as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am
1.1 A bill for an act 1.2 relating to retirement; Minnesota state retirement 1.3 system general state employees retirement plan; 1.4 authorizing the purchase of service credit as a 1.5 department of transportation laborer 1 by certain 1.6 persons. 1.7 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.8 Section 1. [GENERAL STATE EMPLOYEES RETIREMENT PLAN; 1.9 LABORER 1 SERVICE CREDIT PURCHASE AUTHORIZATION.] 1.10 (a) A person described in paragraph (b) is entitled to 1.11 purchase allowable service credit from the general state 1.12 employees retirement plan of the Minnesota state retirement 1.13 system for any period of uncredited employment with the state 1.14 highway department as a laborer 1. 1.15 (b) An eligible person under paragraph (a) is a state 1.16 employee who: 1.17 (1) was initially employed by the highway department of the 1.18 state of Minnesota on September 4, 1962, as a full-time laborer 1.19 without state employees retirement association pension coverage; 1.20 (2) terminated employment as a laborer 1 on October 8, 1.21 1965; and 1.22 (3) was reemployed by the highway department of the state 1.23 of Minnesota on July 27, 1966, as a laborer 1, was subsequently 1.24 promoted, and consequently became a member of the state 1.25 employees retirement association. 1.26 (c) The period that may be purchased is the period of 2.1 service between September 4, 1962, and October 8, 1965. 2.2 (d) The purchase payment amount is the total of the 2.3 following: 2.4 (1) from the person involved, an amount equal to the member 2.5 contributions that would have been paid during the period 2.6 September 4, 1962, through October 8, 1965, on actual salaries, 2.7 plus annual compound interest at the rate of 8.5 percent from 2.8 the date that the contribution would have been payable to the 2.9 date that payment is made; and 2.10 (2) from the department of transportation, an amount equal 2.11 to the purchase payment amount determined under Minnesota 2.12 Statutes, section 356.55, less the amount determined under 2.13 clause (1). 2.14 (e) The eligible person must provide any documentation 2.15 required by the executive director of the Minnesota state 2.16 retirement system. 2.17 Sec. 2. [EFFECTIVE DATE.] 2.18 Section 1 is effective on the day following final enactment.