Minnesota Legislature
HF 2577
as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
Bill Text Versions
| Engrossments | ||
|---|---|---|
| Introduction | Posted on 02/16/2006 |
Current Version - as introduced
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A bill for an act
relating to pensions; defining the terms of the successor trust fund for the
Minneapolis Police Relief Association; increasing salary limits of elected
members of the board of trustees; readjusting the compensation of officers of
the Minneapolis Police Relief Association; providing for additional investment
authority; amending Minnesota Statutes 2004, section 423B.07; Minnesota
Statutes 2005 Supplement, sections 423B.05, subdivision 3; 423B.09, subdivision
1; proposing coding for new law in Minnesota Statutes, chapter 423B.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2005 Supplement, section 423B.05, subdivision 3, is
amended to read:
Subd. 3.
Continuation of board.
Notwithstanding the provisions of section
423A.01, subdivision 2, or any other law, the board of trustees and its successors
established under subdivision 1 shall continue to govern the association until there are no
more than 225 members of the police pension fund. The fund thereafter must become a
trust fund in accordance with section 423A.01, subdivision 2new text begin , provided that the successor
trustees of the trust fund shall continue to exercise the same authority as provided for in
this chapter. To the extent there is any conflict between the provisions of section 423A.01,
subdivision 2, or applicable trust law provisions in the administration of the successor
trust fund, the provisions of this chapter shall prevail. The trustees of the trust shall be
elected by the members of the trust in a manner determined by the membersnew text end .
Sec. 2.
Minnesota Statutes 2004, section 423B.07, is amended to read:
423B.07 AUTHORIZED FUND DISBURSEMENTS.
The police pension fund may be used only for the payment of:
(1) service, disability, or dependency pensions;
(2) notwithstanding a contrary provision of section 69.80, the salaries of the elected
members of the board of trustees in an amount not to exceed deleted text begin threedeleted text end new text begin seven new text end unitsnew text begin for the
president and five units for other elected board membersnew text end ;
(3) expenses of officers and employees of the association in connection with the
protection of the fund;
(4) expenses of operating and maintaining the association, including the
administrative expenses related to the administration of the insurance plan authorized
in section 423B.08; and
(5) other expenses authorized by section 69.80, or other applicable law.
Sec. 3.
Minnesota Statutes 2005 Supplement, section 423B.09, subdivision 1, is
amended to read:
Subdivision 1.
Minneapolis police; persons entitled to receive pensions.
The
association shall grant pensions payable from the police pension fund in monthly
installments to persons entitled to pensions in the manner and for the following purposes.
(a) An active member or a deferred pensioner who has performed duty as a member
of the police department of the city for five years or more, upon written application after
retiring from duty and reaching at least age 50, is entitled to be paid monthly for life a
service pension. Active members, deferred members, and service pensioners are entitled
to a service pension according to the following schedule:
|
new text begin
A new text end |
new text begin
B new text end |
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| 5 years |
deleted text begin 8.0deleted text end new text begin 8.5 new text end units |
new text begin
9.0 units new text end |
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| 6 years |
deleted text begin 9.6deleted text end new text begin 10.1 new text end units |
new text begin
10.6 units new text end |
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| 7 years |
deleted text begin 11.2deleted text end new text begin 11.7 new text end units |
new text begin
12.2 units new text end |
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| 8 years |
deleted text begin 12.8deleted text end new text begin 13.3 new text end units |
new text begin
13.8 units new text end |
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| 9 years |
deleted text begin 14.4deleted text end new text begin 14.9 new text end units |
new text begin
15.4 units new text end |
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| 10 years |
deleted text begin 16.0deleted text end new text begin 16.5 new text end units |
new text begin
17.0 units new text end |
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| 11 years |
deleted text begin 17.6deleted text end new text begin 18.1 new text end units |
new text begin
18.6 units new text end |
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| 12 years |
deleted text begin 19.2deleted text end new text begin 19.7 new text end units |
new text begin
20.2 units new text end |
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| 13 years |
deleted text begin 20.8deleted text end new text begin 21.3 new text end units |
new text begin
21.8 units new text end |
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| 14 years |
deleted text begin 22.4deleted text end new text begin 22.9 new text end units |
new text begin
23.4 units new text end |
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| 15 years |
deleted text begin 24.0deleted text end new text begin 24.5 new text end units |
new text begin
25.0 units new text end |
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| 16 years |
deleted text begin 25.6deleted text end new text begin 26.1 new text end units |
new text begin
26.6 units new text end |
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| 17 years |
deleted text begin 27.2deleted text end new text begin 27.7 new text end units |
new text begin
28.2 units new text end |
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| 18 years |
deleted text begin 28.8deleted text end new text begin 29.3 new text end units |
new text begin
29.8 units new text end |
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| 19 years |
deleted text begin 30.4deleted text end new text begin 30.9 new text end units |
new text begin
31.4 units new text end |
|
|
deleted text begin
A deleted text end |
deleted text begin
B deleted text end |
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| 20 years |
34.5 units |
35.0 units |
|
| 21 years |
36.1 units |
36.6 units |
|
| 22 years |
37.7 units |
38.2 units |
|
| 23 years |
39.3 units |
39.8 units |
|
| 24 years |
40.9 units |
41.4 units |
|
| 25 years |
42.5 units |
43.0 units |
Column A is applicable until December 31, 2005, and applies retroactively to
January 1, 2005, for a service pensioner who retired before January 1, 2005. Column B
applies on and after January 1, 2006.
Fractional years of service may not be used in computing pensions.
(b) An active member who after five years' service but less than 20 years' service
with the police department of the city, becomes superannuated so as to be permanently
unable to perform the person's assigned duties, is entitled to be paid monthly for life a
superannuation pension equal to four units for five years of service and an additional two
units for each full year of service over five years and less than 20 years.
(c) An active member who is not eligible for a service pension and who, while a
member of the police department of the city, becomes diseased or sustains an injury while
in the service that permanently unfits the member for the performance of police duties is
entitled to be paid monthly for life a pension equal to 34 units while so disabled.
Sec. 4.
new text begin
[423B.23] INVESTMENT AUTHORITY.
new text end
new text begin
Notwithstanding the provisions of section 356A.06, subdivision 7, the association
may invest up to five percent of the assets of the fund in below investment grade
government or corporate bonds, debt, or other fixed investment instruments.
new text end
Sec. 5. new text begin EFFECTIVE DATE.
new text end
new text begin
Sections 1 to 4 are effective the day after approval by the Minneapolis City Council
under Minnesota Statutes, section 645.021.
new text end