SF 1758

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

A bill for an act
relating to retirement; authorizing purchase of
service credit in the Teachers Retirement Association.

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

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

new text begin (a) An eligible person described in paragraph (b) is
entitled to purchase up to one year of allowable service credit
from the Teachers Retirement Association for the 2003-2004
school year. The service credit purchase under this section
must be made in accordance with Minnesota Statutes, section
354.094.
new text end

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

new text begin (1) is currently a member of the Teachers Retirement
Association;
new text end

new text begin (2) has been employed by Independent School District No.
11, Anoka-Hennepin, since the 1971-1972 school year;
new text end

new text begin (3) applied for and was granted an extended leave of
absence from Independent School District No. 11, Anoka-Hennepin,
for the 2002-2003, 2003-2004, and 2004-2005 school years
pursuant to Minnesota Statutes, section 122A.46; and
new text end

new text begin (4) was unable to make timely payment for the 2003-2004
school year because the Teachers Retirement Association did not
forward her paperwork to the administrator of the individual's
tax-sheltered deferred compensation account which delayed the
transfer of funds necessary for payment.
new text end

new text begin (c) An eligible person described in paragraph (b) must
apply with the executive director of the Teachers Retirement
Association to make the service credit purchase under this
section. The application must be in writing and must include
all necessary documentation of the applicability of this
section, documentation of the eligible person's eligibility for
retirement coverage by the Teachers Retirement Association, and
any other relevant information that 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