SF 314

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; teachers retirement 
  1.3             association; authorizing the grant of service credit 
  1.4             for prior public employment for limited purposes for 
  1.5             certain teachers. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [TEACHERS RETIREMENT ASSOCIATION; GRANT OF 
  1.8   LIMITED PURPOSE ALLOWABLE SERVICE CREDIT FOR CERTAIN TEACHERS.] 
  1.9      (a) An eligible person described in paragraph (b) is 
  1.10  entitled, upon filing a valid application for a retirement 
  1.11  annuity with the teachers retirement association, to a grant of 
  1.12  4.7 years of allowable service credit from the teachers 
  1.13  retirement association for the sole purposes of determining 
  1.14  eligibility for early retirement benefit and determining the 
  1.15  amount of any early retirement reduction under Minnesota 
  1.16  Statutes 2000, sections 354.44, subdivision 6, clause (3), 
  1.17  subclause (ii) or (iii), and 356.30. 
  1.18     (b) An eligible person is a person who: 
  1.19     (1) was born on September 9, 1947; 
  1.20     (2) was hired as a police officer by the city of St. Paul 
  1.21  on September 3, 1968; 
  1.22     (3) terminated employment with the city of St. Paul on July 
  1.23  18, 1973; 
  1.24     (4) was a member of the general employees retirement plan 
  1.25  of the public employees retirement association for six years for 
  2.1   service as the county attorney for Wilkin county; and 
  2.2      (5) is a member of the teachers retirement association for 
  2.3   service as a faculty member at the Alexandria technical college. 
  2.4      (c) Upon filing a valid application for a retirement 
  2.5   annuity with the teachers retirement association, the executive 
  2.6   director of the teachers retirement association shall notify the 
  2.7   executive director of the public employees retirement 
  2.8   association, who shall transfer from the public employees police 
  2.9   and fire fund to the teachers retirement association $2,635.72, 
  2.10  representing the eligible person's unrefunded member 
  2.11  contributions to the former St. Paul police relief association, 
  2.12  plus compound interest at the applicable preretirement interest 
  2.13  actuarial assumption rates from July 18, 1973, to the date of 
  2.14  transfer. 
  2.15     (d) The eligible person shall provide adequate 
  2.16  documentation of meeting the requirements of paragraph (b) and 
  2.17  any relevant additional information that the executive director 
  2.18  of the teachers retirement association may request. 
  2.19     Sec. 2.  [EFFECTIVE DATE.] 
  2.20     Section 1 is effective on the day following final enactment.