SF 409

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; modifying early retirement 
  1.3             provisions for the state patrol retirement fund and 
  1.4             public employees retirement association; providing for 
  1.5             pre-1999 consolidations; amending Minnesota Statutes 
  1.6             1998, sections 352B.08, subdivision 2a; 353.651, 
  1.7             subdivision 4; and 353A.083, by adding a subdivision. 
  1.8   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.9      Section 1.  Minnesota Statutes 1998, section 352B.08, 
  1.10  subdivision 2a, is amended to read: 
  1.11     Subd. 2a.  [EARLY RETIREMENT.] Any member who has become at 
  1.12  least 50 years old and who has at least three years of allowable 
  1.13  service is entitled upon application to a reduced retirement 
  1.14  annuity equal to the annuity calculated under subdivision 2, 
  1.15  reduced by two-tenths one-tenth of one percent for each month 
  1.16  that the member is under age 55 at the time of retirement. 
  1.17     Sec. 2.  Minnesota Statutes 1998, section 353.651, 
  1.18  subdivision 4, is amended to read: 
  1.19     Subd. 4.  [EARLY RETIREMENT.] Any police officer or 
  1.20  firefighter member who has become at least 50 years old and who 
  1.21  has at least three years of allowable service is entitled upon 
  1.22  application to a retirement annuity equal to the normal annuity 
  1.23  calculated under subdivision 3, reduced by two-tenths one-tenth 
  1.24  of one percent for each month that the member is under age 55 at 
  1.25  the time of retirement. 
  1.26     Sec. 3.  Minnesota Statutes 1998, section 353A.083, is 
  2.1   amended by adding a subdivision to read: 
  2.2      Subd. 4.  [PRE-1999 CONSOLIDATIONS.] For any consolidation 
  2.3   account in effect on July 1, 1999, the public employees police 
  2.4   and fire fund benefit plan applicable to consolidation account 
  2.5   members who have elected or will elect that benefit plan 
  2.6   coverage under section 353A.08 is the most recent change adopted 
  2.7   by the applicable municipality under subdivision 1, 2, or 3, 
  2.8   unless the applicable municipality approves the extension of the 
  2.9   post-June 30, 1999 public employees police and fire fund benefit 
  2.10  plan to the consolidation account. 
  2.11     Sec. 4.  [EFFECTIVE DATE.] 
  2.12     Sections 1 to 3 are effective July 1, 1999.