SF 664

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; reinstating the rule of 85; 
  1.3             making participation for members of the public 
  1.4             employees retirement association at the option of 
  1.5             employing units of government; eliminating reporting 
  1.6             requirements; amending Minnesota Statutes 1994, 
  1.7             section 356.70, subdivision 1; repealing Minnesota 
  1.8             Statutes 1994, section 356.70, subdivision 2. 
  1.9   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.10     Section 1.  Minnesota Statutes 1994, section 356.70, 
  1.11  subdivision 1, is amended to read: 
  1.12     Subdivision 1.  [COMBINED AGE AND SERVICE REQUIREMENT.] 
  1.13  Any (a) A member of a retirement plan established pursuant to by 
  1.14  chapter 352, 353, 354, or 354A, or, subject to paragraph (b), 
  1.15  353 who by January 1, 1987 1996, has attained the age of at 
  1.16  least 55 years and whose attained age plus credited allowable 
  1.17  service totals at least 85, is entitled, upon valid application 
  1.18  and termination of service prior to before July 1, 1987 1996, to 
  1.19  the normal retirement annuity provided in these chapters without 
  1.20  any reduction in annuity by reason of such the early retirement. 
  1.21     (b) Retirement under this section by a member of a plan 
  1.22  established by chapter 353 is at the discretion of the governing 
  1.23  board of the member's employing unit of government. 
  1.24     Sec. 2.  [REPEALER.] 
  1.25     Minnesota Statutes 1994, section 356.70, subdivision 2, is 
  1.26  repealed.