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SF 1457

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

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23 1.24 1.25 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9
2.10 2.11

A bill for an act
 relating to retirement; authorizing purchase of
service credit in the Minnesota State Retirement
System.

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

Section 1. new text begin PURCHASE OF SERVICE CREDIT.
new text end

new text begin (a) An eligible person described in paragraph (b) is
entitled to purchase service credit from the Minnesota State
Retirement System for the period of time served as a driver
under contract with the Department of Administration from March
16, 1988, to February 4, 1997.
 new text end

new text begin (b) An eligible person for purposes of paragraph (a) is a
person who:
 new text end

new text begin (1) was born on December 12, 1944;
 new text end

new text begin (2) served as a driver for the Department of Administration
from March 16, 1988, to February 4, 1997;
 new text end

new text begin (3) is currently employed by the Department of Employment
and Economic Development; and
new text end

new text begin (4) did not contribute to the Minnesota State Retirement
System while a driver under contract with the Department of
Administration.
 new text end

new text begin (c) The eligible person must pay, on or before December 31,
2005, an amount equal to the employee contribution rate in
effect during the period of service applied to the actual salary
rates in effect during the service being purchased, plus annual
compound interest at the rate of 8.5 percent from the date on
which the contributions would have been made during the actual
time earned. The Department of Administration must pay the
employer contributions plus annual compound interest at the rate
of 8.5 percent from the date on which the contributions would
have been made.
 new text end

new text begin (d) A person purchasing service credit under this section
must provide sufficient documentation of eligibility to the
executive director of the Minnesota State Retirement System.
 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