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Minnesota Legislature

Office of the Revisor of Statutes

SF 2720

3rd Engrossment - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - 3rd Engrossment

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 1.21 1.22 1.23 1.24 1.25 1.26 1.27 1.28 1.29 1.30 1.31 1.32 1.33 1.34 1.35 1.36 1.37 1.38 1.39 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 2.19 2.20 2.21 2.22 2.23 2.24 2.25 2.26 2.27 2.28 2.29 2.30 2.31 2.32 2.33 2.34 2.35 2.36 2.37 2.38 2.39 2.40 2.41 2.42 2.43 2.44
2.45 2.46
2.47 2.48 2.49 2.50 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.10 3.11 3.12
3.13
3.14 3.15 3.16 3.17 3.18 3.19 3.20 3.21 3.22 3.23 3.24 3.25 3.26 3.27 3.28 3.29 3.30 3.31 3.32 3.33 3.34 3.35 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 4.13 4.14 4.15 4.16 4.17 4.18 4.19 4.20 4.21 4.22 4.23 4.24 4.25 4.26 4.27 4.28 4.29 4.30 4.31 4.32 4.33 4.34 4.35 4.36 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 5.10 5.11 5.12 5.13 5.14 5.15 5.16 5.17 5.18 5.19 5.20 5.21 5.22 5.23 5.24 5.25 5.26 5.27 5.28 5.29 5.30 5.31 5.32 5.33 5.34
5.35
6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 6.9 6.10 6.11 6.12 6.13 6.14 6.15 6.16 6.17 6.18 6.19 6.20 6.21 6.22 6.23 6.24 6.25 6.26 6.27 6.28 6.29 6.30 6.31 6.32 6.33 6.34 6.35 6.36 7.1 7.2 7.3 7.4 7.5 7.6 7.7 7.8 7.9 7.10 7.11
7.12
7.13 7.14 7.15 7.16 7.17 7.18 7.19 7.20 7.21
7.22
7.23 7.24 7.25 7.26 7.27 7.28 7.29 7.30 7.31 7.32 7.33 8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8 8.9 8.10
8.11
8.12 8.13 8.14 8.15 8.16 8.17 8.18 8.19 8.20 8.21 8.22 8.23 8.24 8.25 8.26 8.27 8.28 8.29 8.30 8.31 8.32 8.33 8.34 8.35 9.1 9.2 9.3 9.4 9.5 9.6 9.7 9.8 9.9 9.10 9.11 9.12 9.13 9.14 9.15 9.16 9.17 9.18 9.19 9.20 9.21 9.22 9.23 9.24 9.25 9.26 9.27 9.28 9.29 9.30 9.31 9.32 9.33 9.34 9.35 9.36 10.1 10.2 10.3 10.4 10.5 10.6 10.7 10.8 10.9 10.10 10.11 10.12 10.13 10.14 10.15 10.16 10.17 10.18 10.19 10.20 10.21 10.22 10.23 10.24 10.25 10.26 10.27 10.28 10.29 10.30 10.31 10.32 10.33 10.34 10.35 10.36 11.1 11.2 11.3 11.4 11.5 11.6 11.7 11.8 11.9 11.10 11.11 11.12 11.13 11.14 11.15 11.16 11.17 11.18 11.19 11.20 11.21 11.22 11.23 11.24 11.25 11.26 11.27 11.28 11.29 11.30 11.31 11.32 11.33 11.34 11.35 11.36 12.1 12.2 12.3 12.4 12.5 12.6 12.7 12.8 12.9 12.10 12.11 12.12 12.13 12.14 12.15 12.16 12.17 12.18 12.19 12.20 12.21 12.22 12.23 12.24 12.25 12.26 12.27 12.28 12.29
12.30
12.31 12.32
12.33 12.34 13.1 13.2 13.3 13.4 13.5 13.6 13.7 13.8 13.9 13.10 13.11 13.12 13.13 13.14 13.15 13.16 13.17 13.18 13.19 13.20 13.21 13.22 13.23 13.24 13.25 13.26 13.27 13.28 13.29 13.30 13.31 13.32 13.33 13.34 13.35 13.36 14.1 14.2
14.3
14.4 14.5 14.6 14.7 14.8 14.9 14.10
14.11
14.12 14.13 14.14
14.15 14.16 14.17 14.18 14.19 14.20 14.21
14.22
14.23 14.24 14.25 14.26 14.27 14.28 14.29 14.30 14.31 15.1 15.2 15.3 15.4 15.5 15.6 15.7 15.8 15.9 15.10 15.11 15.12 15.13 15.14 15.15 15.16 15.17 15.18 15.19
15.20
15.21 15.22 15.23 15.24 15.25 15.26 15.27
