SF 2399

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; teachers retirement 
  1.3             association and public employees retirement 
  1.4             association; authorizing a special repayment of 
  1.5             previous member contribution refunds by certain former 
  1.6             pension plan members. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [TEACHERS RETIREMENT ASSOCIATION; REFUND 
  1.9   REPAYMENTS IN CERTAIN INSTANCES.] 
  1.10     (a) Notwithstanding any provision of Minnesota Statutes, 
  1.11  section 353.35 or 354.50, to the contrary, a person described in 
  1.12  paragraph (b) may repay any previously received refunds of 
  1.13  accumulated members contributions and accrued interest from the 
  1.14  teachers retirement association and the public employees 
  1.15  retirement association, with interest at the compound annual 
  1.16  rate of 8.5 percent on each refund from the date that the refund 
  1.17  was paid to the date that the refund repayment occurs. 
  1.18     (b) Paragraph (a) applies to a person who: 
  1.19     (1) was a teacher with retirement coverage by the teachers 
  1.20  retirement association during the 1961-1962, 1962-1963, 
  1.21  1985-1986, 1986-1987, 1987-1988, 1989-1990, and 1990-1991 school 
  1.22  years; 
  1.23     (2) was a public employee with retirement coverage by the 
  1.24  public employees retirement association during fiscal year 1972; 
  1.25  and 
  1.26     (3) received a refund of accumulated member contributions 
  2.1   and interest following the death of the person's mother in 
  2.2   December 1991. 
  2.3      (c) Authority to repay these refunds terminates on January 
  2.4   1, 1998. 
  2.5      Sec. 2.  [EFFECTIVE DATE.] 
  2.6      Section 1 is effective the day following final enactment.