SF 1467

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; authorizing a prior service 
  1.3             credit purchase in the public employees police and 
  1.4             fire plan. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [PUBLIC EMPLOYEES POLICE AND FIRE PLAN; 
  1.7   PURCHASE OF PRIOR SERVICE CREDIT.] 
  1.8      Subdivision 1.  [AUTHORIZATION.] (a) A member of the public 
  1.9   employees police and fire retirement plan who was initially 
  1.10  employed as a police officer by the city of St. Louis Park, who 
  1.11  was subsequently employed as the public safety director by the 
  1.12  metropolitan airports commission, who is currently on a leave of 
  1.13  absence from the metropolitan airports commission, and who has 
  1.14  at least three years of allowable service credit with the public 
  1.15  employees police and fire retirement plan is entitled to 
  1.16  purchase up to 11.333 years of allowable service credit for 
  1.17  employment as a full-time police officer by the city of St. 
  1.18  Louis Park if the employment was covered by a local relief 
  1.19  association governed by Minnesota Statutes, section 69.77. 
  1.20     (b) The authorization under paragraph (a) applies 
  1.21  notwithstanding any contrary provision of Minnesota Statutes, 
  1.22  section 353A.10.  To purchase the service credit, the amount of 
  1.23  $183,329.38 must be paid.  The purchase payment may be a 
  1.24  combination of the following: 
  1.25     (1) amounts transferred from the person's federal Internal 
  2.1   Revenue Code, section 457, deferred compensation plan on an 
  2.2   institution-to-institution basis; 
  2.3      (2) any amount accrued by and potentially payable to the 
  2.4   person by the metropolitan airports commission under the 
  2.5   applicable employment benefit plan as accumulated sick leave, 
  2.6   transferred on an institution-to-institution basis; and 
  2.7      (3) the balance paid by the eligible person under paragraph 
  2.8   (a). 
  2.9      (c) The authorization under paragraph (a) applies only if 
  2.10  the person and the person's spouse waive any right to receive a 
  2.11  current or deferred service pension or retirement annuity or a 
  2.12  current disability benefit under the former St. Louis Park 
  2.13  police relief association benefit plan for that service. 
  2.14     (d) Authority to make the payment under this section 
  2.15  expires on September 15, 2003.  
  2.16     Subd. 2.  [APPLICATION; DOCUMENTATION.] A person who 
  2.17  desires to purchase service credit under subdivision 1 must 
  2.18  apply in writing with the executive director of the public 
  2.19  employees retirement association to make the purchase.  The 
  2.20  application must include all necessary documentation of the 
  2.21  person's qualifications to make the purchase, signed written 
  2.22  permission to allow the executive director to request and 
  2.23  receive necessary verification of applicable facts and 
  2.24  eligibility requirements, and any other relevant information 
  2.25  that the executive director may require. 
  2.26     Subd. 3.  [SERVICE CREDIT GRANT.] Allowable service credit 
  2.27  for the purchase period must be granted by the public employees 
  2.28  police and fire retirement plan to the purchasing person only 
  2.29  upon receipt of the purchase payment amount.  Payment must be 
  2.30  made before the person's effective date of retirement.