HF 2482

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; Minneapolis police relief 
  1.3             association; providing an option for relief 
  1.4             association members to elect future coverage under the 
  1.5             public employees police and fire plan; amending 
  1.6             Minnesota Statutes 1998, section 423B.06, subdivision 
  1.7             4; proposing coding for new law in Minnesota Statutes, 
  1.8             chapter 423B. 
  1.9   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.10     Section 1.  Minnesota Statutes 1998, section 423B.06, 
  1.11  subdivision 4, is amended to read: 
  1.12     Subd. 4.  [IMPACT ON OTHER LAWS.] (a) No provision of Laws 
  1.13  1992, chapter 471, this chapter may be construed as reducing the 
  1.14  amount or rate of contribution to the association by the 
  1.15  municipality or a member of the association from the minimum 
  1.16  contributions prescribed by section 69.77. 
  1.17     (b) Any financial impact to the relief association 
  1.18  resulting from section 423B.20 is the responsibility of the city 
  1.19  of Minneapolis.  The relief association actuary shall identify 
  1.20  any increase in the unfunded actuarial accrued liabilities of 
  1.21  the special fund of the relief association resulting from 
  1.22  coverage elections under section 423B.20.  The city of 
  1.23  Minneapolis shall make an additional municipal contribution to 
  1.24  the relief association equal to the increase in the unfunded 
  1.25  actuarial accrued liability attributable to section 423B.20 
  1.26  identified in an actuarial valuation prepared for that purpose.  
  1.27  The additional municipal contribution must be made within 90 
  2.1   days of the filing of the actuarial valuation with the 
  2.2   Minneapolis city finance director. 
  2.3      Sec. 2.  [423B.20] [RETIREMENT COVERAGE OPTION; ELECTION OF 
  2.4   FUTURE COVERAGE UNDER THE PUBLIC EMPLOYEES POLICE AND FIRE 
  2.5   PLAN.] 
  2.6      Subdivision 1.  [COVERAGE ELECTION.] (a) Notwithstanding 
  2.7   any provision of chapters 69, 353, 423A, or 423B to the 
  2.8   contrary, an active member who has accrued 25 years or more of 
  2.9   service credit in the fund may cease contributing to the fund 
  2.10  and elect coverage for future years of service under sections 
  2.11  353.63 to 353.68. 
  2.12     (b) The coverage election must be in writing.  The chief 
  2.13  administrative officer of the Minneapolis police relief 
  2.14  association and the executive director of the public employees 
  2.15  retirement association shall jointly develop the form for making 
  2.16  this election. 
  2.17     (c) Once made, an election under this section is 
  2.18  irrevocable. 
  2.19     Subd. 2.  [NO FURTHER BENEFITS UNDER RELIEF ASSOCIATION 
  2.20  BENEFIT PLAN.] (a) An active member who makes the coverage 
  2.21  election under subdivision 1 may not accrue any further service 
  2.22  credit or additional benefits under this chapter after the 
  2.23  effective date of the coverage election. 
  2.24     (b) No person to whom this section applies may concurrently 
  2.25  accrue benefits in two Minnesota public pension plans. 
  2.26     Subd. 3.  [LIMITATION ON RECEIPT OF BENEFIT.] An active 
  2.27  member making an election under subdivision 1 may not apply for 
  2.28  or begin receipt of a service or disability pension from the 
  2.29  Minneapolis police relief association until the person 
  2.30  terminates employment with the Minneapolis police department. 
  2.31     Sec. 3.  [EFFECTIVE DATE; LOCAL APPROVAL.] 
  2.32     Sections 1 and 2 are effective on the day following 
  2.33  approval by the Minneapolis city council and compliance with 
  2.34  Minnesota Statutes, section 645.021, subdivision 3.