HF 2607

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; establishing the higher 
  1.3             education retirement board; transferring powers and 
  1.4             duties to the board from the higher education board; 
  1.5             proposing coding for new law in Minnesota Statutes, 
  1.6             chapter 354B. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [354B.245] [HIGHER EDUCATION RETIREMENT BOARD.] 
  1.9      Subdivision 1.  [MEMBERSHIP.] The higher education 
  1.10  retirement board consists of the chancellor of the higher 
  1.11  education board or the chancellor's designee, the state auditor, 
  1.12  and the following members, elected to four-year terms: 
  1.13     (1) two state university faculty members, elected by 
  1.14  individual retirement account plan participants who are state 
  1.15  university faculty members; 
  1.16     (2) two community college faculty members, elected by 
  1.17  individual retirement account plan participants who are 
  1.18  community college faculty members; 
  1.19     (3) two technical college faculty members, elected by 
  1.20  individual retirement account plan participants who are 
  1.21  technical college faculty members; and 
  1.22     (4) one higher education board employee who is not a 
  1.23  faculty member, elected by individual retirement account 
  1.24  participants who are nonfaculty employees of the board. 
  1.25     Subd. 2.  [ELECTION PROCEDURES.] Elected members of the 
  1.26  board must be chosen by mail ballot conducted under this 
  2.1   subdivision and in accordance with procedures set by the board.  
  2.2   For seven days beginning September 1 of each odd-numbered year, 
  2.3   the board shall accept filings of candidacy for the board.  
  2.4   Filings may be made in person, by mail, or by facsimile.  
  2.5   Candidates must be active participants in the independent 
  2.6   retirement account plan.  A candidate may withdraw from 
  2.7   candidacy no later than September 15.  By November 1, the board 
  2.8   shall distribute ballots to members listing the candidates for 
  2.9   which each group of members may vote under subdivision 1.  
  2.10  Ballots must be mailed to the board before December 1.  
  2.11     Sec. 2.  [INITIAL BOARD.] 
  2.12     The chancellor of the higher education board shall conduct 
  2.13  an election to select members of the higher education retirement 
  2.14  board elected by faculty groups and other employees in 
  2.15  accordance with section 1, subdivision 1, clauses (1) to (4).  
  2.16  The election must be conducted in accordance with the schedule 
  2.17  and, to the greatest extent possible, the procedures prescribed 
  2.18  in section 1, subdivision 2.  Notwithstanding section 1, 
  2.19  subdivision 1, the initial term of one state university faculty 
  2.20  member, one community college faculty member, and one technical 
  2.21  college faculty member is two years.  The terms of all initial 
  2.22  board members commence January 1, 1996. 
  2.23     Sec. 3.  [TRANSFER OF AUTHORITY.] 
  2.24     (a) The board that takes office January 1, 1996, shall take 
  2.25  control of the individual retirement account plan and all 
  2.26  supplementary deferred benefit plans under its authority on 
  2.27  January 1, 1997.  It shall assume all powers and duties of the 
  2.28  higher education board in the administration of the individual 
  2.29  retirement plan and the supplemental retirement plan and of the 
  2.30  state board of investment in the selection and review of 
  2.31  financial institutions providing annuity contracts and custodial 
  2.32  accounts. 
  2.33     (b) The higher education board shall cooperate with the 
  2.34  initial higher education retirement board in transferring 
  2.35  records.  The higher education retirement board shall assume all 
  2.36  assets and liabilities of the higher education board relating to 
  3.1   administration of the individual retirement account plan, 
  3.2   including any equipment purchased or software purchased or 
  3.3   developed to administer the plan. 
  3.4      Sec. 4.  [PREFERENCE FOR CURRENT PERSONNEL.] 
  3.5      In appointing employees, the higher education retirement 
  3.6   board shall give preference to employees of the higher education 
  3.7   board assigned to administration of the individual retirement 
  3.8   account plan. 
  3.9      Sec. 5.  [INSTRUCTIONS TO REVISOR.] 
  3.10     In Minnesota Statutes 1997 Supplement and subsequent 
  3.11  editions, the revisor shall replace "higher education board" 
  3.12  with "higher education retirement board" in those sections of 
  3.13  Minnesota Statutes prescribing the powers and duties of the 
  3.14  board in the administration of individual and supplemental 
  3.15  retirement plans and shall replace "state board of investment" 
  3.16  with "higher education retirement board" in those sections 
  3.17  dealing with selection and review of financial institutions. 
  3.18     Sec. 6.  [EFFECTIVE DATE.] 
  3.19     Sections 1 and 3 to 5 are effective January 1, 1996.