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SF 1562

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

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to retirement; Minneapolis Employees
Retirement Fund; authorizing a purchase of service
credit for a workers' compensation injury period.

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

Section 1. new text begin MINNEAPOLIS EMPLOYEES RETIREMENT FUND; SERVICE
CREDIT PURCHASE FOR CERTAIN WORKERS' COMPENSATION INJURY
PERIODS.
new text end

new text begin (a) An eligible person described in paragraph (b) is
entitled to purchase allowable service credit from the
Minneapolis Employees Retirement Fund for up to 7.5 years for
the period of the injury that qualified for a workers'
compensation benefit but that was not previously credited by the
Minneapolis Employees Retirement Fund.
new text end

new text begin (b) An eligible person is a person who:
new text end

new text begin (1) was born on January 4, 1951;
new text end

new text begin (2) was first employed in the engineering department of the
city of Minneapolis in 1974;
new text end

new text begin (3) suffered an injury that, in 1978, qualified the person
for workers' compensation benefits;
new text end

new text begin (4) applied for disabled status in the Minneapolis
Employees Retirement Fund in 1986 and accrued allowable service
credit for the period from 1986 to 1991; and
new text end

new text begin (5) was advised by the Minneapolis Employees Retirement
Fund to wait until retirement age to pursue a claim for
allowable service credit for the period from 1978 to 1985.
new text end

new text begin (c) The eligible person described in paragraph (b) must
apply with the executive director of the Minneapolis Employees
Retirement Fund to make a service credit purchase under this
section. The application must be in writing and must include
all necessary documentation of the applicability of this section
and any other relevant information that the executive director
may require.
new text end

new text begin (d) Allowable service credit under Minnesota Statutes,
sections 422A.15, subdivisions 1 and 4, and 422A.19, must be
granted by the Minneapolis Employees Retirement Fund to the
eligible person upon receipt from the applicable eligible person
of the portion of the prior service credit purchase payment
amount payable under paragraph (e) in a lump sum.
new text end

new text begin (e) Notwithstanding any provision of Minnesota Statutes,
section 356.551, to the contrary, to obtain the service credit
an eligible person must pay an amount equal to the employee
contribution rate or rates in effect under Minnesota Statutes,
section 422A.10, subdivision 1, in effect during the period from
1978 to 1985 plus annual compound interest at the rate of 8.5
percent from the date the contribution would have been payable
until the date the contribution is paid. Payment must be made
before July 1, 2006.
new text end

new text begin (f) If the eligible person makes the payment under
paragraph (e), the city of Minneapolis must pay the remaining
balance of the prior service credit purchase payment amount
determined under Minnesota Statutes, section 356.551, within 30
days of the payment by the eligible person. The executive
director of the Minneapolis Employees Retirement Fund must
notify the chief financial officer of the city of Minneapolis of
its payment amount and its payment due date if the eligible
person makes the required payment. If the city of Minneapolis
fails to pay its portion of the required prior service credit
purchase payment amount, the executive director of the
Minneapolis Employees Retirement Fund must notify the
commissioner of finance of that fact within 30 days of the city
payment due date and the commissioner of finance must order that
the required city payment be deducted from any state aid
otherwise payable to the city and be transmitted to the
Minneapolis Employees Retirement Fund.
new text end

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

new text begin Section 1 is effective the day following final enactment.
new text end