HF 995

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; police state aid; providing 
  1.3             for the disposition of excess police state aid amounts 
  1.4             as an additional amortization aid program; amending 
  1.5             Minnesota Statutes 1994, section 353.65, subdivision 7.
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1994, section 353.65, 
  1.8   subdivision 7, is amended to read: 
  1.9      Subd. 7.  [EXCESS CONTRIBUTIONS HOLDING ACCOUNT.] (a) The 
  1.10  excess contributions holding account is established in the 
  1.11  public employees retirement association.  Excess contributions 
  1.12  established by section 69.031, subdivision 5, paragraphs (2), 
  1.13  clauses (b) and (c), and (3) must be deposited in the account.  
  1.14  These contributions and all investment earnings associated with 
  1.15  them must be regularly transferred as provided in paragraph (b). 
  1.16     (b) From the amount of the excess contributions and 
  1.17  associated investment earnings: 
  1.18     (1) $1,000,000 must be transferred annually to the 
  1.19  ambulance service personnel longevity award and incentive 
  1.20  suspense account established by section 144C.03, subdivision 2; 
  1.21  and 
  1.22     (2) any remaining balance, after deduction of the police 
  1.23  officer stress reduction program appropriation under paragraph 
  1.24  (c), must be transferred to the general fund allocated under 
  1.25  paragraph (d). 
  2.1      (c) If a law is enacted creating a police officer stress 
  2.2   reduction program, and money is appropriated for the program, an 
  2.3   amount equal to the appropriation must be transferred from the 
  2.4   excess contributions holding account to the stress reduction 
  2.5   program before money is transferred to the general fund 
  2.6   allocated under paragraph (b), clause (2). 
  2.7      (d) The balance of money under paragraph (b), clause (2), 
  2.8   must be allocated by the commissioner of revenue as follows: 
  2.9      (1) during odd-numbered fiscal years, to all local police 
  2.10  or salaried firefighter relief associations governed by section 
  2.11  69.77 that have an unfunded actuarial accrued liability in the 
  2.12  most recent actuarial valuation prepared under sections 356.215 
  2.13  and 356.216, and to all local police or salaried firefighter 
  2.14  consolidation accounts governed by chapter 353A that have an 
  2.15  additional municipal contribution amount under section 353A.09, 
  2.16  subdivision 5, paragraph (b), on the basis of the relief 
  2.17  association or consolidation account's proportional share of the 
  2.18  total unfunded actuarial accrued liability of all recipient 
  2.19  relief associations and consolidation accounts, at the same time 
  2.20  and in the same manner as the amortization aid under section 
  2.21  423A.02, subdivision 1; and 
  2.22     (2) during even-numbered fiscal years, to reduce 
  2.23  dollar-for-dollar any appropriation of local police and 
  2.24  firefighters relief association amortization state aid 
  2.25  distributed under section 423A.02, subdivision 1, from the 
  2.26  general fund. 
  2.27     Sec. 2.  [EFFECTIVE DATE.] 
  2.28     Section 1 is effective on the day following enactment.