SF 317

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; public employees police and 
  1.3             fire plan local consolidation accounts; providing 
  1.4             future postretirement adjustment options for certain 
  1.5             retirees affected by relief association consolidations.
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [LOCAL RELIEF ASSOCIATION CONSOLIDATIONS; 
  1.8   OPTIONAL ELECTION OF BENEFIT COVERAGE CHANGE.] 
  1.9      Notwithstanding Minnesota Statutes, section 353A.08, 
  1.10  subdivision 4, a person who elected under Minnesota Statutes, 
  1.11  section 353A.08, subdivision 3, to retain benefit coverage by 
  1.12  the local relief association benefit plan in effect on the 
  1.13  effective date of consolidation of the local relief association 
  1.14  with the public employees retirement association has the option 
  1.15  to elect future postretirement adjustment coverage under the 
  1.16  relevant provisions of the public employees police and fire fund 
  1.17  as defined in Minnesota Statutes, section 353A.08, subdivision 1.
  1.18     Sec. 2.  [FORM FOR ELECTION; TIME LIMIT.] 
  1.19     A person who elects the optional future postretirement 
  1.20  adjustment coverage change under section 1 must file a completed 
  1.21  election form with the executive director of the public 
  1.22  employees retirement association postmarked on or before October 
  1.23  1, 1999.  The contents of the form shall be prescribed by the 
  1.24  executive director.  
  1.25     Sec. 3.  [TRANSFER OF ASSETS.] 
  2.1      Before January 8, 2000, the executive director of the 
  2.2   public employees retirement association shall transfer from the 
  2.3   appropriate individual local relief association consolidation 
  2.4   account to the Minnesota postretirement investment fund assets 
  2.5   of the account equal to the required reserves for service 
  2.6   pensions payable to the person electing the future 
  2.7   postretirement adjustment coverage change under section 1, 
  2.8   including any January 1, 2000, postretirement adjustment that 
  2.9   may be payable, and any potential survivor benefit payable on 
  2.10  account of that person as determined in accordance with the 
  2.11  appropriate mortality table adopted by the board of the public 
  2.12  employees retirement association based on the experience of the 
  2.13  applicable local relief association.  A transfer may be made 
  2.14  only from the individual consolidation account associated with 
  2.15  an electing person's municipality.  If there are insufficient 
  2.16  assets in a local relief association consolidation account to 
  2.17  provide for the transfer of assets to the Minnesota 
  2.18  postretirement investment fund or to provide for benefit 
  2.19  payments, the municipality shall immediately provide the local 
  2.20  relief association consolidation account with the assets 
  2.21  necessary to make the transfer or benefit payments. 
  2.22     Sec. 4.  [EFFECTIVE DATE FOR BENEFIT CHANGES.] 
  2.23     Elections of optional future postretirement adjustment 
  2.24  coverage changes under section 1 are effective January 1, 2000.