HF 2376

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; city of Hopkins; authorizing 
  1.3             the Hopkins Volunteer Firefighter Relief Association 
  1.4             to offer an alternative interest rate amount on 
  1.5             deferred lump service pensions as a demonstration 
  1.6             project; amending Laws 2003, First Special Session 
  1.7             chapter 12, article 12, section 3.  
  1.8   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.9      Section 1.  Laws 2003, First Special Session chapter 12, 
  1.10  article 12, section 3, is amended to read: 
  1.11     Sec. 3.  [MARSHALL AND HOPKINS VOLUNTEER FIRE FIREFIGHTER 
  1.12  RELIEF ASSOCIATIONS.] 
  1.13     (a) Notwithstanding any provision of Minnesota Statutes, 
  1.14  section 424A.02, subdivision 7, or other law to the contrary, as 
  1.15  a pilot project, the Marshall an eligible volunteer firefighter 
  1.16  relief association may amend its bylaws to pay interest on 
  1.17  deferred lump sum payment pensions based on a rate determined 
  1.18  annually by the board of trustees based on the actual time 
  1.19  weighted total rate of return investment performance of the 
  1.20  special fund as reported by the office of the state auditor 
  1.21  under Minnesota Statutes, section 356.219, up to five percent, 
  1.22  and applied consistently for all deferred service pensioners. 
  1.23     (b) An eligible volunteer firefighter relief association is:
  1.24     (1) the Marshall Volunteer Firefighter Relief Association; 
  1.25  and 
  1.26     (2) the Hopkins Volunteer Firefighter Relief Association.  
  2.1      Sec. 2.  [EFFECTIVE DATE.] 
  2.2      Section 1 is effective on the day after the date on which 
  2.3   the Hopkins City Council and the chief clerical officer of the 
  2.4   city of Hopkins comply with Minnesota Statutes, section 645.02, 
  2.5   subdivisions 2 and 3.