HF 1656

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; teachers retirement 
  1.3             association and first class city teacher retirement 
  1.4             fund associations; authorizing the purchase of 
  1.5             developmental achievement center or day activity 
  1.6             center teaching service credit; amending Minnesota 
  1.7             Statutes 2000, sections 354.536, subdivision 1; 
  1.8             354A.101, subdivision 1. 
  1.9   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.10     Section 1.  Minnesota Statutes 2000, section 354.536, 
  1.11  subdivision 1, is amended to read: 
  1.12     Subdivision 1.  [SERVICE CREDIT PURCHASE AUTHORIZED.] A 
  1.13  teacher who has at least three years of allowable service credit 
  1.14  with the teachers retirement association is entitled to purchase 
  1.15  up to ten years of allowable and formula service credit for 
  1.16  developmental achievement center, day activity center, nonprofit 
  1.17  community-based corporation, private, or parochial school 
  1.18  teaching service by making payment under section 356.55, 
  1.19  provided that the teacher is not entitled to receive a current 
  1.20  or deferred age and service retirement annuity or disability 
  1.21  benefit from the applicable employer-sponsored pension plan and 
  1.22  has not purchased service credit from the applicable defined 
  1.23  benefit employer-sponsored pension plan for that service. 
  1.24     Sec. 2.  Minnesota Statutes 2000, section 354A.101, 
  1.25  subdivision 1, is amended to read: 
  1.26     Subdivision 1.  [SERVICE CREDIT PURCHASE AUTHORIZED.] A 
  1.27  teacher who has at least three years of allowable service credit 
  2.1   with the teachers retirement fund association is entitled to 
  2.2   purchase up to ten years of allowable service credit 
  2.3   for developmental achievement center, day activity center, 
  2.4   nonprofit community-based corporation, private, or parochial 
  2.5   school teaching service by making payment under section 356.55, 
  2.6   provided that the teacher is not entitled to receive a current 
  2.7   or deferred age and service retirement annuity or disability 
  2.8   benefit from the applicable employer-sponsored pension plan and 
  2.9   has not purchased service credit from the applicable defined 
  2.10  benefit employer-sponsored pension plan for that service. 
  2.11     Sec. 3.  [EFFECTIVE DATE.] 
  2.12     Sections 1 and 2 are effective the day following final 
  2.13  enactment.