HF 2585

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; providing benefit options for 
  1.3             certain retirees affected by relief association 
  1.4             consolidations.  
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [LOCAL RELIEF ASSOCIATION CONSOLIDATIONS; 
  1.7   OPTIONAL ELECTION OF BENEFIT COVERAGE CHANGE.] 
  1.8      Notwithstanding Minnesota Statutes, section 353A.08, 
  1.9   subdivision 4, a person who elected under Minnesota Statutes, 
  1.10  section 353A.08, subdivision 3, to retain benefit coverage by 
  1.11  the local relief association benefit plan in effect on the 
  1.12  effective date of consolidation of the local relief association 
  1.13  with the public employees retirement association has the option 
  1.14  to elect benefit coverage under the relevant provisions of the 
  1.15  public employees police and fire fund as defined in Minnesota 
  1.16  Statutes, section 353A.08, subdivision 1.  
  1.17     Sec. 2.  [FORM FOR ELECTION; TIME LIMIT.] 
  1.18     A person who elects the optional benefit coverage change 
  1.19  under section 1 must file a completed form with the executive 
  1.20  director of the public employees retirement association by 
  1.21  October 1, 1998.  The contents of the form shall be prescribed 
  1.22  by the executive director.  
  1.23     Sec. 3.  [TRANSFER OF ASSETS.] 
  1.24     Before January 8, 1999, the executive director of the 
  1.25  public employees retirement association shall transfer from the 
  2.1   appropriate individual local relief association account to the 
  2.2   Minnesota postretirement investment fund assets of the account 
  2.3   equal to the required reserves for service pensions payable to 
  2.4   the person electing the benefit coverage change under section 1, 
  2.5   including any January 1, 1999, postretirement adjustment that 
  2.6   may be payable, and any potential survivor benefit payable on 
  2.7   account of that person as determined in accordance with the 
  2.8   appropriate mortality table adopted by the board of the public 
  2.9   employees retirement association based on the experience of the 
  2.10  appropriate local relief association.  A transfer may be made 
  2.11  only from the individual account for an electing person's 
  2.12  municipality.  If there are insufficient assets in a local 
  2.13  relief association account to provide for the transfer of assets 
  2.14  to the Minnesota postretirement investment fund or to provide 
  2.15  for benefit payments, the municipality shall immediately provide 
  2.16  the local relief association account with the assets necessary 
  2.17  to make the transfer or benefit payments. 
  2.18     Sec. 4.  [EFFECTIVE DATE FOR BENEFIT CHANGES.] 
  2.19     Elections of optional benefit coverage changes under 
  2.20  section 1 are effective January 1, 1999.