SF 1993

as introduced - 92nd Legislature (2021 - 2022) Posted on 05/28/2021 03:03pm

A bill for an act
relating to retirement; Public Employees Retirement Association; extending the
payment period for the purchase of service credit for periods of military service;
amending Minnesota Statutes 2020, section 353.014, subdivision 4.

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

Section 1.

Minnesota Statutes 2020, section 353.014, subdivision 4, is amended to read:

Subd. 4.

Time period for making member's payment.

Payment of the employee
equivalent contributions must be made during a period that begins with the date on which
the member returns to public employment and that is three times the length of the military
leave period, or within five years of the date on which the member returns to public
employment, whichever is deleted text begin less deleted text end new text begin greater new text end . deleted text begin If the payment period is less than one year, payment
of the employee equivalent contributions may be made within one year of the date of the
member's discharge from service in the uniformed services. deleted text end Payment may not be accepted
after 30 days following termination of public service under section 353.01, subdivision 11a.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end