SF 1431

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

A bill for an act
relating to retirement; authorizing the Maplewood
Firefighters Relief Association to transfer assets to
the Oakdale Firefighters Relief Association to cover
service credits earned by certain individuals.

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

Section 1. new text begin TRANSFER OF ASSETS.
new text end

new text begin Notwithstanding any limitations in Minnesota Statutes,
section 424A.02, subdivision 13, or other provisions of law, the
Maplewood Firefighters Relief Association may transfer assets
from its special fund to the Oakdale Firefighters Relief
Association representing the value of the accumulated service
credit for six current members of the Oakdale Firefighters
Relief Association who are currently eligible to receive a
combined service pension for firefighter service in both
associations. The transfer of the assets from the Maplewood
Firefighters Relief Association to the Oakdale Firefighters
Relief Association shall be in an amount representing the
cumulative value of the service credit earned by the six members
of the Oakdale Firefighters Relief Association for the service
credit they accrued while working for the Maplewood Fire
Department. The amount of the assets to be transferred will
require the joint agreement of both relief associations and the
cities of Maplewood and Oakdale. The agreement shall be
expressed in the form of resolutions adopted by each entity.
The resolutions shall specify the amount of assets to be
transferred, the amount of liabilities to be transferred, and
the amount of service credit each of the six individuals will
receive in the Oakdale Firefighters Relief Association. Upon
the agreement of both relief associations and both cities, the
assets, liabilities, and service credit of the six individuals
shall be transferred to the Oakdale Firefighters Relief
Association, and the Maplewood Firefighters Relief Association
shall be relieved of any obligation to those six individuals.
new text end

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

new text begin Section 1 is effective upon compliance with Minnesota
Statutes, section 645.023, by the cities of Maplewood and
Oakdale.
new text end