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HF 2554

as introduced - 88th Legislature (2013 - 2014) Posted on 03/03/2014 02:38pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Engrossments
Introduction Posted on 03/03/2014

Current Version - as introduced

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A bill for an act
 relating to retirement; modifying the Public Employees Retirement Association
police and fire plan; former Minneapolis Police and Firefighters Relief
Association; amending Minnesota Statutes 2012, sections 353.6511, subdivision
7; 353.6512, subdivision 7.

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

Section 1.

Minnesota Statutes 2012, section 353.6511, subdivision 7, is amended to read:


Subd. 7.

Postretirement adjustments.

Effective January 1, 2012, service pensions
and survivor benefits in force are entitled to be recomputed with the number of units
specified in subdivision 2, subdivision 4, and subdivision 6. Optional annuities under
Minnesota Statutes 2010, section 423C.05, subdivision 8, also are entitled to be recomputed
as the actuarial equivalent of the service pensions and survivor benefits with the number of
units specified in subdivision 2, subdivision 4, and subdivision 6. Retirement annuities,
service pensions, disability benefits, and survivor benefits after December 31, 2015, are
eligible for postretirement adjustments under section 356.415, subdivision 1c. The unit
value for the calculation of a retirement annuity first payable after December 31, 2015, is
the calendar year 2015 unit value, plus any new text begin annual new text end postretirement adjustment percentage
amount new text begin payable after December 31, 2015, new text end under section 356.415, subdivision 1c, deleted text begin payable
after December 31, 2015, and before the date of retirementdeleted text end new text begin paragraph (a), clause (1), or,
when applicable, under section 356.415, subdivision 1c, paragraph (b), clause (1)new text end .

Sec. 2.

Minnesota Statutes 2012, section 353.6512, subdivision 7, is amended to read:


Subd. 7.

Postretirement adjustments.

Retirement annuities, service pensions,
disability benefits, and survivor benefits after December 31, 2015, are eligible for
postretirement adjustments under section 356.415, subdivision 1c. The unit value for the
calculation of a retirement annuity first payable after December 31, 2015, is the calendar
year 2015 unit value, plus any new text begin annual new text end postretirement adjustment percentage amount
new text begin payable after December 31, 2015, new text end under section 356.415, subdivision 1c, deleted text begin payable after
December 31, 2015, and before the date of retirementdeleted text end new text begin paragraph (a), clause (1), or, when
applicable, under section 356.415, subdivision 1c, paragraph (b), clause (1)new text end .