HF 2113

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to retirement; various statewide and major
local retirement plans; clarifying references to
actuarial services in determining actuarial
equivalence; amending Minnesota Statutes 2004,
sections 352.01, subdivision 12; 353.01, subdivision
14; 354.05, subdivision 7; 354A.011, subdivision 3a;
422A.01, subdivision 6; 490.121, subdivision 20.

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

Section 1.

Minnesota Statutes 2004, section 352.01,
subdivision 12, is amended to read:

Subd. 12.

Actuarial equivalent.

"Actuarial equivalent"
means the condition of one annuity or benefit having an equal
actuarial present value as another annuity or benefit,
determined as of a given date at a specified age with each
actuarial present value based on the appropriate mortality table
adopted by the board of directors based on the experience of the
fund as recommended by the actuary retained deleted text begin by the Legislative
Commission on Pensions and Retirement deleted text end new text begin under section 356.214, and
approved under section 356.215, subdivision 18, new text end and using the
applicable preretirement or postretirement interest rate
assumption specified in section 356.215, subdivision 8.

Sec. 2.

Minnesota Statutes 2004, section 353.01,
subdivision 14, is amended to read:

Subd. 14.

Actuarial equivalent.

"Actuarial equivalent"
means the condition of one annuity or benefit having an equal
actuarial present value as another annuity or benefit,
determined as of a given date with each actuarial present value
based on the appropriate mortality table adopted by the board of
trustees based on the experience of the fund as recommended by
the actuary retained deleted text begin by the Legislative Commission on Pensions
and Retirement deleted text end new text begin under section 356.214, and approved under section
356.215, subdivision 18, new text end and using the applicable preretirement
or postretirement interest rate assumption specified in section
356.215, subdivision 8.

Sec. 3.

Minnesota Statutes 2004, section 354.05,
subdivision 7, is amended to read:

Subd. 7.

Actuarial equivalent.

"Actuarial equivalent"
means the condition of one annuity or benefit having an equal
actuarial present value as another annuity or benefit,
determined as of a given date with each actuarial present value
based on the appropriate mortality table adopted by the board of
trustees based on the experience of the association as
recommended by the actuary retained deleted text begin by the Legislative
Commission on Pensions and Retirement deleted text end new text begin under section 356.214, and
approved under section 356.215, subdivision 18, new text end and using the
applicable preretirement or postretirement interest rate
assumption specified in section 356.215, subdivision 8.

Sec. 4.

Minnesota Statutes 2004, section 354A.011,
subdivision 3a, is amended to read:

Subd. 3a.

Actuarial equivalent.

"Actuarial equivalent"
means the condition of one annuity or benefit having an equal
actuarial present value as another annuity or benefit,
determined as of a given date with each actuarial present value
based on the appropriate mortality table adopted by the
appropriate board of trustees based on the experience of that
retirement fund association as recommended by the actuary
retained deleted text begin by the Legislative Commission on Pensions and
Retirement deleted text end new text begin under section 356.214, and approved under section
356.215, subdivision 18, new text end and using the applicable preretirement
or postretirement interest rate assumption specified in section
356.215, subdivision 8.

Sec. 5.

Minnesota Statutes 2004, section 422A.01,
subdivision 6, is amended to read:

Subd. 6.

Present worth or present value.

"Present worth"
or "present value" means that the present amount of money if
increased at the applicable postretirement or preretirement
interest rate assumption specified in section 356.215,
subdivision 8, and based on the mortality table adopted by the
board of trustees based on the experience of the fund as
recommended by the actuary retained deleted text begin by the Legislative
Commission on Pensions and Retirement deleted text end new text begin under section 356.214, and
approved under section 356.215, subdivision 18, new text end will at
retirement equal the actuarial accrued liability of the annuity
already earned.

Sec. 6.

Minnesota Statutes 2004, section 490.121,
subdivision 20, is amended to read:

Subd. 20.

Actuarial equivalent.

"Actuarial equivalent"
means the condition of one annuity or benefit having an equal
actuarial present value as another annuity or benefit,
determined as of a given date with each actuarial present value
based on the appropriate mortality table adopted by the board of
deleted text begin trustees deleted text end new text begin directors of the Minnesota State Retirement System
new text end based on the experience of the fund as recommended by
the deleted text begin commission-retained deleted text end actuary new text begin retained under section 356.214,
and approved under section 356.215, subdivision 18, new text end and using
the applicable preretirement or postretirement interest rate
assumption specified in section 356.215, subdivision 8.

Sec. 7. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 to 6 are effective July 1, 2005.
new text end