SF 1418

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to retirement; Public Employees Retirement Association police and
fire fund; authorizing a joint and survivor annuity for a surviving spouse of a
deceased retiree who elected a straight life annuity.

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

Section 1. new text begin PERA POLICE AND FIRE JOINT AND SURVIVOR ANNUITY FOR
SURVIVING SPOUSE.
new text end

new text begin Subdivision 1. new text end

new text begin Purpose. new text end

new text begin The annuity provided by this section is intended to
compensate for harm caused by the Public Employees Retirement Association, by its
failure to provide proper notice of the implications of various annuity forms.
new text end

new text begin Subd. 2. new text end

new text begin Eligibility. new text end

new text begin (a) Notwithstanding the election of a straight life annuity
and prohibitions against revising an annuity form, a person specified in paragraph (b)
is authorized to receive a joint and survivor annuity as specified in subdivision 3 upon
satisfying the requirements specified in subdivision 4.
new text end

new text begin (b) An eligible person is the surviving spouse of a person who:
new text end

new text begin (1) was born on December 3, 1927;
new text end

new text begin (2) was employed by the White Bear Lake Police Department beginning in 1952,
with coverage by the Public Employees Retirement Association police and fire plan;
new text end

new text begin (3) was injured in 1968 while performing job related duties;
new text end

new text begin (4) began receiving a Public Employees Retirement Association police and fire plan
disability benefit effective September 10, 1975;
new text end

new text begin (5) filed an application for a retirement annuity, received by the Public Employees
Retirement Association on January 19, 1983, in which he elected a normal retirement
benefit rather than a joint and survivor annuity; and
new text end

new text begin (6) died on October 5, 1997.
new text end

new text begin Subd. 3. new text end

new text begin Annuity. new text end

new text begin The annuity is the second half of a joint and survivor annuity
computed as if the deceased Public Employees Retirement Association police and fire
plan retiree had elected this annuity rather than a straight life annuity. The monthly
annuity payments must reflect all applicable postretirement adjustments that would have
occurred since the deceased began drawing a retirement annuity in 1983. The annuity is
prospective only and commences on the first day of the month following the effective
date of this section.
new text end

new text begin Subd. 4. new text end

new text begin Annuity application. new text end

new text begin An eligible person described in subdivision 2,
paragraph (b), shall apply in writing on forms provided by the executive director of the
Public Employees Retirement Association for the annuity provided by this section.
The application must be made before July 1, 2008, and must include all necessary
documentation of the applicability of this section and any other relevant information
which the executive director may require.
new text end

new text begin Effective date. new text end

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