SF 2200

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; teacher retirement plans; 
  1.3             authorizing purchase of service credit for 
  1.4             out-of-state public college and university teaching; 
  1.5             amending Minnesota Statutes 2002, sections 354.534, 
  1.6             subdivision 1; 354A.098, subdivision 1. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2002, section 354.534, 
  1.9   subdivision 1, is amended to read: 
  1.10     Subdivision 1.  [SERVICE CREDIT PURCHASE AUTHORIZED.] (a) A 
  1.11  teacher who has at least three years of allowable service credit 
  1.12  with the Teachers Retirement Association is entitled to purchase 
  1.13  up to ten years of allowable and formula service credit for 
  1.14  out-of-state teaching service by making payment under section 
  1.15  356.55, provided the out-of-state teaching service was performed 
  1.16  for an educational institution established and operated by 
  1.17  another governmental jurisdiction, or performed for a college or 
  1.18  university partially funded by another state of the United 
  1.19  States, and the teacher is not entitled to receive a current or 
  1.20  deferred age and service retirement annuity or disability 
  1.21  benefit and has not purchased service credit from another 
  1.22  defined benefit public employee pension plan for that 
  1.23  out-of-state teaching service. 
  1.24     (b) For purposes of paragraph (a), "another governmental 
  1.25  jurisdiction" means:  
  1.26     (1) another state of the United States; 
  2.1      (2) a governmental subdivision of another state of the 
  2.2   United States; 
  2.3      (3) the federal government; 
  2.4      (4) a federally recognized American Indian tribe; or 
  2.5      (5) a country other than the United States. 
  2.6      Sec. 2.  Minnesota Statutes 2002, section 354A.098, 
  2.7   subdivision 1, is amended to read: 
  2.8      Subdivision 1.  [SERVICE CREDIT PURCHASE AUTHORIZED.] (a) A 
  2.9   teacher who has at least three years of allowable service credit 
  2.10  with one of the retirement fund associations under this chapter 
  2.11  and who rendered out-of-state teaching service for an 
  2.12  educational institution established and operated by another 
  2.13  governmental entity specified in paragraph (b), or for a college 
  2.14  or university partially funded by another state of the United 
  2.15  States, is entitled to purchase up to ten years of allowable 
  2.16  service credit for that out-of-state service by making payment 
  2.17  under section 356.55, provided the teacher is not entitled to 
  2.18  receive a current or deferred age and service retirement annuity 
  2.19  or disability benefit and has not purchased service credit from 
  2.20  another defined benefit public employee pension plan for that 
  2.21  out-of-state teaching service.  Payment must be made before the 
  2.22  teacher's effective date of retirement.  
  2.23     (b) An eligible governmental entity for purposes of 
  2.24  paragraph (a) is: 
  2.25     (1) another state of the United States; 
  2.26     (2) a governmental subdivision of another state of the 
  2.27  United States; 
  2.28     (3) the federal government; 
  2.29     (4) a federally recognized American Indian tribe; or 
  2.30     (5) a public education institution in a foreign country. 
  2.31     Sec. 3.  [EFFECTIVE DATE.] 
  2.32     Sections 1 and 2 are effective on July 1, 2004.