SF 188

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; Minneapolis teachers 
  1.3             retirement fund association; authorizing retirement 
  1.4             coverage for certain former part-time nursing teachers.
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [RETIREMENT COVERAGE FOR CERTAIN PART-TIME 
  1.7   TEACHERS.] 
  1.8      Subdivision 1.  [ELIGIBLE PART-TIME TEACHER.] (a) A 
  1.9   part-time teacher described in paragraph (b) is eligible for the 
  1.10  retirement coverage specified in subdivision 2. 
  1.11     (b) An eligible part-time teacher is a person who: 
  1.12     (1) was a part-time hourly teacher of nursing employed by 
  1.13  special school district No. 1 at the Minneapolis area 
  1.14  vocational-technical institute and the Minneapolis technical 
  1.15  college during the period April 7, 1975 to June 23, 1990; 
  1.16     (2) was not provided Minnesota public employee retirement 
  1.17  plan pension coverage under Minnesota Statutes, chapter 354A for 
  1.18  the employment period April 4, 1975 to March 7, 1986; 
  1.19     (3) was not included in coverage by the federal old age, 
  1.20  survivors, disability and health insurance program (social 
  1.21  security) for the employment period July 1, 1978 to March 7, 
  1.22  1986; and 
  1.23     (4) was a member of the Minneapolis teachers retirement 
  1.24  fund association for the employment period March 7, 1986 to June 
  1.25  28, 1991. 
  2.1      Subd. 2.  [RETIREMENT COVERAGE.] An eligible part-time 
  2.2   teacher under subdivision 1 is entitled to service credit in the 
  2.3   basic program of the Minneapolis teachers retirement fund 
  2.4   association for the person's period of part-time teaching 
  2.5   employment by special school district No. 1, April 4, 1975 to 
  2.6   March 7, 1986, upon the payment by the person of the amount 
  2.7   specified in subdivision 3, paragraph (a). 
  2.8      Subd. 3.  [RETIREMENT COVERAGE CONTRIBUTION 
  2.9   REQUIREMENT.] (a) The contribution requirement for an eligible 
  2.10  part-time teacher is one-third of the actuarial present value of 
  2.11  the retirement coverage to be granted to the person under 
  2.12  subdivision 2 as of the first day of the month next following 
  2.13  the date receipt of the member payment amount, as that amount is 
  2.14  calculated by the actuary retained by the legislative commission 
  2.15  on pensions and retirement. 
  2.16     (b) The contribution requirement for special school 
  2.17  district No. 1, if the eligible part-time teacher makes the 
  2.18  contribution specified in paragraph (a), is an amount equal to 
  2.19  the contribution amount specified in paragraph (a). 
  2.20     (c) The contribution specified in paragraph (a) is payable 
  2.21  within 120 days of the effective date of this section.  The 
  2.22  contribution specified in paragraph (b) is payable from any 
  2.23  education-related aid from the state of Minnesota for special 
  2.24  school district No. 1, scheduled for payment following the 
  2.25  receipt of the payment specified in paragraph (a).  The 
  2.26  commissioner of finance shall make the necessary adjustments in 
  2.27  state aid payments. 
  2.28     (d) The balance of the actuarial present value of the 
  2.29  retirement coverage granted that is not covered by the 
  2.30  contributions specified in paragraphs (a) and (b) is the 
  2.31  obligation of the Minneapolis teachers retirement fund 
  2.32  association and becomes part of its actuarial accrued liability. 
  2.33     (e) The cost of the calculations made by the actuary 
  2.34  retained by the legislative commission on pensions and 
  2.35  retirement are payable by the Minneapolis teachers retirement 
  2.36  fund association. 
  3.1      Sec. 2.  [EFFECTIVE DATE.] 
  3.2      Section 1 is effective on the day following final enactment.