Minnesota Legislature
HF 1647
as introduced - 87th Legislature (2011 - 2012) Posted on 05/03/2011 10:14am
KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to retirement; major general employee statewide retirement plans;
revising statutory salary scale actuarial assumptions; revising payroll growth
actuarial assumptions; amending Minnesota Statutes 2010, section 356.215,
subdivision 8.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2010, section 356.215, subdivision 8, is amended to read:
Subd. 8.
Interest and salary assumptions.
(a) The actuarial valuation must use
the applicable following preretirement interest assumption and the applicable following
postretirement interest assumption:
| plan |
preretirement interest rate assumption |
postretirement interest rate assumption |
|
| general state employees retirement plan |
8.5% |
6.0% |
|
| correctional state employees retirement plan |
8.5 |
6.0 |
|
| State Patrol retirement plan |
8.5 |
6.0 |
|
| legislators retirement plan |
8.5 |
6.0 |
|
| elective state officers retirement plan |
8.5 |
6.0 |
|
| judges retirement plan |
8.5 |
6.0 |
|
| general public employees retirement plan |
8.5 |
6.0 |
|
| public employees police and fire retirement plan |
8.5 |
6.0 |
|
| local government correctional service retirement plan |
8.5 |
6.0 |
|
| teachers retirement plan |
8.5 |
6.0 |
|
| Duluth teachers retirement plan |
8.5 |
8.5 |
|
| St. Paul teachers retirement plan |
8.5 |
8.5 |
|
| Minneapolis Police Relief Association |
6.0 |
6.0 |
|
| Fairmont Police Relief Association |
5.0 |
5.0 |
|
| Minneapolis Fire Department Relief Association |
6.0 |
6.0 |
|
| Virginia Fire Department Relief Association |
5.0 |
5.0 |
|
| Bloomington Fire Department Relief Association |
6.0 |
6.0 |
|
| local monthly benefit volunteer firefighters relief associations |
5.0 |
5.0 |
|
(b) Before July 1, 2010, the actuarial valuation must use the applicable following
single rate future salary increase assumption, the applicable following modified single
rate future salary increase assumption, or the applicable following graded rate future
salary increase assumption:
(1) single rate future salary increase assumption
| plan |
future salary increase assumption |
|
| legislators retirement plan |
5.0% |
|
| judges retirement plan |
4.0 |
|
| Minneapolis Police Relief Association |
4.0 |
|
| Fairmont Police Relief Association |
3.5 |
|
| Minneapolis Fire Department Relief Association |
4.0 |
|
| Virginia Fire Department Relief Association |
3.5 |
|
| Bloomington Fire Department Relief Association |
4.0 |
|
(2) age-related select and ultimate future salary increase assumption or graded rate
future salary increase assumption
| plan |
future salary increase assumption |
|
deleted text begin
general state employees retirement plan deleted text end |
deleted text begin
select calculation and assumption A deleted text end |
| correctional state employees retirement plan |
assumption deleted text begin Gdeleted text end new text begin E new text end |
| State Patrol retirement plan |
assumption deleted text begin Fdeleted text end new text begin D new text end |
| public employees police and fire fund retirement plan |
assumption deleted text begin Bdeleted text end new text begin A new text end |
| local government correctional service retirement plan |
assumption deleted text begin Fdeleted text end new text begin D new text end |
|
deleted text begin
teachers retirement plan deleted text end |
deleted text begin
assumption C deleted text end |
| Duluth teachers retirement plan |
assumption deleted text begin Ddeleted text end new text begin B new text end |
| St. Paul teachers retirement plan |
assumption deleted text begin Edeleted text end new text begin C new text end |
The select calculation is: during the
designated select period, a designated
percentage rate is multiplied by the result
of the designated integer minus T, where
T is the number of completed years of
service, and is added to the applicable
future salary increase assumption. The
designated select period is five years and the
designated integer is five for the general state
employees retirement plan. The designated
select period is ten years and the designated
integer is ten for all other retirement plans
covered by this clause. The designated
percentage rate is: (1) 0.2 percent for the
correctional state employees retirement plan,
the State Patrol retirement plan, the public
employees police and fire plan, and the local
government correctional service plan; (2)
0.6 percent for the general state employees
retirement plan; and (3) 0.3 percent for the
teachers retirement plan, the Duluth Teachers
Retirement Fund Association, and the St.
Paul Teachers Retirement Fund Association.
The select calculation for the Duluth Teachers
Retirement Fund Association is 8.00 percent
per year for service years one through seven,
7.25 percent per year for service years seven
and eight, and 6.50 percent per year for
service years eight and nine.
