SF 935

1st Engrossment - 88th Legislature (2013 - 2014) Posted on 04/19/2013 08:43am

A bill for an act
relating to public pensions; modifying pension aids; providing pension funding;
appropriating money.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin PENSION AID, APPROPRIATION.
new text end

new text begin (a) $22,999,900 is appropriated from the general fund in the 2014-15 biennium, and
each biennium thereafter, to the commissioner of revenue for the purposes of pension
aid to be distributed as follows:
new text end

new text begin Statewide Volunteer Fire Plan new text end	new text begin $137,990 new text end
new text begin Volunteer Firefighter Relief Associations new text end	new text begin $5,412,010 new text end
new text begin Paid Firefighter Municipalities new text end	new text begin $649,350 new text end
new text begin Public Employees Retirement Association-Police and Fire new text end	new text begin $1,300,650 new text end
new text begin Public Employees Retirement Association-Police and Fire Employers new text end	new text begin $4,645,300 new text end
new text begin Departments of Public Safety and Natural Resources new text end	new text begin $516,150 new text end
new text begin State Patrol Retirement Plan new text end	new text begin $1,033,800 new text end
new text begin Public Employees Retirement Association-Police and Fire new text end	new text begin $9,304,650 new text end

new text begin (b) The appropriation in paragraph (a) ends on (i) December 31, 2020, or (ii), if
earlier, on the December 31 next following the actuarial valuation date on which the
assets of the retirement plan on a market value equals or exceeds 90 percent of the total
actuarial accrued liabilities of the retirement plan as disclosed in an actuarial valuation
prepared under Minnesota Statutes, section 356.215, and the Standards for Actuarial Work
promulgated by the Legislative Commission on Pensions and Retirement, for the State
Patrol retirement plan or the public employees police and fire retirement plan, whichever
occurs last.
new text end