HF 2208

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

A bill for an act
relating to retirement; Minneapolis Employees
Retirement Fund; permitting a service credit purchase
for prior city employment as a permit employee.

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

Section 1. new text begin MINNEAPOLIS EMPLOYEES RETIREMENT FUND; PRIOR
SERVICE CREDIT PURCHASE FOR EMPLOYMENT AS A PERMIT EMPLOYEE.
new text end

new text begin (a) An eligible person described in paragraph (b) is
entitled to purchase allowable service credit from the
Minneapolis Employees Retirement Fund for the periods of
employment as a permit employee specified in paragraph (c) by
making the payment required under Minnesota Statutes, section
356.551.
new text end

new text begin (b) An eligible person is a person who:
new text end

new text begin (1) was born on March 20, 1956;
new text end

new text begin (2) was hired by the city of Minneapolis as a permanent
employee on May 2, 1977, and was covered by the Minneapolis
Employees Retirement Fund for that employment; and
new text end

new text begin (3) is currently employed by the city of Minneapolis,
covered by the Minneapolis Employees Retirement Fund.
new text end

new text begin (c) The periods for allowable service credit purchase are
periods during 1975 and 1976 during which the eligible person
was employed by the city of Minneapolis as a permit employee.
new text end

new text begin (d) An eligible person must apply to the executive director
of the Minneapolis Employees Retirement Fund to make a service
credit purchase under this section. The application must be in
writing and must include any relevant documentation related to
eligibility to make this service credit purchase that the
executive director of the Minneapolis Employees Retirement Fund
may require.
new text end

new text begin (e) Allowable service credit for the purchase periods must
be granted by the Minneapolis Employees Retirement Fund to the
account of the eligible person upon receipt of the prior service
credit purchase payment amount. To receive the service credit,
the service credit purchase must be received by the Minneapolis
Employees Retirement Fund by October 1, 2005, or prior to
retirement, whichever is earlier.
new text end

new text begin (f) Notwithstanding Minnesota Statutes, section 356.551,
all costs for determining the full actuarial value service
credit purchase price must be added to the prior service credit
purchase payment amount under paragraph (e).
new text end

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin Section 1 is effective the day following final enactment.
new text end