SF 5

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; teachers retirement 
  1.3             association; requiring the repayment of certain 
  1.4             interest charges on certain member contribution 
  1.5             shortage payments. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [TEACHERS RETIREMENT ASSOCIATION; REPAYMENT OF 
  1.8   INTEREST CHARGE ON CERTAIN MEMBER CONTRIBUTION SHORTAGE 
  1.9   PAYMENTS.] 
  1.10     (a) The teachers retirement association shall pay to an 
  1.11  eligible person described in paragraph (b) the amount of 
  1.12  $1,004.08, plus interest at six percent from June 1, 1997, to 
  1.13  the date of payment, to compensate the person for a past 
  1.14  overcharge in a member contribution shortage payment caused by 
  1.15  the association's failure to notify the member in a timely 
  1.16  fashion of the shortage. 
  1.17     (b) An eligible person is a person who: 
  1.18     (1) was employed by independent school district No. 274 
  1.19  (Hopkins) during the 1968-1969 school year and suffered an under 
  1.20  deduction by the school district of $114.66; 
  1.21     (2) took a member contribution refund in the early 1970's 
  1.22  and repaid the refund in November, 1974; and 
  1.23     (3) had an appeal denied by the teachers retirement 
  1.24  association board of trustees at a May 8, 1998, hearing, 
  1.25  reflected in a May 21, 1998, findings and final order. 
  2.1      (c) The repayment must occur within 30 days of the receipt 
  2.2   by the executive director of the teachers retirement association 
  2.3   of a written request from the eligible retired member. 
  2.4      Sec. 2.  [EFFECTIVE DATE.] 
  2.5      Section 1 is effective the day following final enactment.