HF 2395

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to retirement; Teachers Retirement Association; providing an increase
in the retirement annuity of certain former Minneapolis teachers based on an
erroneous benefit estimate from the former Minneapolis Teachers Retirement
Fund Association in 1995.

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

Section 1. new text begin TEACHERS RETIREMENT ASSOCIATION; INCREASE BASED
ON ERRONEOUS BENEFIT COUNSELING.
new text end

new text begin (a) Notwithstanding any provision of Minnesota Statutes, chapter 354A, or other
law to the contrary, an eligible person described in paragraph (b) is entitled to receive the
retirement annuity increase provided for in paragraph (c) and to receive the back payment
provided for in paragraph (d).
new text end

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

new text begin (1) was born on December 3, 1939;
new text end

new text begin (2) was employed by Special School District No. 1, Minneapolis, from September
1982 to June 1995;
new text end

new text begin (3) received an estimate on July 10, 1995, from the former Minneapolis Teachers
Retirement Fund Association of the benefit amount payable for a July 1, 1996, retirement;
new text end

new text begin (4) received a rough benefit estimate by telephone on July 19, 1995, for a June
30, 1995, retirement;
new text end

new text begin (5) resigned from Minneapolis teaching employment on July 21, 1995, effective
June 30, 1995, with that resignation accepted by the Minneapolis Board of Education
on August 8, 1995;
new text end

new text begin (6) was paid a retirement annuity from the Minneapolis Teachers Retirement Fund
Association that was $148 per month less than the July 10, 1995, benefit estimate; and
new text end

new text begin (7) appealed the benefit amount to the Board of Trustees of the Minneapolis Teachers
Retirement Fund Association, with consideration of the request by the board on January
17, 1996, and with acceptance by the board of the legal opinion of the legal counsel of the
retirement plan rejecting the appeal on February 21, 1996.
new text end

new text begin (c) The retirement increase is $148 per month plus the cumulative compounded
percentage postretirement adjustments granted to Minneapolis Teachers Retirement Fund
Association retirees between July 1, 1995, and the effective date of this section.
new text end

new text begin (d) The back payment is the difference between the Minneapolis Teachers
Retirement Fund Association annuity payable to the eligible person if the eligible person's
annuity was $148 per month greater upon its commencement and granted postretirement
adjustments periodically and the actual amounts of the annuity paid, plus interest at 8.5
percent from the date on which each annuity payment would have been paid until the
date on which the back payment is paid.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2007.
new text end