SF 2488

as introduced - 91st Legislature (2019 - 2020) Posted on 03/15/2019 09:09am

A bill for an act
relating to state aid; extending the state aid to local governments to fund increased
employer contributions to the Public Employees Retirement Association; amending
Minnesota Statutes 2018, section 273.1385, subdivision 4.

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

Section 1.

Minnesota Statutes 2018, section 273.1385, subdivision 4, is amended to read:

Subd. 4.

Aid termination.

The aid provided under this section deleted text begin terminates on June 30,
2020. deleted text end new text begin continues until the earlier of:
new text end

new text begin (1) the last day of the fiscal year immediately following the fiscal year in which the
actuarial value of assets of the general employees retirement plan of the Public Employees
Retirement Association first equals or exceeds the actuarial accrued liabilities of the plan
as reported in the annual actuarial valuation prepared under section 356.215; or
new text end

new text begin (2) June 30, 2048.
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