The ultimate future salary increase assumption is:
| age |
deleted text begin
A deleted text end |
deleted text begin
B
deleted text end
new text begin
A new text end |
deleted text begin
C deleted text end |
deleted text begin
D
deleted text end
new text begin
B new text end |
deleted text begin
E
deleted text end
new text begin
C new text end |
deleted text begin
F
deleted text end
new text begin
D new text end |
deleted text begin
G
deleted text end
new text begin
E new text end |
| 16 |
deleted text begin
5.95% deleted text end |
11.00% |
deleted text begin
7.70% deleted text end |
8.00% |
6.90% |
7.7500% |
7.2500% |
| 17 |
deleted text begin
5.90 deleted text end |
11.00 |
deleted text begin
7.65 deleted text end |
8.00 |
6.90 |
7.7500 |
7.2500 |
| 18 |
deleted text begin
5.85 deleted text end |
11.00 |
deleted text begin
7.60 deleted text end |
8.00 |
6.90 |
7.7500 |
7.2500 |
| 19 |
deleted text begin
5.80 deleted text end |
11.00 |
deleted text begin
7.55 deleted text end |
8.00 |
6.90 |
7.7500 |
7.2500 |
| 20 |
deleted text begin
5.75 deleted text end |
11.00 |
deleted text begin
5.50 deleted text end |
6.90 |
6.90 |
7.7500 |
7.2500 |
| 21 |
deleted text begin
5.75 deleted text end |
11.00 |
deleted text begin
5.50 deleted text end |
6.90 |
6.90 |
7.1454 |
6.6454 |
| 22 |
deleted text begin
5.75 deleted text end |
10.50 |
deleted text begin
5.50 deleted text end |
6.90 |
6.90 |
7.0725 |
6.5725 |
| 23 |
deleted text begin
5.75 deleted text end |
10.00 |
deleted text begin
5.50 deleted text end |
6.85 |
6.85 |
7.0544 |
6.5544 |
| 24 |
deleted text begin
5.75 deleted text end |
9.50 |
deleted text begin
5.50 deleted text end |
6.80 |
6.80 |
7.0363 |
6.5363 |
| 25 |
deleted text begin
5.75 deleted text end |
9.00 |
deleted text begin
5.50 deleted text end |
6.75 |
6.75 |
7.0000 |
6.5000 |
| 26 |
deleted text begin
5.75 deleted text end |
8.70 |
deleted text begin
5.50 deleted text end |
6.70 |
6.70 |
7.0000 |
6.5000 |
| 27 |
deleted text begin
5.75 deleted text end |
8.40 |
deleted text begin
5.50 deleted text end |
6.65 |
6.65 |
7.0000 |
6.5000 |
| 28 |
deleted text begin
5.75 deleted text end |
8.10 |
deleted text begin
5.50 deleted text end |
6.60 |
6.60 |
7.0000 |
6.5000 |
| 29 |
deleted text begin
5.75 deleted text end |
7.80 |
deleted text begin
5.50 deleted text end |
6.55 |
6.55 |
7.0000 |
6.5000 |
| 30 |
deleted text begin
5.75 deleted text end |
7.50 |
deleted text begin
5.50 deleted text end |
6.50 |
6.50 |
7.0000 |
6.5000 |
| 31 |
deleted text begin
5.75 deleted text end |
7.30 |
deleted text begin
5.50 deleted text end |
6.45 |
6.45 |
7.0000 |
6.5000 |
| 32 |
deleted text begin
5.75 deleted text end |
7.10 |
deleted text begin
5.50 deleted text end |
6.40 |
6.40 |
7.0000 |
6.5000 |
| 33 |
deleted text begin
5.75 deleted text end |
6.90 |
deleted text begin
5.50 deleted text end |
6.35 |
6.35 |
7.0000 |
6.5000 |
| 34 |
deleted text begin
5.75 deleted text end |
6.70 |
deleted text begin
5.50 deleted text end |
6.30 |
6.30 |
7.0000 |
6.5000 |
| 35 |
deleted text begin
5.75 deleted text end |
6.50 |
deleted text begin
5.50 deleted text end |
6.25 |
6.25 |
7.0000 |
6.5000 |
| 36 |
deleted text begin
5.75 deleted text end |
6.30 |
deleted text begin
5.50 deleted text end |
6.20 |
6.20 |
6.9019 |
6.4019 |
| 37 |
deleted text begin
5.75 deleted text end |
6.10 |
deleted text begin
5.50 deleted text end |
6.15 |
6.15 |
6.8074 |
6.3074 |
| 38 |
deleted text begin
5.75 deleted text end |
5.90 |
deleted text begin
5.40 deleted text end |
6.10 |
6.10 |
6.7125 |
6.2125 |
| 39 |
deleted text begin
5.75 deleted text end |
5.70 |
deleted text begin
5.30 deleted text end |
6.05 |
6.05 |
6.6054 |
6.1054 |
| 40 |
deleted text begin
5.75 deleted text end |
5.50 |
deleted text begin
