HF 2217

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; changing certain rates 
  1.3             governing transfers of contributions and interest for 
  1.4             employees transferring from the general Minnesota 
  1.5             state retirement system to the unclassified plan; 
  1.6             amending Minnesota Statutes 1998, sections 352D.02, 
  1.7             subdivision 1c; and 352D.03. 
  1.8   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.9      Section 1.  Minnesota Statutes 1998, section 352D.02, 
  1.10  subdivision 1c, is amended to read: 
  1.11     Subd. 1c.  An employee covered by the regular plan who is 
  1.12  subsequently employed as a permanent, full-time unclassified 
  1.13  employee of the legislature or any commission or agency of the 
  1.14  legislature may elect to transfer accumulated employee and 
  1.15  matching actual employer contributions, as provided in section 
  1.16  352D.03. 
  1.17     Sec. 2.  Minnesota Statutes 1998, section 352D.03, is 
  1.18  amended to read: 
  1.19     352D.03 [TRANSFER OF ASSETS.] 
  1.20     Unless an eligible employee enumerated in section 352D.02, 
  1.21  subdivision 1 or 1a, has elected coverage under the individual 
  1.22  retirement account plan under chapter 354B, a sum of money 
  1.23  representing the assets credited to each employee exercising the 
  1.24  option contained in section 352D.02, plus an equal the actual 
  1.25  employer contribution together with interest for the employment 
  1.26  period at the actuarially assumed rates a rate equal to the 
  2.1   growth rate of the general fund during this period, compounded 
  2.2   annually, shall be used for the purchase of shares on behalf of 
  2.3   each employee in the accounts of the supplemental retirement 
  2.4   fund established by section 11A.17.  The actual employer 
  2.5   contribution includes any employer's contribution to amortize 
  2.6   the deficit in the state employee's retirement fund shall not, 
  2.7   however, be used for the purchase of shares.  
  2.8      Sec. 3.  [EFFECTIVE DATE.] 
  2.9      Sections 1 and 2 are effective the day following final 
  2.10  enactment and apply to transfers made after June 30, 1970.  The 
  2.11  executive director of the Minnesota state retirement system 
  2.12  shall recompute the amount of money transferred in accordance 
  2.13  with sections 1 and 2 and shall if necessary purchase additional 
  2.14  shares in the unclassified plan for employees affected by those 
  2.15  sections.