HF 1099

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; public employees police and 
  1.3             fire plan; authorizing a certain current retiree or 
  1.4             the retiree's surviving spouse to elect a joint and 
  1.5             survivor retirement annuity in lieu of a single life 
  1.6             retirement annuity. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [PUBLIC EMPLOYEES POLICE AND FIRE FUND; 
  1.9   ELECTION OF JOINT AND SURVIVOR OPTIONAL ANNUITY.] 
  1.10     (a) An eligible person described in paragraph (b) is 
  1.11  entitled to elect a joint and survivor optional annuity form 
  1.12  from the public employees police and fire plan as provided in 
  1.13  paragraph (c). 
  1.14     (b) An eligible person is a person who was born on March 4, 
  1.15  1933, who was first employed as a police officer by the city of 
  1.16  Hopkins on February 1, 1969, who terminated service as a police 
  1.17  officer on February 1, 1989, and who began receipt of a single 
  1.18  life retirement annuity from the public employees police and 
  1.19  fire fund on March 1, 1989. 
  1.20     (c) An eligible person may convert the single life 
  1.21  retirement annuity received as of February 1, 1997, to a 100 
  1.22  percent joint and survivor optional annuity, with the spouse of 
  1.23  the person as the designated survivor.  The 100 percent joint 
  1.24  and survivor optional annuity must be the actuarial equivalent 
  1.25  of the eligible person's single life annuity as of February 1, 
  1.26  1997, as calculated by the actuary retained by the legislative 
  2.1   commission on pensions and retirement. 
  2.2      (d) If the eligible person dies prior to the effective date 
  2.3   of this section, the election authorized in paragraph (c) may be 
  2.4   made by the surviving spouse of the eligible person. 
  2.5      (e) The joint and survivor retirement annuity under this 
  2.6   section is payable as of the first day of the month next 
  2.7   following the effective date of this section, or the first day 
  2.8   of the month next following the death of the eligible person, 
  2.9   whichever occurs first. 
  2.10     Sec. 2.  [EFFECTIVE DATE.] 
  2.11     Section 1 is effective on the day following final enactment.