SF 3264

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; pre-1973 retiree special 
  1.3             postretirement adjustments; allowing recipients to 
  1.4             reverse 2001 conversion from lump-sum payment to 
  1.5             monthly benefit increase; amending Minnesota Statutes 
  1.6             2001 Supplement, section 356.866. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2001 Supplement, section 
  1.9   356.866, is amended to read: 
  1.10     356.866 [CONVERSION OF LUMP-SUM POSTRETIREMENT AND 
  1.11  SUPPLEMENTAL PAYMENT TO AN INCREASED MONTHLY ANNUITY.] 
  1.12     Subdivision 1.  [LUMP-SUM POSTRETIREMENT PAYMENT 
  1.13  CONVERSION.] (a) Unless the person elects otherwise under 
  1.14  paragraph (b), for benefits paid after December 31, 2001, to 
  1.15  eligible persons under sections 356.86 and 356.865, the amount 
  1.16  of the most recent lump-sum benefit payable to an eligible 
  1.17  recipient under sections 356.86 and 356.865, must be divided by 
  1.18  12.  The result must be added to the monthly annuity or benefit 
  1.19  otherwise payable to an eligible recipient, must become a 
  1.20  permanent part of the benefit recipient's pension, and must be 
  1.21  included in any pension benefit subject to future increases. 
  1.22     (b) A person may elect to continue to receive the payment 
  1.23  in a lump sum annually in each December.  The election must be 
  1.24  made before September 1, 2002.  For the December 2002 lump-sum 
  1.25  payment, the amount must be the total of the monthly amounts 
  1.26  remaining unpaid after the election under this paragraph. 
  2.1      Subd. 2.  [TRANSFER OF REQUIRED RESERVES TO MINNESOTA 
  2.2   POSTRETIREMENT INVESTMENT FUND.] (a) Public employee retirement 
  2.3   funds participating in the state board of investment 
  2.4   postretirement investment fund shall transfer the required 
  2.5   reserves for the postretirement conversion under subdivision 1 
  2.6   to the postretirement investment fund by January 31, 2002. 
  2.7      (b) For a person who elects a lump-sum payment under 
  2.8   subdivision 1, paragraph (a), any required reserves for the 
  2.9   converted payment must be transferred back to the applicable 
  2.10  public employee retirement fund. 
  2.11     Sec. 2.  [EFFECTIVE DATE.] 
  2.12     Section 1 is effective the day following final enactment.