SF 53

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; providing for retroactive 
  1.3             payment of bounce-back annuity to certain persons. 
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [PAYMENT OF BOUNCE-BACK ANNUITY.] 
  1.6      Subdivision 1.  [APPLICATION.] This section applies to a 
  1.7   person employed by the city of St. Cloud: 
  1.8      (1) who terminated employment with the city in February 
  1.9   1978 and died in September 2000; 
  1.10     (2) who, upon termination of employment, selected a joint 
  1.11  and survivor annuity from the public employees retirement 
  1.12  association; and 
  1.13     (3) whose designated joint annuitant died in 1980. 
  1.14     Subd. 2.  [APPLICATION OF BOUNCE-BACK.] Notwithstanding 
  1.15  Minnesota Statutes, section 353.30, subdivision 3c, or any other 
  1.16  law to the contrary, upon receipt of a certified copy of the 
  1.17  death certificate of a person described in subdivision 1, the 
  1.18  public employees retirement association must make a payment to 
  1.19  the personal representative of the person's estate.  The amount 
  1.20  of the payment must be the difference between the normal single 
  1.21  life annuity that would have been paid to the person and the 
  1.22  joint and survivor annuity that was paid to the person, from 
  1.23  July 1, 1989, until the person's death.  If the public employees 
  1.24  retirement association has paid a portion of this amount before 
  2.1   the effective date of this section, that amount must be deducted 
  2.2   from the payment required by this section. 
  2.3      Sec. 2.  [EFFECTIVE DATE.] 
  2.4      Section 1 is effective the day following final enactment, 
  2.5   and applies retroactively to payments made on or after July 1, 
  2.6   1989.