HF 1640

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 retirement 
  1.3             association; providing for certain refunds as a result 
  1.4             of the privatization of the Jackson medical center and 
  1.5             the Tracy municipal hospital and clinic. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [JACKSON MEDICAL CENTER AND TRACY MUNICIPAL 
  1.8   HOSPITAL AND CLINIC EMPLOYEES.] 
  1.9      Subdivision 1.  [CONTRIBUTION REFUND.] Notwithstanding any 
  1.10  provision of Laws 1987, chapter 372, article 7, section 9, to 
  1.11  the contrary, a member of the public employees retirement 
  1.12  association who is employed by the Jackson medical center or the 
  1.13  Tracy municipal hospital and clinic on the date the medical 
  1.14  center and hospital and clinic are taken over by a private 
  1.15  corporation or organization and whose public employment is 
  1.16  consequently terminated may, by filing a valid application, 
  1.17  elect to be paid a refund of accumulated employee and employer 
  1.18  contributions made by or on behalf of the employee to the public 
  1.19  employees retirement association, plus interest on those 
  1.20  contributions at the rate of six percent per year.  A refund of 
  1.21  contributions may be made only to a federal income tax qualified 
  1.22  individual retirement account established by or on behalf of the 
  1.23  person. 
  1.24     Subd. 2.  [DEADLINE.] Refunds must be paid within 90 days 
  1.25  of the exercise of the option.  Options must be exercised by 
  2.1   July 1, 1998. 
  2.2      Sec. 2.  [EFFECTIVE DATE.] 
  2.3      Section 1 is effective the day following final enactment.