5.20 deleted text end |
6.00 |
6.00 |
6.5000 |
6.0000 |
| 41 |
deleted text begin
5.75 deleted text end |
5.40 |
deleted text begin
5.10 deleted text end |
5.90 |
5.95 |
6.3540 |
5.8540 |
| 42 |
deleted text begin
5.75 deleted text end |
5.30 |
deleted text begin
5.00 deleted text end |
5.80 |
5.90 |
6.2087 |
5.7087 |
| 43 |
deleted text begin
5.65 deleted text end |
5.20 |
deleted text begin
4.90 deleted text end |
5.70 |
5.85 |
6.0622 |
5.5622 |
| 44 |
deleted text begin
5.55 deleted text end |
5.10 |
deleted text begin
4.80 deleted text end |
5.60 |
5.80 |
5.9048 |
5.4078 |
| 45 |
deleted text begin
5.45 deleted text end |
5.00 |
deleted text begin
4.70 deleted text end |
5.50 |
5.75 |
5.7500 |
5.2500 |
| 46 |
deleted text begin
5.35 deleted text end |
4.95 |
deleted text begin
4.60 deleted text end |
5.40 |
5.70 |
5.6940 |
5.1940 |
| 47 |
deleted text begin
5.25 deleted text end |
4.90 |
deleted text begin
4.50 deleted text end |
5.30 |
5.65 |
5.6375 |
5.1375 |
| 48 |
deleted text begin
5.15 deleted text end |
4.85 |
deleted text begin
4.50 deleted text end |
5.20 |
5.60 |
5.5822 |
5.0822 |
| 49 |
deleted text begin
5.05 deleted text end |
4.80 |
deleted text begin
4.50 deleted text end |
5.10 |
5.55 |
5.5404 |
5.0404 |
| 50 |
deleted text begin
4.95 deleted text end |
4.75 |
deleted text begin
4.50 deleted text end |
5.00 |
5.50 |
5.5000 |
5.0000 |
| 51 |
deleted text begin
4.85 deleted text end |
4.75 |
deleted text begin
4.50 deleted text end |
4.90 |
5.45 |
5.4384 |
4.9384 |
| 52 |
deleted text begin
4.75 deleted text end |
4.75 |
deleted text begin
4.50 deleted text end |
4.80 |
5.40 |
5.3776 |
4.8776 |
| 53 |
deleted text begin
4.65 deleted text end |
4.75 |
deleted text begin
4.50 deleted text end |
4.70 |
5.35 |
5.3167 |
4.8167 |
| 54 |
deleted text begin
4.55 deleted text end |
4.75 |
deleted text begin
4.50 deleted text end |
4.60 |
5.30 |
5.2826 |
4.7826 |
| 55 |
deleted text begin
4.45 deleted text end |
4.75 |
deleted text begin
4.50 deleted text end |
4.50 |
5.25 |
5.2500 |
4.7500 |
| 56 |
deleted text begin
4.35 deleted text end |
4.75 |
deleted text begin
4.50 deleted text end |
4.40 |
5.20 |
5.2500 |
4.7500 |
| 57 |
deleted text begin
4.25 deleted text end |
4.75 |
deleted text begin
4.50 deleted text end |
4.30 |
5.15 |
5.2500 |
4.7500 |
| 58 |
deleted text begin
4.25 deleted text end |
4.75 |
deleted text begin
4.60 deleted text end |
4.20 |
5.10 |
5.2500 |
4.7500 |
| 59 |
deleted text begin
4.25 deleted text end |
4.75 |
deleted text begin
4.70 deleted text end |
4.10 |
5.05 |
5.2500 |
4.7500 |
| 60 |
deleted text begin
4.25 deleted text end |
4.75 |
deleted text begin
4.80 deleted text end |
4.00 |
5.00 |
5.2500 |
4.7500 |
| 61 |
deleted text begin
4.25 deleted text end |
4.75 |
deleted text begin
4.90 deleted text end |
3.90 |
5.00 |
5.2500 |
4.7500 |
| 62 |
deleted text begin
4.25 deleted text end |
4.75 |
deleted text begin
5.00 deleted text end |
3.80 |
5.00 |
5.2500 |
4.7500 |
| 63 |
deleted text begin
4.25 deleted text end |
4.75 |
deleted text begin
5.10 deleted text end |
3.70 |
5.00 |
5.2500 |
4.7500 |
| 64 |
deleted text begin
4.25 deleted text end |
4.75 |
deleted text begin
5.20 deleted text end |
3.60 |
5.00 |
5.2500 |
4.7500 |
| 65 |
deleted text begin
4.25 deleted text end |
4.75 |
deleted text begin
5.20 deleted text end |
3.50 |
5.00 |
5.2500 |
4.7500 |
| 66 |
deleted text begin
4.25 deleted text end |
4.75 |
deleted text begin
5.20 deleted text end |
3.50 |
5.00 |
5.2500 |
4.7500 |
| 67 |
deleted text begin
4.25 deleted text end |
4.75 |
deleted text begin
5.20 deleted text end |
3.50 |
5.00 |
5.2500 |
4.7500 |
| 68 |
deleted text begin
4.25 deleted text end |
4.75 |
deleted text begin
5.20 deleted text end |
3.50 |
5.00 |
5.2500 |
4.7500 |
| 69 |
deleted text begin
