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SF 950

as introduced - 92nd Legislature (2021 - 2022) Posted on 06/01/2021 12:47pm

KEY: stricken = removed, old language.
underscored = added, new language.
Line numbers 1.1 1.2 1.3 1.4
1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 2.10 2.11 2.12 2.13 2.14 2.15 2.16 2.17
2.18

A bill for an act
relating to retirement; Minnesota State Retirement System general employees
retirement plan; increasing the retirement annuity benefit of an eligible employee.

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

Section 1. new text beginINCREASING THE RETIREMENT BENEFIT FOR CERTAIN RETIRED
STATE EMPLOYEE.
new text end

new text begin Subdivision 1. new text end

new text begin Benefit increase authorized. new text end

new text begin An eligible person described in subdivision
2 shall be paid an increased benefit described in subdivision 3 from the general employees
retirement plan of the Minnesota State Retirement System, notwithstanding any state law
to the contrary.
new text end

new text begin Subd. 2. new text end

new text begin Eligible person defined. new text end

new text begin An eligible person is a person who:
new text end

new text begin (1) was born on June 29, 1955;
new text end

new text begin (2) was first covered by the Minnesota unclassified employees retirement program on
January 12, 1987;
new text end

new text begin (3) was employed by the Minnesota House of Representatives from January 12, 1987,
to January 3, 2011;
new text end

new text begin (4) elected to transfer from the unclassified program to the general employees retirement
plan under Minnesota Statutes, section 352D.02, subdivision 3;
new text end

new text begin (5) was employed by the Department of Labor and Industry from April 27, 2011, to June
1, 2018;
new text end

new text begin (6) received a personalized benefit estimate dated November 17, 2017, and multiple
annual statements from the Minnesota State Retirement System providing estimates of the
eligible person's monthly retirement benefit that erroneously failed to incorporate a reduction
for retirement before normal retirement age; and
new text end

new text begin (7) retired on June 2, 2018, and began to receive monthly retirement annuity payments
that were lower than the amount shown in the personalized benefit estimate dated November
17, 2017.
new text end

new text begin Subd. 3. new text end

new text begin Calculation of benefit increase. new text end

new text begin The increased benefit is equal to the retirement
annuity calculated under Minnesota Statutes, section 352.115, subdivision 3, paragraph (b),
without the reduction for retirement before normal retirement age under Minnesota Statutes,
section 352.116, subdivision 1a. No early retirement factor shall be applied to the eligible
person's increased benefit. The increased benefit is payable to the eligible person retroactively
from the eligible person's retirement date. Any postretirement adjustments, optional annuity,
or reduction for an optional annuity must be calculated based on the increased benefit.
new text end

new text begin Subd. 4. new text end

new text begin Limited applicability. new text end

new text begin This section alters the amount of the benefit the eligible
person is otherwise entitled to under Minnesota Statutes, section 352.115. This section does
not otherwise replace general law.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end