as introduced - 87th Legislature (2011 - 2012) Posted on 03/28/2012 02:49pm
A bill for an act
relating to retirement; voluntary statewide lump-sum volunteer firefighter
retirement plan of the Public Employees Retirement Association; permitting
municipal or independent nonprofit firefighting corporation contributions in
excess of the applicable funding requirement; amending Minnesota Statutes
2010, section 353G.08, by adding a subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2010, section 353G.08, is amended by adding a
subdivision to read:
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(a) At the discretion of
the municipality or the independent nonprofit firefighting corporation associated with a fire
department covered by a voluntary statewide lump-sum volunteer firefighter retirement
plan account, the municipality or the corporation may make additional contributions
to the applicable account.
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(b) The executive director of the Public Employees Retirement Association
may specify requirements as to the form, timing, and accompanying information for
contributions made under this subdivision.
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(c) Any contributions made under this subdivision must be included as total present
assets of the account for the calculation of any subsequent annual funding requirements
for the account under subdivision 1 or for the calculation of any cash flow funding
requirement under subdivision 2.
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This section is effective July 1, 2011.
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