4.25 deleted text end |
4.75 |
deleted text begin
5.20 deleted text end |
3.50 |
5.00 |
5.2500 |
4.7500 |
| 70 |
deleted text begin
4.25 deleted text end |
4.75 |
deleted text begin
5.20 deleted text end |
3.50 |
5.00 |
5.2500 |
4.7500 |
| 71 |
deleted text begin
4.25 deleted text end |
deleted text begin
5.20 deleted text end |
(3) service-related ultimate future salary increase assumption
|
new text begin
general state employees retirement plan of the Minnesota State Retirement System new text end |
new text begin
assumption A new text end |
|
new text begin
general employees retirement plan of the Public Employees Retirement Association new text end |
new text begin
assumption B new text end |
|
new text begin
Teachers Retirement Association new text end |
new text begin
assumption C new text end |
| service length |
deleted text begin
general employees retirement plan of the Public Employees Retirement Association deleted text end new text begin A new text end |
new text begin
B new text end |
new text begin
C new text end |
| 1 |
deleted text begin
12.03%
deleted text end
new text begin
10.75% new text end |
new text begin
12.25% new text end |
new text begin
12.00% new text end |
| 2 |
deleted text begin
8.90
deleted text end
new text begin
8.35 new text end |
new text begin
9.15 new text end |
new text begin
9.00 new text end |
| 3 |
deleted text begin
7.46
deleted text end
new text begin
7.15 new text end |
new text begin
7.75 new text end |
new text begin
8.00 new text end |
| 4 |
deleted text begin
6.58
deleted text end
new text begin
6.45 new text end |
new text begin
6.85 new text end |
new text begin
7.50 new text end |
| 5 |
deleted text begin
5.97
deleted text end
new text begin
5.95 new text end |
new text begin
6.25 new text end |
new text begin
7.25 new text end |
| 6 |
deleted text begin
5.52
deleted text end
new text begin
5.55 new text end |
new text begin
5.75 new text end |
new text begin
7.00 new text end |
| 7 |
deleted text begin
5.16
deleted text end
new text begin
5.25 new text end |
new text begin
5.45 new text end |
new text begin
6.85 new text end |
| 8 |
deleted text begin
4.87
deleted text end
new text begin
4.95 new text end |
new text begin
5.15 new text end |
new text begin
6.70 new text end |
| 9 |
deleted text begin
4.63
deleted text end
new text begin
4.75 new text end |
new text begin
4.85 new text end |
new text begin
6.55 new text end |
| 10 |
deleted text begin
4.42
deleted text end
new text begin
4.65 new text end |
new text begin
4.65 new text end |
new text begin
6.40 new text end |
| 11 |
deleted text begin
4.24
deleted text end
new text begin
1.45 new text end |
new text begin
4.45 new text end |
new text begin
6.25 new text end |
| 12 |
deleted text begin
4.08
deleted text end
new text begin
1.35 new text end |
new text begin
4.35 new text end |
new text begin
6.00 new text end |
| 13 |
deleted text begin
3.94
deleted text end
new text begin
4.25 new text end |
new text begin
4.15 new text end |
new text begin
5.75 new text end |
| 14 |
deleted text begin
3.82
deleted text end
new text begin
4.05 new text end |
new text begin
4.05 new text end |
new text begin
5.50 new text end |
| 15 |
deleted text begin
3.70
deleted text end
new text begin
3.95 new text end |
new text begin
3.95 new text end |
new text begin
5.25 new text end |
| 16 |
deleted text begin
3.60
deleted text end
new text begin
3.85 new text end |
new text begin
3.85 new text end |
new text begin
5.00 new text end |
| 17 |
deleted text begin
3.51
deleted text end
new text begin
3.75 new text end |
new text begin
3.75 new text end |
new text begin
4.75 new text end |
| 18 |
deleted text begin
3.50
deleted text end
new text begin
3.75 new text end |
new text begin
