HF 1975

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; authorizing continued service 
  1.3             in certain positions covered by the public employees 
  1.4             retirement plan for police and firefighter members 
  1.5             receiving early retirement benefits; amending 
  1.6             Minnesota Statutes 2002, section 353.651, subdivisions 
  1.7             1, 4. 
  1.8   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.9      Section 1.  Minnesota Statutes 2002, section 353.651, 
  1.10  subdivision 1, is amended to read: 
  1.11     Subdivision 1.  [AGE AND ALLOWABLE SERVICE REQUIREMENTS.] 
  1.12  Upon separation termination from public service covered by the 
  1.13  public employees police and fire fund, any police officer or 
  1.14  firefighter member who has attained the age of at least 55 years 
  1.15  and who received credit for not less than three years of 
  1.16  allowable service is entitled upon application to a retirement 
  1.17  annuity.  Such retirement annuity is known as the "normal" 
  1.18  retirement annuity. 
  1.19     Sec. 2.  Minnesota Statutes 2002, section 353.651, 
  1.20  subdivision 4, is amended to read: 
  1.21     Subd. 4.  [EARLY RETIREMENT.] Upon termination from public 
  1.22  service covered by the public employees police and fire fund, 
  1.23  any police officer or firefighter member who has become at least 
  1.24  50 years old and who has at least three years of allowable 
  1.25  service is entitled upon application to a retirement annuity 
  1.26  equal to the normal annuity calculated under subdivision 3, 
  2.1   reduced by one-tenth of one percent for each month that the 
  2.2   member is under age 55 at the time of retirement. 
  2.3      Sec. 3.  [EFFECTIVE DATE.] 
  2.4      This act is effective the day following final enactment.