Minnesota Legislature
SF 4335
as introduced - 92nd Legislature (2021 - 2022) Posted on 06/03/2022 08:37am
Current Version - as introduced
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A bill for an act
relating to retirement; Teachers Retirement Association; St. Paul Teachers
Retirement Fund Association; authorizing the purchase of service credit for periods
of service as a teacher in other states; proposing coding for new law in Minnesota
Statutes, chapters 354; 354A.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
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[354.544] SERVICE CREDIT PURCHASE FOR TEACHING SERVICE
IN OTHER STATES.
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new text begin Subdivision 1. new text end
new text begin Service credit purchase authorized. new text end
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(a) A teacher who has at least three
years of allowable service credit with the Teachers Retirement Association is entitled to
purchase service credit for periods of service as a teacher in another state by making payment
of the purchase payment amount under section 356.551.
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(b) Periods of service that may be purchased are:
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(1) periods of service as a teacher in another state before becoming a member of the
association; and
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(2) periods of service as a teacher in another state during any period of employment
after terminating teaching service as a member of the association and before returning to
teaching service as a member of the association.
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new text begin Subd. 2. new text end
new text begin Application and documentation. new text end
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A teacher who desires to purchase service
credit under subdivision 1 must apply with the executive director to make the purchase. The
application must include:
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(1) documentation showing the teacher's period of employment as a teacher in another
state;
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(2) the period of employment for which service credit is being purchased;
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(3) permission to allow the executive director to request and receive verification of such
employment; and
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(4) any other relevant information requested by the executive director.
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new text begin Subd. 3. new text end
new text begin Grant of service credit. new text end
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The Teachers Retirement Association must grant
allowable service credit to the teacher making the purchase for the period being purchased
upon receipt of the purchase payment amount. Payment must be made before the teacher's
termination of teaching service. Purchasing allowable service credit under this section does
not change the date the teacher first became a member of the association for the purpose of
computing an annuity under section 354.44, subdivision 6.
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new text begin EFFECTIVE DATE. new text end
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This section is effective the day following final enactment.
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Sec. 2.
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[354A.0961] SERVICE CREDIT PURCHASE FOR TEACHING SERVICE
IN OTHER STATES.
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new text begin Subdivision 1. new text end
new text begin Service credit purchase authorized. new text end
new text begin
(a) A teacher who has at least three
years of allowable service credit with the St. Paul Teachers Retirement Fund Association
is entitled to purchase service credit for periods of service as a teacher in another state by
making payment of the purchase payment amount under section 356.551.
new text end
new text begin
(b) Periods of service that may be purchased are:
new text end
new text begin
(1) periods of service as a teacher in another state before becoming a member of the
association; and
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(2) periods of service as a teacher in another state during any period of employment
after terminating teaching service as a member of the association and before returning to
teaching service as a member of the association.
new text end
new text begin Subd. 2. new text end
new text begin Application and documentation. new text end
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A teacher who desires to purchase service
credit under subdivision 1 must apply with the executive director to make the purchase. The
application must include:
new text end
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(1) documentation showing the teacher's period of employment as a teacher in another
state;
new text end
new text begin
(2) the period of employment for which service credit is being purchased;
new text end
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(3) permission to allow the executive director to request and receive verification of such
employment; and
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(4) any other relevant information requested by the executive director.
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new text begin Subd. 3. new text end
new text begin Grant of service credit. new text end
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The St. Paul Teachers Retirement Fund Association
must grant allowable service credit to the teacher making the purchase for the period being
purchased upon receipt of the purchase payment amount. Payment must be made before
the teacher's termination of teaching service. Purchasing allowable service credit under this
section does not change the date the teacher first became a member of the association for
the purpose of computing an annuity under section 354A.31, subdivision 6.
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new text begin EFFECTIVE DATE. new text end
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This section is effective the day following final enactment.
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