3.75 new text end |
new text begin
4.50 new text end |
| 19 |
deleted text begin
3.50
deleted text end
new text begin
3.75 new text end |
new text begin
3.75 new text end |
new text begin
4.25 new text end |
| 20 |
deleted text begin
3.50
deleted text end
new text begin
3.75 new text end |
new text begin
3.75 new text end |
new text begin
4.00 new text end |
| 21 |
deleted text begin
3.50
deleted text end
new text begin
3.75 new text end |
new text begin
3.75 new text end |
new text begin
3.90 new text end |
| 22 |
deleted text begin
3.50
deleted text end
new text begin
3.75 new text end |
new text begin
3.75 new text end |
new text begin
3.80 new text end |
| 23 |
deleted text begin
3.50
deleted text end
new text begin
3.75 new text end |
new text begin
3.75 new text end |
new text begin
3.70 new text end |
| 24 |
deleted text begin
3.50
deleted text end
new text begin
3.75 new text end |
new text begin
3.75 new text end |
new text begin
3.60 new text end |
| 25 |
deleted text begin
3.50
deleted text end
new text begin
3.75 new text end |
new text begin
3.75 new text end |
new text begin
3.50 new text end |
| 26 |
deleted text begin
3.50
deleted text end
new text begin
3.75 new text end |
new text begin
3.75 new text end |
new text begin
3.50 new text end |
| 27 |
deleted text begin
3.50
deleted text end
new text begin
3.75 new text end |
new text begin
3.75 new text end |
new text begin
3.50 new text end |
| 28 |
deleted text begin
3.50
deleted text end
new text begin
3.75 new text end |
new text begin
3.75 new text end |
new text begin
3.50 new text end |
| 29 |
deleted text begin
3.50
deleted text end
new text begin
3.75 new text end |
new text begin
3.75 new text end |
new text begin
3.50 new text end |
| 30 or more |
deleted text begin
3.50
deleted text end
new text begin
3.75 new text end |
new text begin
3.75 new text end |
new text begin
3.50 new text end |
(c) Before July 2, 2010, the actuarial valuation must use the applicable following
payroll growth assumption for calculating the amortization requirement for the unfunded
actuarial accrued liability where the amortization retirement is calculated as a level
percentage of an increasing payroll:
| plan |
payroll growth assumption |
|
| general state employees retirement plannew text begin of the Minnesota State Retirement System new text end |
deleted text begin
4.50%
deleted text end
new text begin
3.75% new text end |
|
| correctional state employees retirement plan |
4.50 |
|
| State Patrol retirement plan |
4.50 |
|
| legislators retirement plan |
4.50 |
|
| judges retirement plan |
4.00 |
|
| general employees retirement plan of the Public Employees Retirement Association |
deleted text begin
4.00
deleted text end
new text begin
3.75 new text end |
|
| public employees police and fire retirement plan |
4.50 |
|
| local government correctional service retirement plan |
4.50 |
|
| teachers retirement plan |
deleted text begin
4.50
deleted text end
new text begin
3.75 new text end |
|
| Duluth teachers retirement plan |
4.50 |
|
| St. Paul teachers retirement plan |
5.00 |
|
(d) After July 1, 2010, the assumptions set forth in paragraphs (b) and (c) continue to
apply, unless a different salary assumption or a different payroll increase assumption:
(1) has been proposed by the governing board of the applicable retirement plan;
(2) is accompanied by the concurring recommendation of the actuary retained under
section 356.214, subdivision 1, if applicable, or by the approved actuary preparing the
most recent actuarial valuation report if section 356.214 does not apply; and
(3) has been approved or deemed approved under subdivision 18.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective retroactively from June 30, 2010.
new text end