SF 722

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 correctional employees retirement 
  1.4             fund; amending Minnesota Statutes 1998, section 
  1.5             352.93, subdivision 2a. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1998, section 352.93, 
  1.8   subdivision 2a, is amended to read: 
  1.9      Subd. 2a.  [EARLY RETIREMENT.] Any covered correctional 
  1.10  employee, or former employee if service ended after June 30, 
  1.11  1989, who becomes at least 50 years old and who has at least 
  1.12  three years of allowable service is entitled upon application to 
  1.13  a reduced retirement annuity equal to the annuity calculated 
  1.14  under subdivision 2, reduced so that the reduced annuity is the 
  1.15  actuarial equivalent of the annuity that would be payable if the 
  1.16  employee deferred receipt of the annuity from the day the 
  1.17  annuity begins to accrue to age 55 by two-tenths of one percent 
  1.18  for each month that the correctional employee is under age 55 at 
  1.19  the time of retirement. 
  1.20     Sec. 2.  [EFFECTIVE DATE.] 
  1.21     Section 1 is effective July 1, 1999.