HF 656

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; modifying the Hennepin county 
  1.3             supplemental retirement plan to allow the county 
  1.4             administrator to approve certain participant requests; 
  1.5             amending Minnesota Statutes 2002, sections 383B.49; 
  1.6             383B.493. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2002, section 383B.49, is 
  1.9   amended to read: 
  1.10     383B.49 [SUPPLEMENTAL RETIREMENT BENEFITS; REDEMPTION OF 
  1.11  SHARES.] 
  1.12     When requested to do so, in writing, on forms provided by 
  1.13  the county, by a participant, surviving spouse, a guardian of a 
  1.14  surviving child or a personal representative, whichever is 
  1.15  applicable, the county of Hennepin shall redeem shares in the 
  1.16  accounts of the Minnesota supplemental investment fund standing 
  1.17  in a participant's share account record under the following 
  1.18  circumstances and in accordance with the laws and regulations 
  1.19  governing the Minnesota supplemental investment fund: 
  1.20     (1) A participant who is no longer employed by the county 
  1.21  of Hennepin is entitled to receive the cash realized on the 
  1.22  redemption of the shares to the credit of the participant's 
  1.23  share account record of the person.  The participant may request 
  1.24  the redemption of all or a portion of the shares in the 
  1.25  participant's share account record of the person, but may not 
  1.26  request more than one redemption in any one calendar year.  If 
  2.1   only a portion of the shares in the participant's share account 
  2.2   record is requested to be redeemed the person may request to 
  2.3   redeem not less than 20 percent of the shares in any one 
  2.4   calendar year and the redemption must be completed in no more 
  2.5   than five years.  An election is irrevocable except that a 
  2.6   participant may request an amendment of the election to redeem 
  2.7   all of the person's remaining shares.  All requests under this 
  2.8   paragraph are subject to application to and approval of the 
  2.9   Hennepin county board administrator's office, in its sole 
  2.10  discretion.  
  2.11     (2) In the event of the death of a participant leaving a 
  2.12  surviving spouse, the surviving spouse is entitled to receive 
  2.13  the cash realized on the redemption of all or a portion of the 
  2.14  shares in the participant's share account record of the deceased 
  2.15  spouse, but in no event may the spouse request more than one 
  2.16  redemption in each calendar year.  If only a portion of the 
  2.17  shares in the participant's share account record is requested to 
  2.18  be redeemed, the surviving spouse may request the redemption of 
  2.19  not less than 20 percent of the shares in any one calendar 
  2.20  year.  Redemption must be completed in no more than five years.  
  2.21  An election is irrevocable except that the surviving spouse may 
  2.22  request an amendment of the election to redeem all of the 
  2.23  participant's remaining shares.  All requests under this 
  2.24  paragraph are subject to application to and approval of the 
  2.25  Hennepin county board administrator's office, in its sole 
  2.26  discretion.  Upon the death of the surviving spouse, any shares 
  2.27  remaining in the participant's share account record must be 
  2.28  redeemed by the county of Hennepin and the cash realized from 
  2.29  the redemption distributed to the estate of the surviving spouse.
  2.30     (3) In the event of the death of a participant leaving no 
  2.31  surviving spouse, but leaving a minor surviving child or minor 
  2.32  surviving children, the guardianship estate of the minor child 
  2.33  is, or the guardianship estates of the minor children are, 
  2.34  entitled to receive the cash realized on the redemption of all 
  2.35  shares to the credit of the participant's share account record 
  2.36  of the deceased participant.  In the event of minor surviving 
  3.1   children, the cash realized must be paid in equal shares to the 
  3.2   guardianship estates of the minor surviving children. 
  3.3      (4) In the event of the death of a participant leaving no 
  3.4   surviving spouse and no minor surviving children, the estate of 
  3.5   the deceased participant is entitled to receive the cash 
  3.6   realized on the redemption of all shares to the credit of the 
  3.7   participant's share account record of the deceased participant. 
  3.8      Sec. 2.  Minnesota Statutes 2002, section 383B.493, is 
  3.9   amended to read: 
  3.10     383B.493 [WITHDRAWAL FROM PARTICIPATION.] 
  3.11     Notwithstanding Laws 1982, chapter 450, or any other law to 
  3.12  the contrary, a Hennepin county employee participating in the 
  3.13  Hennepin county supplemental retirement program pursuant to Laws 
  3.14  1982, chapter 450 may, in the event of an unforeseeable 
  3.15  emergency, apply to the county to discontinue participation in 
  3.16  the program.  Employees who are no longer participating in the 
  3.17  program may apply for the redemption of all shares credited to 
  3.18  their share account record.  Applications are subject to 
  3.19  approval of the Hennepin county board of commissioners 
  3.20  administrator's office in its sole discretion.  For the purposes 
  3.21  of this section, the term "unforeseeable emergency" shall mean a 
  3.22  severe financial hardship to the participant resulting from a 
  3.23  sudden and unexpected illness or accident of the participant or 
  3.24  a person dependent upon the participant, loss of participant's 
  3.25  property due to casualty, or other similar extraordinary and 
  3.26  unforeseeable circumstances arising as a result of events beyond 
  3.27  the control of the participant.  Applications based on 
  3.28  foreseeable expenditures normally budgetable shall not be 
  3.29  approved.  A participant exercising the option provided by this 
  3.30  section shall be ineligible for further participation in the 
  3.31  supplemental retirement program. 
  3.32     Sec. 3.  [EFFECTIVE DATE.] 
  3.33     Sections 1 and 2 are effective upon approval by the 
  3.34  Hennepin county board of commissioners and compliance with 
  3.35  Minnesota Statutes, section 645.021.