HF 4151

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to retirement; authorizing a service credit purchase for the Teachers
Retirement Association.

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

Section 1. new text begin TEACHERS RETIREMENT ASSOCIATION; SERVICE CREDIT
PURCHASE AUTHORIZATION.
new text end

new text begin (a) Notwithstanding any provision of Minnesota Statutes, chapter 354, to the
contrary, an eligible person described in paragraph (b) may purchase allowable and
formula service credit under Minnesota Statutes, section 354.05, subdivisions 13 and 25,
from the Teachers Retirement Association, for the period specified in paragraph (c), by
making the payment required under paragraph (d).
new text end

new text begin (b) An eligible person is a person who:
new text end

new text begin (1) was born on December 8, 1974; and
new text end

new text begin (2) took a leave of absence from teaching in Wayzata, Independent School District,
No. 284, from January, 2006, through March, 2006, during which the person did not
receive allowable and formula service credit from the Teachers Retirement Association.
new text end

new text begin (c) The period of prior service credit available for purchase is 26.5 days.
new text end

new text begin (d) The purchase payment amount under this section is the amount calculated in
Minnesota Statutes, section 356.551.
new text end

new text begin (e) The election to purchase prior service credit under this section must be made
in writing and must be filed with the executive director of the Teachers Retirement
Association. The executive director may require documentation of the applicability of this
section and any other relevant information from the eligible person.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end