HF 2071

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; establishing a normal 
  1.3             retirement age for the Minneapolis and St. Paul 
  1.4             teachers retirement fund associations; modifying the 
  1.5             computation of the retirement annuity formula for 
  1.6             Minneapolis and St. Paul teachers retirement fund 
  1.7             associations coordinated and basic plan members by 
  1.8             allowing a partial postretirement adjustment; amending 
  1.9             Minnesota Statutes 2000, sections 354A.011, 
  1.10            subdivision 15a; 354A.29, by adding a subdivision. 
  1.11  BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.12     Section 1.  Minnesota Statutes 2000, section 354A.011, 
  1.13  subdivision 15a, is amended to read: 
  1.14     Subd. 15a.  [NORMAL RETIREMENT AGE.] "Normal retirement 
  1.15  age" means age 65 for a person who first became is a member of 
  1.16  the coordinated program of the Minneapolis or St. Paul teachers 
  1.17  retirement fund association or the new law coordinated program 
  1.18  of the Duluth teachers retirement fund association or a member 
  1.19  of a pension fund listed in section 356.30, subdivision 3, 
  1.20  before July 1, 1989.  For a person who first became a member of 
  1.21  the coordinated program of the Minneapolis or St. Paul teachers 
  1.22  retirement fund association or the new law coordinated program 
  1.23  of the Duluth teachers retirement fund association after June 
  1.24  30, 1989, normal retirement age means the higher of age 65 or 
  1.25  retirement age, as defined in United States Code, title 42, 
  1.26  section 416(l), as amended, but not to exceed age 66.  For a 
  1.27  person who is a member of the basic program of the Minneapolis 
  1.28  or St. Paul teachers retirement fund association or the old law 
  2.1   coordinated program of the Duluth teachers retirement fund 
  2.2   association, normal retirement age means the age at which a 
  2.3   teacher becomes eligible for a normal retirement annuity 
  2.4   computed upon meeting the age and service requirements specified 
  2.5   in the applicable provisions of the articles of incorporation or 
  2.6   bylaws of the respective teachers retirement fund association. 
  2.7      Sec. 2.  Minnesota Statutes 2000, section 354A.29, is 
  2.8   amended by adding a subdivision to read: 
  2.9      Subd. 7.  [PARTIAL POSTRETIREMENT ADJUSTMENT.] An annuitant 
  2.10  or benefit recipient who has been receiving an annuity or 
  2.11  benefit for at least one full month but less than 12 full months 
  2.12  as of the current June 30 is eligible to receive a partial 
  2.13  increase of the total postretirement adjustment determined in 
  2.14  subdivision 3.  The board of trustees shall determine those 
  2.15  annuitants and benefit recipients who are eligible to receive 
  2.16  partial postretirement adjustments.  The percentage increase of 
  2.17  the partial postretirement adjustment payable to each annuitant 
  2.18  or benefit recipient eligible for a partial adjustment shall be 
  2.19  calculated by first determining a partial percentage that bears 
  2.20  the same ratio to the full adjustment percentage determined in 
  2.21  subdivision 3 as the number of full months of annuity or benefit 
  2.22  receipt as of the current June 30 bears to 12 full months.  The 
  2.23  partial percentage determined shall then be applied to the 
  2.24  amount of the monthly annuity or benefit payable to each 
  2.25  annuitant or benefit recipient eligible to receive a partial 
  2.26  postretirement adjustment.  The partial postretirement increase 
  2.27  is payable to all eligible annuitants or benefit recipients on 
  2.28  the following January 1. 
  2.29     Sec. 3.  [EFFECTIVE DATE.] 
  2.30     Sections 1 and 2 are effective July 1, 2001.