HF 1824

as introduced - 88th Legislature (2013 - 2014) Posted on 05/06/2013 09:38am

A bill for an act
relating to retirement; public employees police and fire retirement plan; revising
early retirement reductions; exempting persons at least age 47; amending
Minnesota Statutes 2012, section 353.651, subdivision 4.

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

Section 1.

Minnesota Statutes 2012, section 353.651, subdivision 4, is amended to read:

Subd. 4.

Early retirement.

(a) A person who becomes a new text begin public employees new text end police
and fire new text begin retirement new text end plan member after June 30, 2007, or a former member who is reinstated
as a member of the plan after that date, who is at least 50 years of age and deleted text begin who deleted text end is new text begin at least
partially new text end vested under section 353.01, subdivision 47, upon the termination of public
service new text begin before July 1, 2014, if the person is other than a county sheriff, or after January 4,
2015, if the person is a county sheriff new text end is entitled upon application to a retirement annuity
equal to the normal annuity calculated under subdivision 3, reduced by two-tenths of one
percent for each month that the member is under age 55 at the time of retirement.

(b) Upon the termination of public service new text begin before July 1, 2014, if the person is
other than a county sheriff, or upon the termination of public service before January 5,
2015, if the person is a county sheriff new text end , any new text begin public employees new text end police and fire new text begin retirement
new text end plan member new text begin who first became a member of the plan before July 1, 2007, and who is
new text end not specified in paragraph (a), upon attaining at least 50 years of age with at least three
years of allowable service is entitled upon application to a retirement annuity equal to the
normal annuity calculated under subdivision 3, reduced by one-tenth of one percent for
each month that the member is under age 55 at the time of retirement.

new text begin (c) A person other than a county sheriff who is a member of the public employees
police and fire retirement plan on or after July 1, 2014, or a county sheriff who is a
member of the public employees police and fire retirement plan on or after January 5,
2015, and who is at least 50 years old, and is at least partially vested under section 353.01,
subdivision 47, and whose benefit effective date is after July 1, 2014, if other than a
county sheriff, or after January 4, 2015, if a county sheriff, and on or before July 1, 2019,
is entitled upon application to a retirement annuity equal to the normal annuity calculated
under subdivision 3, reduced for each month the member is under age 55 at the time of
retirement by applying a blended monthly rate that is equivalent to the sum of:
new text end

new text begin (1) 1/60 of the annual rate of five percent, prorated for each month the person's benefit
effective date is after July 1, 2014, or after December 31, 2014, whichever applies; and
new text end

new text begin (2) 1/60 of the annual rate provided under paragraph (a) or (b), whichever applies,
for each month the person's benefit effective date is before July 1, 2019.
new text end

new text begin (d) A person other than a county sheriff who is a member of the public employees
police and fire retirement plan on or after July 1, 2014, or a county sheriff who is a member
of the public employees police and fire retirement plan on or after January 5, 2015, and who
is at least 50 years old, and is at least partially vested under section 353.01, subdivision
47, whose benefit effective date is after July 1, 2019, is entitled, upon application, to a
retirement annuity equal to the normal annuity calculated under subdivision 3, reduced by
five percent annually, prorated for each month that the member is under age 55.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
The changes in this section do not apply to a person who is at least age 47 on the effective
date of this section.
new text end