SF 416

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; extending the 1984 "rule of 85" early 
  1.4             retirement incentive to certain 1983 retirees. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [TRA; EXTENSION OF 1984 "RULE OF 85" EARLY 
  1.7   RETIREMENT INCENTIVE TO CERTAIN 1983 RETIREES.] 
  1.8      (a) An eligible person described in paragraph (b) is 
  1.9   entitled to have the person's retirement annuity from the 
  1.10  teachers retirement association recalculated under Laws 1984, 
  1.11  chapter 564, section 44, retroactive to July 1, 1984, with the 
  1.12  difference in the annuity amounts paid and payable over the 
  1.13  period to be paid in a lump sum on the first of the month next 
  1.14  following the effective date of this section, plus compound 
  1.15  interest at the rate of the applicable preretirement interest 
  1.16  rate assumption. 
  1.17     (b) An eligible person is a person who: 
  1.18     (1) was born on August 10, 1924; 
  1.19     (2) was first employed as a Minnesota public school teacher 
  1.20  for the 1949-1950 school year; 
  1.21     (3) was a Minnesota public school teacher for 34 years; 
  1.22     (4) terminated employment as a teacher with independent 
  1.23  school district No. 622, North St. Paul-Maplewood, on June 3, 
  1.24  1983; and 
  1.25     (5) retired from the teachers retirement association on 
  2.1   June 16, 1983. 
  2.2      Sec. 2.  [EFFECTIVE DATE.] 
  2.3      Section 1 is effective July 1, 2003.