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SF 1165

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Rtf

Current Version - as introduced

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A bill for an act
 relating to retirement; permitting judges to purchase
service credit for an authorized leave; requiring
specified payments; amending Minnesota Statutes 2004,
section 490.121, subdivision 4.

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

Section 1.

Minnesota Statutes 2004, section 490.121,
subdivision 4, is amended to read:


Subd. 4.

Allowable service.

new text begin (a) new text end "Allowable service"
means any calendar month, subject to the service credit limit in
subdivision 22, served as a judge at any time, or served as a
referee in probate for all referees in probate who were in
office prior to January 1, 1974.

new text begin (b) "Allowable service" also means up to a total of one
year of any period of authorized leave of absence for which the
judge obtained credit by payment in lieu of salary deductions.
To obtain credit, the judge shall pay an amount equal to the
normal cost on the date of return from the leave of absence, as
determined in the most recent actuarial report used by the
Legislative Commission on Pensions and Retirement, multiplied by
the judge's annual salary rate during the leave of absence for
which the judge wants allowable service credit. Payment must
include interest at a rate of 8.5 percent compounded annually
from the date of termination of the leave of absence to the date
payment is made, unless payment is completed within one year of
the return from the leave of absence. This paragraph does not
authorize purchase of service in excess of the limit in
subdivision 22. Leave purchased under this paragraph is in
addition to uniformed service leave authorized under section
490.1211.
 new text end

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin Section 1 is effective retroactively from January 1, 2005,
and applies to any person who is in active service as a judge on
that date. After section 1 is effective, it may be used to
obtain credit for service before or after that date.
 new text end