SF 3451

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; authorizing the purchase of 
  1.3             service credit for previously exempt service by 
  1.4             certain members of the teachers retirement association.
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [PURCHASE OF PRIOR TRA EXEMPT SERVICE CREDIT.] 
  1.7      Subdivision 1.  [ELIGIBILITY.] (a) The eligible retired 
  1.8   teachers retirement association member specified in paragraph 
  1.9   (b) may purchase service credit in the teachers retirement 
  1.10  association for those periods of service not previously credited 
  1.11  because of a pre-age 25 years limited exemption from membership 
  1.12  and contributions. 
  1.13     (b) The eligible retired teachers retirement association 
  1.14  member under paragraph (a) must be a member who: 
  1.15     (1) was born on April 19, 1931; 
  1.16     (2) was first employed as a teacher for the school year 
  1.17  1951-1952 or before; 
  1.18     (3) first became a member of the teachers retirement 
  1.19  association for the 1956-1957 school year; 
  1.20     (4) can demonstrate that she had no social security 
  1.21  earnings for two or more years of teaching service prior to 
  1.22  1957; 
  1.23     (5) can demonstrate that she tried to repurchase the 
  1.24  pre-age 25 service credit from the teachers retirement 
  1.25  association prior to June 1, 1990, but was prevented from doing 
  2.1   so; and 
  2.2      (6) retired from teaching prior to January 1, 1999. 
  2.3      Subd. 2.  [PURCHASE PAYMENT AMOUNT.] To obtain the service 
  2.4   credit authorized by subdivision 1, the eligible member must pay 
  2.5   to the teachers retirement association fund for each year of 
  2.6   service credit purchased, an amount equal to the total employee 
  2.7   contributions to the association during the first full year of 
  2.8   full-time teaching service as a member of the association, plus 
  2.9   6.0 percent interest compounded annually from the end of each 
  2.10  year of service purchased to the date of payment. 
  2.11     Subd. 3.  [PROOF AND PAYMENT.] The member purchasing 
  2.12  service credit shall provide such proof of service as required 
  2.13  by the executive director of the association.  Payment for the 
  2.14  credit purchased must be made by the member prior to October 1, 
  2.15  2000.  The additional service shall be credited only upon 
  2.16  receipt by the executive director of full payment. 
  2.17     Sec. 2.  [EFFECTIVE DATE.] 
  2.18     Section 1 is effective the day following final enactment.