HF 5137

as introduced - 93rd Legislature (2023 - 2024) Posted on 04/15/2024 10:32pm

A bill for an act
relating to retirement; public employees police and fire retirement plan; permitting
payment of a normal retirement annuity without reduction or suspension upon
employment or reemployment on or after 55 years of age; amending Minnesota
Statutes 2022, sections 353.01, by adding a subdivision; 353.37, subdivisions 1b,
2; proposing coding for new law in Minnesota Statutes, chapter 353.

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

Section 1.

Minnesota Statutes 2022, section 353.01, is amended by adding a subdivision
to read:

new text begin Subd. 4a. new text end

new text begin Annuity starting date. new text end

new text begin "Annuity starting date" means the first day of the first
period for which an amount is payable as an annuity.
new text end

Sec. 2.

Minnesota Statutes 2022, section 353.37, subdivision 1b, is amended to read:

Subd. 1b.

Retirement age.

For purposes of this section, "retirement age" means new text begin :
new text end

new text begin (1) new text end retirement age as defined in United States Code, title 42, section 416(l) new text begin ; and
new text end

new text begin (2) 55 years of age for the public employees police and fire retirement plan new text end .

Sec. 3.

Minnesota Statutes 2022, section 353.37, subdivision 2, is amended to read:

Subd. 2.

Suspension of annuity.

(a) The association shall suspend the annuity on the
first of the month after the month in which the salary of the reemployed annuitant described
in subdivision 1, paragraph (a), exceeds the maximums set in subdivision 1, paragraph (b),
based only on those months in which the annuitant is actually employed in nonelective
public service in a position covered under this chapter or employment with a labor
organization that represents public employees who are members of a retirement plan under
this chapter or chapter 353E.

(b) An annuitant who is elected to public office after retirement may hold that office
and receive an annuity otherwise payable from a retirement plan administered by the
association.

new text begin (c) The association must not suspend an annuity based on an annuitant's reemployment,
regardless of the annuitant's income, if the annuitant has reached retirement age.
new text end

Sec. 4.

new text begin [353.6515] RETIREMENT ANNUITY WITHOUT SEPARATION FROM
PUBLIC SERVICE.
new text end

new text begin Subdivision 1. new text end

new text begin Retirement annuity while employed. new text end

new text begin Any member of the public
employees police and fire retirement plan who has not separated from public service, has
attained at least 55 years of age, and is partially or 100 percent vested under section 353.01,
subdivision 47, is entitled upon application to a normal retirement annuity under section
353.651. In the application, the member must designate an annuity starting date that must
not be earlier than the date on which the member attains 55 years of age.
new text end

new text begin Subd. 2. new text end

new text begin Effect on retirement annuity and contributions. new text end

new text begin Continued employment by
a member described in subdivision 1 must not increase or decrease the amount of the
member's annuity. Neither the member nor the member's employer may make any further
contributions to the public employees police and fire retirement plan by reason of the
member's continued employment.
new text end

Sec. 5. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 to 4 are effective January 1, 2025.
new text end