SF 2502

as introduced - 88th Legislature (2013 - 2014) Posted on 03/11/2014 09:52am

A bill for an act
relating to retirement; increasing the size of the board of trustees of the Teachers
Retirement Association by adding an additional elected retired member;
amending Minnesota Statutes 2012, section 354.06, subdivision 1.

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

Section 1.

Minnesota Statutes 2012, section 354.06, subdivision 1, is amended to read:

Subdivision 1.

Board.

new text begin (a) new text end The management of the association is vested in a board of
deleted text begin eight deleted text end new text begin nine new text end trustees known as the board of trustees of the Teachers Retirement Association.
It is composed of the following persons: the commissioner of education, the commissioner
of management and budget, a representative of the Minnesota School Boards Association,
four members of the association elected by the members of the association, and deleted text begin one retiree
deleted text end new text begin two retirees new text end elected by the retirees of the association.

new text begin (b) new text end The deleted text begin five deleted text end new text begin six new text end elected members of the board of trustees must be chosen by ballot in
a manner fixed by the board of trustees of the association. In every odd-numbered year
there shall be elected two members of the association new text begin and one retiree new text end to the board of
trustees for terms of four years commencing on the deleted text begin first of deleted text end July new text begin 1 new text end next succeeding their
election. deleted text begin In every other odd-numbered year one retiree of the association must be elected
to the board of trustees for a term of four years commencing on the first of July next
succeeding the election. deleted text end new text begin Each election must be completed by June 1.
new text end

new text begin (c) new text end The filing of candidacy for a retiree election must include a petition of endorsement
signed by at least ten retirees of the association. deleted text begin Each election must be completed by June
first of each succeeding odd-numbered year. In the case of elective members,
deleted text end

new text begin (d) For elected positions, new text end any vacancy must be filled by appointment by the
remainder of the board, and the appointee shall serve until the members or retirees of the
association at the next regular election have elected a trustee to serve for the unexpired term
caused by the vacancy. No member or retiree may be appointed by the board, or elected
by the members new text begin or retirees new text end of the association as a trustee, if the person is not a member or
retiree of the association in good standing at the time of the appointment or election.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective June 30, 2015. The term of the new
retiree board member position authorized by this section begins July 1, 2015.
new text end