SF 743

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; permitting employees of the 
  1.3             teachers retirement association to terminate 
  1.4             membership in the association; proposing coding for 
  1.5             new law in Minnesota Statutes, chapter 354. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [354.075] [TERMINATION OF MEMBERSHIP.] 
  1.8      (a) An employee of the teachers retirement association may 
  1.9   terminate membership in the teachers retirement association.  An 
  1.10  employee who makes such an election becomes a member of the 
  1.11  Minnesota state retirement system. 
  1.12     (b) An employee who wishes to terminate membership in the 
  1.13  teachers retirement association and become a member of the state 
  1.14  retirement system must do so within 60 days of the start of 
  1.15  covered employment as an employee of the teachers retirement 
  1.16  association.  Termination must be done by submitting a form 
  1.17  provided by the executive director of the teachers retirement 
  1.18  association.  A termination decision is irrevocable. 
  1.19     Sec. 2.  [TEMPORARY.] 
  1.20     (a) A person who first became an employee of the teachers 
  1.21  retirement association before the effective date of section 1 
  1.22  may terminate membership in the teachers retirement association 
  1.23  within 60 days after the effective date of section 1.  
  1.24  Termination must be done by submitting a form provided by the 
  1.25  executive director of the teachers retirement association.  A 
  2.1   person who terminates membership in the teachers retirement 
  2.2   association under this section becomes a member of the Minnesota 
  2.3   state retirement system.  A termination decision is irrevocable. 
  2.4      (b) A person who elects to terminate membership in the 
  2.5   teachers retirement association under paragraph (a) may elect a 
  2.6   refund of excess contributions under this section.  This refund 
  2.7   election must be made at the time membership is terminated under 
  2.8   paragraph (a).  A person who elects a refund must be refunded:  
  2.9   (1) the amount by which the total employee contributions 
  2.10  required by Laws 1994, chapter 524, section 1, exceeded the 
  2.11  total employee contributions required by the law in effect 
  2.12  immediately before the effective date of Laws 1994, chapter 524, 
  2.13  section 1; plus (2) interest on the amount in clause (1), at the 
  2.14  rate of six percent, computed from the time each excess payment 
  2.15  required by Laws 1994, chapter 524, section 1, was made until 
  2.16  the time the teachers retirement association pays the refund.  A 
  2.17  person who receives a refund under this paragraph shall have 
  2.18  formula service credit in the teachers retirement association 
  2.19  for the period after the effective date of Laws 1994, chapter 
  2.20  524, section 4, calculated based on the law in effect 
  2.21  immediately before the effective date of that section.