Minnesota Legislature
HF 2466
as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
Bill Text Versions
| Engrossments | ||
|---|---|---|
| Introduction | Posted on 04/21/2005 |
Current Version - as introduced
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A bill for an act
relating to retirement; Hennepin County Supplemental
Retirement Program; authorizing the Minnesota State
Retirement System to administer the program; amending
Minnesota Statutes 2004, sections 383B.46, subdivision
2; 383B.47; 383B.48; 383B.49.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2004, section 383B.46,
subdivision 2, is amended to read:
Subd. 2.
Establishment of account; contributions.
The
county of Hennepin shall deduct from the salary of every person
who is eligible for coverage and who elected to retain or obtain
coverage by the Hennepin County supplemental retirement program
a sum equal to one percent of the total salary of the person.
Any classified or unclassified employee who is employed in
subsidized on-the-job training, work experience or public
service employment as an enrollee under the federal
Comprehensive Employment and Training Act shall not be included
in the supplemental retirement account from and after March 30,
1978 unless the employee has as of the later of March 30, 1978
or the date of employment sufficient service credit in the
public employees retirement fund or the Minneapolis municipal
employees retirement fund, whichever is applicable, to meet the
minimum vesting requirements for a deferred retirement annuity,
or the county agrees in writing to make the required employer
contributions on account of the individual from revenue sources
other than funds provided under the federal Comprehensive
Employment and Training Act, or the employee agrees in writing
to make the required employer contribution in addition to the
employee contribution. The deduction shall be made in the same
manner as other retirement deductions are made from the salary
of the person. An amount equal to the amounts deducted during
each payroll period shall be contributed by the county of
Hennepin. The total amount deducted and contributed shall be
deposited to the credit of the supplemental retirement account
in deleted text begin the treasury of the county of Hennepin deleted text end new text begin a separate account
administered by the Minnesota State Retirement System on behalf
of Hennepin Countynew text end . The Hennepin County supplemental retirement
account is hereby established as an account separate and
distinct from other funds, accounts, or assets of the county of
Hennepin.
Sec. 2.
Minnesota Statutes 2004, section 383B.47, is
amended to read:
383B.47 PARTICIPATION IN MINNESOTA SUPPLEMENTAL INVESTMENT
FUND.
With the moneys deposited to the credit of the supplemental
retirement account deleted text begin in the treasury of the county of Hennepin,
the county of Hennepin deleted text end new text begin , the Minnesota State Retirement System
new text end
shall purchase shares new text begin on behalf of Hennepin County new text end in the
accounts of the Minnesota supplemental investment fund as
provided in section 383B.48.
Sec. 3.
Minnesota Statutes 2004, section 383B.48, is
amended to read:
383B.48 BUYING STATE SUPPLEMENTAL INVESTMENT FUND SHARES.
deleted text begin
At the time a person becomes eligible for coverage and
elects to obtain coverage by the Hennepin County supplemental
retirement program and before November 1 of each subsequent
year,deleted text end A participant in the Hennepin County supplemental
retirement program shall indicate deleted text begin in writing on a form provided
by the county of Hennepin deleted text end the account of the Minnesota
supplemental investment fund in which the participant wishes
salary deductions and county matching contributions attributable
to salary deductions to be invested for deleted text begin the subsequent 12-month
period deleted text end new text begin such time as allowed by the Minnesota State Retirement
Systemnew text end . deleted text begin For that 12-month period,deleted text end The deleted text begin county of Hennepin
deleted text end new text begin
Minnesota State Retirement System new text end shall purchase with the salary
deductions and county matching funds attributable to the salary
deductions shares in the appropriate account of the Minnesota
supplemental investment fund in accordance with the indicated
preferences of the participant. However, the county of Hennepin
has the authority to determine which accounts of the Minnesota
supplemental investment fund will be available for participant
investment. The shares purchased must stand in the name of the
county of Hennepin. A record must be kept by the deleted text begin county of
Hennepin deleted text end new text begin Minnesota State Retirement System new text end indicating the number
of shares in each account of the Minnesota supplemental
investment fund purchased with the salary deductions and county
matching funds attributable to the salary deductions of each
participant. The record must be known as the "participant's
share account record." The participant's share account record
must show, in addition to the number of shares in the account,
any cash balance of salary deductions or county matching funds
attributable to those deductions which stand uninvested in
shares. At the option of the county of Hennepin, and subject to
any terms and conditions established and communicated in writing
by the county to a participant, the participant may designate no
more often than once each deleted text begin calendar quarter deleted text end new text begin month new text end that prior
salary deductions and county matching contributions attributable
to the salary deductions, together with any interest earned, be
reinvested in another account of the Minnesota supplemental
investment fund made available by the county of Hennepin.
