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; general employees retirement 1.3 plan of the Public Employees Retirement Association; 1.4 authorizing a onetime second chance actuarial 1.5 equivalent optional retirement annuity election in 1.6 certain instances. 1.7 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.8 Section 1. [PERA-GENERAL; ONETIME SECOND CHANCE OPTIONAL 1.9 RETIREMENT ELECTION.] 1.10 (a) Notwithstanding any provision of Minnesota Statutes, 1.11 section 353.30, to the contrary, an eligible annuitant may 1.12 elect, on July 1, 2004, to convert the person's current single 1.13 life retirement annuity from the general employees retirement 1.14 plan of the Public Employees Retirement Association to a 50 1.15 percent joint and survivor optional retirement annuity 1.16 designating the annuitant's spouse as the second covered life on 1.17 the optional annuity. 1.18 (b) The optional retirement annuity under paragraph (c) 1.19 must be the actuarial equivalent of the single life annuity 1.20 payable to the annuity as of July 1, 2004. The joint and 1.21 survivor optional annuity under this section must include a 1.22 restoration of the normal single life annuity in the event of 1.23 the death of the designated second covered life before the death 1.24 of the original annuitant. 1.25 (c) An eligible annuitant is a person who: 1.26 (1) was born on .......; 2.1 (2) was employed by Independent School District No. 701, 2.2 Hibbing; 2.3 (3) retired in February 1978 from Independent School 2.4 District No. 701, Hibbing; and 2.5 (4) elected to receive a single life annuity from the 2.6 general employees retirement plan of the Public Employees 2.7 Retirement Association. 2.8 (d) The second chance optional retirement annuity election 2.9 must be made on a form prescribed by the executive director of 2.10 the Public Employees Retirement Association. The election must 2.11 be filed at least 30 days before the second chance election 2.12 eligibility date under paragraph (a). The application and 2.13 notification requirements of Minnesota Statutes, section 356.46, 2.14 apply to this election. 2.15 (e) The second chance election under this section is 2.16 irrevocable. 2.17 Sec. 2. [EFFECTIVE DATE.] 2.18 Section 1 is effective on the day following final enactment.