SF 3029

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to retirement; Teachers Retirement Association; permitting the
repayment of a refund to the Teachers Retirement Association of contribution
amounts previously transferred to the unclassified state employees retirement
program.

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

Section 1. new text begin TEACHERS RETIREMENT ASSOCIATION; REFUND
REPAYMENT OF CERTAIN TRANSFERRED AMOUNTS.
new text end

new text begin (a) Notwithstanding Minnesota Statutes, section 352D.12 or 354.50, or any other
provision to the contrary, an eligible person described in paragraph (b) may repay to
the Teachers Retirement Association the amount specified in paragraph (c) and thereby
restore the person's prior allowable and formula service credit under Minnesota Statutes,
chapter 354.
new text end

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

new text begin (1) was born on July 17, 1947;
new text end

new text begin (2) taught for ten years with Independent School District No. 191, Burnsville;
new text end

new text begin (3) was employed by the Minnesota Educational Computing Corporation in 1984
and 1985;
new text end

new text begin (4) transferred accumulated employee contributions and an equal employer
contribution amount, plus interest, from the Teachers Retirement Association to the
unclassified state employees retirement program of the Minnesota State Retirement
System in 1985; and
new text end

new text begin (5) after employment in the private sector in educational computing, returned
to teaching employed by Independent School District No. 196, Rosemount-Apple
Valley-Eagan.
new text end

new text begin (c) The amount of the refund to be repaid to the Teachers Retirement Association is
an amount equal to the amount transferred from the Teachers Retirement Association to the
unclassified state employees retirement program of the Minnesota State Retirement System
under Minnesota Statutes 1985 Supplement, section 352D.12, plus compound annual
interest at the rate of 8.5 percent from the date on which the amount was transferred from
the Teachers Retirement Association to the date on which the transfer amount is repaid.
new text end

new text begin (d) Upon the repayment of the transfer amount, plus interest, the allowable and
formula service credit in the Teachers Retirement Association under Minnesota Statutes,
section 354.05, subdivisions 13 and 25, related to the transferred amount in 1985, must
be restored to the eligible person.
new text end

new text begin (e) The transfer amount repayment, plus interest, may be made through an
institution-to-institution transfer.
new text end

new text begin (f) This provision expires on July 1, 2007.
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