Sec. 4.
Minnesota Statutes 2004, section 383B.49, is
amended to read:
383B.49 SUPPLEMENTAL RETIREMENT BENEFITS; REDEMPTION OF
SHARES.
When requested to do so, in writing, on forms provided by
the deleted text begin county deleted text end new text begin Minnesota State Retirement Systemnew text end , by a participant,
surviving spouse, a guardian of a surviving child or a personal
representative, whichever is applicable, the deleted text begin county of Hennepin
deleted text end new text begin
Minnesota State Retirement System new text end shall new text begin on behalf of Hennepin
County new text end redeem shares in the accounts of the Minnesota
supplemental investment fund standing in a participant's share
account record under the following circumstances and in
accordance with the laws and regulations governing the Minnesota
supplemental investment fund:
(1) A participant who is no longer employed by the county
of Hennepin is entitled to receive the cash realized on the
redemption of the shares to the credit of the participant's
share account record of the person. The participant may request
the redemption of all or a portion of the shares in the
participant's share account record of the person, but may not
request more than one redemption in any deleted text begin one calendar year
deleted text end new text begin
six-month periodnew text end . If only a portion of the shares in the
participant's share account record is requested to be redeemed
the person may request to redeem not less than 20 percent of the
shares in any one calendar year and the redemption must be
completed in no more than five years. An election is
irrevocable except that a participant may request an amendment
of the election to redeem all of the person's remaining shares.
All requests under this paragraph are subject to application to
and approval of the deleted text begin Hennepin County administrator, in the sole
discretion of the administrator deleted text end new text begin Minnesota State Retirement
System upon verification by Hennepin County of the recipient's
eligibility to redeem fundsnew text end .
(2) In the event of the death of a participant leaving a
surviving spouse, the surviving spouse is entitled to receive
the cash realized on the redemption of all or a portion of the
shares in the participant's share account record of the deceased
spouse, but in no event may the spouse request more than one
redemption in each calendar year. If only a portion of the
shares in the participant's share account record is requested to
be redeemed, the surviving spouse may request the redemption of
not less than 20 percent of the shares in any one calendar yearnew text begin ,
unless they elect to receive monthly payments for a period not
to exceed five yearsnew text end . Redemption must be completed in no more
than five years. An election is irrevocable except that the
surviving spouse may request an amendment of the election to
redeem all of the participant's remaining shares. All requests
under this paragraph are subject to application to and approval
of the deleted text begin Hennepin County administrator, in the sole discretion of
the administrator deleted text end new text begin Minnesota State Retirement System upon
verification by Hennepin County of the recipient's eligibility
to redeem fundsnew text end . Upon the death of the surviving spouse, any
shares remaining in the participant's share account record must
be redeemed new text begin on behalf of Hennepin County new text end by the deleted text begin county of
Hennepin deleted text end new text begin Minnesota State Retirement System new text end and the cash realized
from the redemption distributed to the estate of the surviving
spouse.
(3) In the event of the death of a participant leaving no
surviving spouse, but leaving a minor surviving child or minor
surviving children, the guardianship estate of the minor child
is, or the guardianship estates of the minor children are,
entitled to receive the cash realized on the redemption of all
shares to the credit of the participant's share account record
of the deceased participant. In the event of minor surviving
children, the cash realized must be paid in equal shares to the
guardianship estates of the minor surviving children.
(4) In the event of the death of a participant leaving no
surviving spouse and no minor surviving children, the estate of
the deceased participant is entitled to receive the cash
realized on the redemption of all shares to the credit of the
participant's share account record of the deceased participant.
Sec. 5. new text begin EFFECTIVE DATE.
new text end
new text begin
Sections 1 to 4 are effective December 31, 2005.
new text end