15.28
15.29 15.30 15.31 15.32 15.33 16.1 16.2 16.3 16.4 16.5 16.6
16.7
16.8 16.9 16.10 16.11 16.12 16.13 16.14 16.15 16.16 16.17 16.18 16.19 16.20 16.21
16.22
16.23 16.24 16.25 16.26 16.27
16.28
16.29 16.30 16.31 16.32 17.1 17.2 17.3 17.4 17.5
17.6
17.7 17.8 17.9 17.10 17.11 17.12 17.13 17.14 17.15 17.16 17.17 17.18 17.19 17.20 17.21 17.22 17.23 17.24 17.25 17.26 17.27 17.28 17.29 17.30 17.31 17.32 17.33 17.34 17.35 18.1 18.2 18.3 18.4
18.5
18.6 18.7 18.8 18.9 18.10 18.11 18.12 18.13 18.14 18.15 18.16 18.17 18.18 18.19 18.20 18.21 18.22 18.23 18.24 18.25 18.26 18.27 18.28 18.29 18.30 18.31 18.32 18.33 18.34 19.1 19.2 19.3 19.4 19.5 19.6 19.7 19.8
19.9
19.10 19.11 19.12 19.13 19.14 19.15 19.16 19.17 19.18 19.19 19.20 19.21 19.22 19.23 19.24 19.25 19.26 19.27 19.28 19.29 19.30 19.31 19.32 19.33 19.34 20.1 20.2 20.3 20.4 20.5 20.6 20.7 20.8 20.9 20.10 20.11 20.12 20.13 20.14 20.15 20.16 20.17
20.18
20.19 20.20 20.21 20.22 20.23 20.24 20.25 20.26
20.27
20.28 20.29 20.30 20.31 20.32 20.33 21.1 21.2 21.3 21.4 21.5 21.6 21.7
21.8
21.9 21.10
21.11 21.12 21.13 21.14 21.15 21.16 21.17 21.18 21.19 21.20 21.21 21.22 21.23 21.24 21.25 21.26 21.27 21.28 21.29 21.30 21.31 21.32 21.33 21.34 22.1 22.2 22.3 22.4 22.5 22.6 22.7 22.8 22.9 22.10 22.11 22.12
22.13
22.14 22.15 22.16 22.17 22.18 22.19 22.20 22.21 22.22 22.23 22.24 22.25 22.26 22.27 22.28 22.29 22.30 22.31 22.32 22.33 22.34 23.1 23.2 23.3 23.4
23.5
23.6 23.7 23.8 23.9 23.10 23.11 23.12 23.13 23.14 23.15
23.16
23.17 23.18 23.19 23.20 23.21 23.22 23.23 23.24 23.25 23.26 23.27 23.28 23.29 23.30 23.31 23.32 23.33 24.1 24.2 24.3 24.4 24.5 24.6 24.7 24.8 24.9 24.10 24.11 24.12 24.13 24.14 24.15 24.16 24.17 24.18 24.19 24.20 24.21 24.22 24.23 24.24 24.25 24.26 24.27 24.28 24.29 24.30 24.31 24.32 24.33 24.34 24.35 24.36
25.1
25.2 25.3 25.4 25.5 25.6 25.7 25.8 25.9 25.10 25.11 25.12 25.13 25.14 25.15 25.16 25.17 25.18 25.19 25.20 25.21 25.22 25.23 25.24 25.25 25.26 25.27 25.28 25.29 25.30 25.31 25.32 25.33 25.34 26.1 26.2 26.3 26.4
26.5
26.6 26.7 26.8 26.9
26.10
26.11 26.12 26.13 26.14 26.15 26.16 26.17 26.18 26.19 26.20 26.21 26.22 26.23 26.24 26.25 26.26 26.27 26.28 26.29 26.30 26.31 26.32 27.1 27.2 27.3 27.4 27.5 27.6 27.7 27.8 27.9 27.10 27.11 27.12 27.13 27.14 27.15 27.16 27.17 27.18 27.19 27.20 27.21 27.22 27.23 27.24 27.25 27.26 27.27 27.28 27.29 27.30 27.31 27.32 27.33 27.34 27.35 27.36 28.1 28.2 28.3 28.4 28.5 28.6 28.7 28.8 28.9 28.10 28.11 28.12 28.13 28.14 28.15 28.16 28.17 28.18 28.19 28.20 28.21 28.22 28.23 28.24 28.25 28.26 28.27 28.28 28.29 28.30 28.31 28.32 28.33 28.34 28.35
29.1 29.2
29.3 29.4
29.5 29.6 29.7 29.8 29.9 29.10 29.11 29.12 29.13 29.14 29.15 29.16 29.17 29.18 29.19 29.20 29.21 29.22 29.23 29.24 29.25 29.26 29.27 29.28 29.29 29.30 29.31 29.32 29.33 29.34 30.1 30.2 30.3 30.4 30.5 30.6 30.7 30.8 30.9 30.10 30.11 30.12 30.13 30.14 30.15 30.16 30.17 30.18 30.19 30.20 30.21
