HF 1168

as introduced - 87th Legislature (2011 - 2012) Posted on 03/16/2011 09:58am

A bill for an act
relating to retirement; voluntary statewide lump-sum volunteer firefighter
retirement plan of the Public Employees Retirement Association; permitting
municipal or independent nonprofit firefighting corporation contributions in
excess of the applicable funding requirement; amending Minnesota Statutes
2010, section 353G.08, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2010, section 353G.08, is amended by adding a
subdivision to read:

new text begin Subd. 2a. new text end

new text begin Additional municipal contributions authorized. new text end

new text begin (a) At the discretion of
the municipality or the independent nonprofit firefighting corporation associated with a fire
department covered by a voluntary statewide lump-sum volunteer firefighter retirement
plan account, the municipality or the corporation may make additional contributions
to the applicable account.
new text end

new text begin (b) The executive director of the Public Employees Retirement Association
may specify requirements as to the form, timing, and accompanying information for
contributions made under this subdivision.
new text end

new text begin (c) Any contributions made under this subdivision must be included as total present
assets of the account for the calculation of any subsequent annual funding requirements
for the account under subdivision 1 or for the calculation of any cash flow funding
requirement under subdivision 2.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2011.
new text end