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SF 1299

as introduced - 85th Legislature (2007 - 2008) 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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2.1

A bill for an act
 relating to retirement; general employees retirement plan of the Public
Employees Retirement Association; clarifying the effective date of a privatization
by Hutchinson Area Health Care; amending Minnesota Statutes 2006, section
353F.04, subdivision 1.

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

Section 1.

Minnesota Statutes 2006, section 353F.04, subdivision 1, is amended to read:


Subdivision 1.

Enhanced augmentation rates.

(a) The deferred annuity of
a terminated medical facility or other public employing unit employee is subject to
augmentation under section 353.71, subdivision 2, of the edition of Minnesota Statutes
published in the year in which the privatization occurred, except that the rate of
augmentation is as specified in paragraph (b) or (c), whichever is applicable.

(b) This paragraph applies if the legislation adding the medical facility or other
employing unit to section 353F.02, subdivision 4 or 5, as applicable, was enacted before
July 26, 2005, and became effective before new text begin January 1, 2008, for the Hutchinson Area
Health Care or before new text end January 1, 2007new text begin , for all other medical facilities and all other
employing unitsnew text end . For a terminated medical facility or other public employing unit
employee, the augmentation rate is 5.5 percent compounded annually until January 1
following the year in which the person attains age 55. From that date to the effective date
of retirement, the augmentation rate is 7.5 percent compounded annually.

(c) If paragraph (b) is not applicable, the augmentation rate is four percent
compounded annually until January 1, following the year in which the person attains age
55. From that date to the effective date of retirement, the augmentation rate is six percent
compounded annually.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end