SF 2336

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to retirement; providing that certain public 
  1.3             pension plans are subject to certain requirements of 
  1.4             the federal Employee Retirement Income Security Act; 
  1.5             proposing coding for new law in Minnesota Statutes, 
  1.6             chapter 356. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [356.90] [ERISA STANDARDS.] 
  1.9      A public pension plan listed in sections 356.20, 
  1.10  subdivision 2, or 356.30, subdivision 3, must comply with the 
  1.11  provisions of the federal Employee Retirement Income Security 
  1.12  Act contained in United States Code, title 29, sections 1001 to 
  1.13  1114, in the same manner as if the public pension plan were 
  1.14  covered by the federal act. 
  1.15     Sec. 2.  [TRANSITION.] 
  1.16     If a public pension plan subject to section 1 does not meet 
  1.17  minimum funding standards required under section 1, it must 
  1.18  present a plan to the legislature by January 1, 1997, to comply 
  1.19  with these standards.  No person may bring a cause of action to 
  1.20  enforce the minimum funding standards until January 1, 2007.