HF 2466

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; Marine on St. Croix Volunteer 
  1.3             Firefighters Relief Association; providing for an 
  1.4             earlier vesting schedule. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [MARINE ON ST. CROIX VOLUNTEER FIREFIGHTERS 
  1.7   RELIEF ASSOCIATION; EARLY VESTING.] 
  1.8      (a) Notwithstanding Minnesota Statutes, section 424A.02, 
  1.9   subdivision 2, to the contrary, the Marine on St. Croix 
  1.10  Volunteer Firefighters Relief Association may utilize an early 
  1.11  vesting schedule as provided in paragraphs (b) and (c). 
  1.12     (b) If the articles of incorporation or bylaws of the 
  1.13  Marine on St. Croix Volunteer Firefighters Relief Association so 
  1.14  provide, the relief association may pay a reduced service 
  1.15  pension to a retiring member who has completed fewer than ten 
  1.16  years of service.  The reduced service pension may be paid when 
  1.17  the retiring member meets the minimum age and service 
  1.18  requirements of Minnesota Statutes, section 424A.02, subdivision 
  1.19  1.  
  1.20     (c) The amount of the reduced service pension may not 
  1.21  exceed the amount calculated by multiplying the service pension 
  1.22  appropriate for the completed years of service as specified in 
  1.23  the articles of incorporation or bylaws by the applicable 
  1.24  nonforfeitable percentage of the service pension amount.  The 
  1.25  nonforfeitable percentage of service pension amounts are as 
  2.1   follows: 
  2.2            Completed years           Nonforfeitable percentage 
  2.3             of service               of service pension amount 
  2.4                 5                           40 percent 
  2.5                 6                           52 percent 
  2.6                 7                           64 percent 
  2.7                 8                           76 percent 
  2.8                 9                           88 percent 
  2.9                10 and                      100 percent 
  2.10               thereafter 
  2.11     Sec. 2.  [EFFECTIVE DATE.] 
  2.12     Section 1 is effective on the day after the date on which 
  2.13  the city council of the city of Marine on St. Croix and the 
  2.14  chief clerical officer of the city of Marine on St. Croix comply 
  2.15  with Minnesota Statutes, section 645.02, subdivisions 2 and 3.