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SF 935

1st Engrossment - 88th Legislature (2013 - 2014) Posted on 04/19/2013 08:43am

KEY: stricken = removed, old language.
underscored = added, new language.
Line numbers 1.1 1.2 1.3 1.4
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A bill for an act
relating to public pensions; modifying pension aids; providing pension funding;
appropriating money.

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

Section 1. new text beginPENSION AID, APPROPRIATION.
new text end

new text begin (a) $22,999,900 is appropriated from the general fund in the 2014-15 biennium, and
each biennium thereafter, to the commissioner of revenue for the purposes of pension
aid to be distributed as follows:
new text end

new text begin Statewide Volunteer Fire Plan
new text end
new text begin $137,990
new text end
new text begin Volunteer Firefighter Relief Associations
new text end
new text begin $5,412,010
new text end
new text begin Paid Firefighter Municipalities
new text end
new text begin $649,350
new text end
new text begin Public Employees Retirement Association-Police and Fire
new text end
new text begin $1,300,650
new text end
new text begin Public Employees Retirement Association-Police and
Fire Employers
new text end
new text begin $4,645,300
new text end
new text begin Departments of Public Safety and Natural Resources
new text end
new text begin $516,150
new text end
new text begin State Patrol Retirement Plan
new text end
new text begin $1,033,800
new text end
new text begin Public Employees Retirement Association-Police and Fire
new text end
new text begin $9,304,650
new text end

new text begin (b) The appropriation in paragraph (a) ends on (i) December 31, 2020, or (ii), if
earlier, on the December 31 next following the actuarial valuation date on which the
assets of the retirement plan on a market value equals or exceeds 90 percent of the total
actuarial accrued liabilities of the retirement plan as disclosed in an actuarial valuation
prepared under Minnesota Statutes, section 356.215, and the Standards for Actuarial Work
promulgated by the Legislative Commission on Pensions and Retirement, for the State
Patrol retirement plan or the public employees police and fire retirement plan, whichever
occurs last.
new text end