SF 2463

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 11:36pm

A bill for an act
relating to retirement; general employees retirement plan of the Public
Employees Retirement Association police and fire plan; increasing annuity of an
accelerated annuity recipient.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin PERA; ACCELERATED ANNUITY RECIPIENT BENEFIT
PAYMENT INCREASE.
new text end

new text begin (a) Notwithstanding any law to the contrary, the Public Employees Retirement
Association general plan basic program and the Public Employees Retirement Association
police and fire plan must provide a revised retirement annuity to an eligible person under
paragraph (b). The revised annuity begins on the first of the month after the executive
director receives an application and determines eligibility under this section. The revised
annuity must be computed as though the eligible person had not elected accelerated
annuities under Minnesota Statutes, section 353.29, subdivision 6.
new text end

new text begin (b) An eligible person is a person who:
new text end

new text begin (1) was born on February 9, 1938;
new text end

new text begin (2) was employed by Independent School District No. 622, North St. Paul,
Maplewood, Oakdale, with coverage by the Public Employees Retirement Association
general plan basic program, and was later employed by the Ramsey County Sheriff's
Department with coverage by the Public Employees Retirement Association police and
fire plan;
new text end

new text begin (3) commenced receiving retirement annuities from the Public Employees
Retirement Association general plan basic program and the Public Employees Retirement
Association police and fire plan on June 1, 1994; and
new text end

new text begin (4) had both annuities accelerated under Minnesota Statutes, section 353.29,
subdivision 6, and computed using the combined service annuity provision, Minnesota
Statutes, section 356.30.
new text end

new text begin (c) To determine the monthly benefit amounts payable starting on the commencement
date specified in paragraph (a), the executive director of the Public Employees Retirement
Association shall determine the monthly benefit amounts which would have been paid as of
June 1, 1994, if acceleration had not been elected, and shall escalate those benefit amounts
by the postretirement adjustments that would have applied through the commencement
date of the revised annuities. An annuity revised under this section is eligible for future
postretirement increases under the same procedures applicable to other retirement
annuitants from these pension plans. Payments of prior annuities to the eligible person
terminate when payment of the revised annuity commences. Annuities revised under this
section are prospective; no retroactive payments are permitted. If the original annuities
included joint and survivor coverage, that same coverage shall apply to the revised annuity.
new text end

new text begin (d) The executive director of the Public Employees Retirement Association
is authorized to require an eligible person described in paragraph (b) to provide
documentation or information deemed necessary by the executive director to determine
application and eligibility under this section.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end