HF 2064

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 purchase of 
  1.3             service credit in the Minnesota State Retirement 
  1.4             System. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [PURCHASE OF SERVICE CREDIT.] 
  1.7      (a) An eligible person described in paragraph (b) is 
  1.8   entitled to purchase service credit from the Minnesota State 
  1.9   Retirement System for the period of time served as a driver 
  1.10  under contract with the Department of Administration from March 
  1.11  16, 1988, to February 4, 1997. 
  1.12     (b) An eligible person for purposes of paragraph (a) is a 
  1.13  person who: 
  1.14     (1) was born on December 12, 1944; 
  1.15     (2) served as a driver for the Department of Administration 
  1.16  from March 16, 1988, to February 4, 1997; 
  1.17     (3) is currently employed by the Department of Employment 
  1.18  and Economic Development; and 
  1.19     (4) did not contribute to the Minnesota State Retirement 
  1.20  System while a driver under contract with the Department of 
  1.21  Administration. 
  1.22     (c) The eligible person must pay, on or before December 31, 
  1.23  2004, an amount equal to the employee contribution rate in 
  1.24  effect during the period of service applied to the actual salary 
  1.25  rates in effect during the service being purchased, plus annual 
  2.1   compound interest at the rate of 8.5 percent from the date on 
  2.2   which the contributions would have been made during the actual 
  2.3   time earned.  The Department of Administration must pay the 
  2.4   employer contributions plus annual compound interest at the rate 
  2.5   of 8.5 percent from the date on which the contributions would 
  2.6   have been made. 
  2.7      (d) A person purchasing service credit under this section 
  2.8   must provide sufficient documentation of eligibility to the 
  2.9   executive director of the Minnesota State Retirement System.