first became a member of the 
  1.19  association for the 1956-1957 school year. 
  1.20     Subd. 2.  [PURCHASE PAYMENT AMOUNT.] In order to obtain the 
  1.21  service credit authorized by subdivision 1, a member must pay to 
  1.22  the teachers retirement fund for each year of service credit 
  1.23  purchased, an amount equal to that member's total contributions 
  1.24  to the association during their first full year of full-time 
  1.25  teaching service as a member of the association, plus interest 
  2.1   at six percent per year compounded yearly from the end of each 
  2.2   year of service purchased to the date of payment. 
  2.3      Subd. 3.  [PROOF AND PAYMENT.] The member purchasing 
  2.4   service credit shall provide such proof of service as required 
  2.5   by the executive director of the association.  Payment for the 
  2.6   credit purchased must be made by the member prior to July 1, 
  2.7   1995.  Service shall be credited only on receipt of full payment 
  2.8   by the executive director. 
  2.9      Sec. 2.  [EFFECTIVE DATE.] 
  2.10     Section 1 is effective the day following final enactment.