HF 3255

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; modifying purchase payment 
  1.3             amounts for military service credit purchases in the 
  1.4             Minnesota state retirement system; amending Minnesota 
  1.5             Statutes 2000, section 352.275, subdivision 1. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2000, section 352.275, 
  1.8   subdivision 1, is amended to read: 
  1.9      Subdivision 1.  [SERVICE CREDIT PURCHASE AUTHORIZED.] (a) A 
  1.10  state employee who has at least three years of allowable service 
  1.11  with the Minnesota state retirement system and who performed 
  1.12  service in the United States armed forces before becoming a 
  1.13  state employee, or who failed to obtain service credit for a 
  1.14  military leave of absence under section 352.27, is entitled to 
  1.15  purchase allowable service credit for the initial period of 
  1.16  enlistment, induction, or call to active duty without any 
  1.17  voluntary extension by making payment under section 356.55 
  1.18  paragraph (b) if the employee is not entitled to receive a 
  1.19  current or deferred retirement annuity from a United States 
  1.20  armed forces pension plan and has not purchased service credit 
  1.21  from any other defined benefit public employee pension plan for 
  1.22  the same period of service. 
  1.23     (b) The purchase payment amount must be based upon the 
  1.24  state employee's average full-time monthly salary rate during 
  1.25  the first year of state employment following service in the 
  2.1   United States armed forces and must be without interest. 
  2.2      Sec. 2.  [EFFECTIVE DATE.] 
  2.3      Section 1 is effective the day following final enactment.