SF 213

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; teachers retirement 
  1.3             association; providing an ad hoc postretirement 
  1.4             adjustment for certain pre-1969 teachers; amending 
  1.5             Minnesota Statutes 2002, section 354.55, by adding a 
  1.6             subdivision. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2002, section 354.55, is 
  1.9   amended by adding a subdivision to read: 
  1.10     Subd. 20.  [AD HOC POSTRETIREMENT ADJUSTMENT FOR CERTAIN 
  1.11  PRE-1969 TEACHERS.] (a) Eligible retired teachers as defined in 
  1.12  paragraph (b) are entitled to receive an increase in their 
  1.13  retirement annuity, effective July 1, 2003, unless the 
  1.14  applicable person files a written notification with the 
  1.15  executive director of the teachers retirement association that 
  1.16  the additional benefit not be paid.  The increase amount is 25 
  1.17  percent of the retirement annuity amount initially payable upon 
  1.18  retirement. 
  1.19     (b) An eligible person for purposes of this subdivision is 
  1.20  a person who: 
  1.21     (1) was a teacher as defined in section 354.05, subdivision 
  1.22  2; 
  1.23     (2) rendered teaching service as defined in section 354.05, 
  1.24  subdivision 3, either during the 1968-1969 school year, but was 
  1.25  not covered by the improved money purchase program savings 
  1.26  clause, section 354.55, subdivision 17, or before the 1968-1969 
  2.1   school year, did not take a refund of member contributions upon 
  2.2   the termination of teacher service, and was eligible to make an 
  2.3   election under Minnesota Statutes 1971, section 354.55, 
  2.4   subdivision 8; and 
  2.5      (3) retired after January 15, 1998. 
  2.6      Sec. 2.  [EFFECTIVE DATE.] 
  2.7      Section 1 is effective July 1, 2003.