30.22 30.23 30.24 30.25 30.26 30.27 30.28 30.29 30.30 30.31 30.32 30.33 30.34 30.35 31.1 31.2 31.3 31.4 31.5 31.6 31.7 31.8 31.9 31.10 31.11 31.12 31.13
31.14
31.15 31.16 31.17 31.18 31.19 31.20 31.21 31.22 31.23 31.24 31.25 31.26 31.27 31.28 31.29 31.30 31.31 31.32 31.33 31.34 32.1 32.2
32.3
32.4 32.5 32.6 32.7 32.8 32.9 32.10 32.11 32.12
32.13
32.14 32.15 32.16 32.17 32.18 32.19 32.20 32.21 32.22 32.23 32.24
32.25
32.26 32.27 32.28 32.29 32.30 32.31 32.32 33.1 33.2 33.3 33.4 33.5 33.6 33.7 33.8 33.9 33.10 33.11 33.12 33.13 33.14 33.15 33.16 33.17 33.18 33.19 33.20 33.21 33.22 33.23 33.24 33.25 33.26 33.27 33.28 33.29 33.30 33.31 33.32 33.33 33.34 33.35 33.36 34.1 34.2 34.3 34.4 34.5 34.6 34.7 34.8 34.9 34.10 34.11 34.12 34.13 34.14 34.15 34.16 34.17 34.18 34.19 34.20 34.21 34.22 34.23 34.24 34.25
34.26
34.27 34.28 34.29 34.30 34.31 34.32 34.33
34.34
35.1 35.2 35.3 35.4 35.5 35.6 35.7 35.8 35.9 35.10 35.11 35.12
35.13
35.14 35.15 35.16 35.17 35.18 35.19 35.20
35.21
35.22 35.23 35.24 35.25 35.26 35.27 35.28 35.29 35.30 35.31 35.32 35.33 36.1 36.2 36.3 36.4 36.5 36.6 36.7 36.8 36.9 36.10 36.11 36.12 36.13
36.14
36.15 36.16 36.17 36.18 36.19 36.20 36.21 36.22 36.23 36.24 36.25
36.26
36.27 36.28 36.29 36.30 36.31
36.32
37.1 37.2 37.3 37.4 37.5 37.6 37.7 37.8
37.9
37.10 37.11 37.12 37.13 37.14 37.15 37.16 37.17 37.18 37.19 37.20 37.21 37.22 37.23 37.24 37.25 37.26 37.27 37.28 37.29 37.30 37.31 37.32 37.33 37.34 37.35 38.1 38.2 38.3 38.4 38.5 38.6 38.7 38.8 38.9 38.10 38.11 38.12 38.13 38.14 38.15 38.16 38.17 38.18 38.19 38.20 38.21 38.22 38.23 38.24 38.25 38.26 38.27 38.28 38.29 38.30 38.31 38.32 38.33 38.34 38.35 38.36 39.1 39.2 39.3 39.4 39.5 39.6 39.7 39.8 39.9 39.10 39.11 39.12 39.13 39.14 39.15 39.16 39.17 39.18 39.19 39.20 39.21 39.22 39.23 39.24 39.25 39.26 39.27 39.28 39.29 39.30 39.31 39.32 39.33 39.34 39.35 40.1 40.2 40.3 40.4 40.5 40.6 40.7 40.8 40.9 40.10 40.11 40.12 40.13 40.14 40.15
40.16
40.17 40.18 40.19 40.20 40.21 40.22 40.23 40.24 40.25 40.26 40.27 40.28 40.29 40.30 40.31 40.32 40.33 40.34 40.35 41.1 41.2 41.3 41.4 41.5 41.6 41.7 41.8 41.9 41.10 41.11 41.12 41.13 41.14 41.15 41.16 41.17 41.18 41.19 41.20 41.21 41.22 41.23 41.24 41.25 41.26 41.27 41.28 41.29 41.30 41.31 41.32 41.33 41.34 41.35 41.36
42.1
42.2 42.3 42.4 42.5 42.6 42.7 42.8 42.9 42.10 42.11 42.12 42.13
42.14
42.15 42.16 42.17 42.18 42.19 42.20 42.21 42.22 42.23 42.24 42.25 42.26 42.27 42.28 42.29 42.30 42.31 42.32 42.33 43.1 43.2
43.3 43.4 43.5
43.6 43.7 43.8 43.9 43.10 43.11 43.12 43.13 43.14 43.15 43.16 43.17 43.18 43.19 43.20 43.21 43.22 43.23 43.24 43.25 43.26 43.27 43.28
43.29
43.30 43.31 43.32 43.33 44.1 44.2 44.3
44.4
44.5 44.6 44.7 44.8 44.9 44.10 44.11 44.12 44.13 44.14 44.15 44.16 44.17 44.18 44.19 44.20 44.21 44.22 44.23
44.24
44.25 44.26 44.27 44.28 44.29 44.30 44.31 44.32 44.33 45.1 45.2 45.3 45.4 45.5 45.6 45.7 45.8 45.9 45.10 45.11
45.12
45.13 45.14 45.15 45.16 45.17 45.18 45.19 45.20 45.21 45.22 45.23 45.24 45.25 45.26 45.27 45.28 45.29 45.30 45.31 45.32 45.33 45.34 45.35 46.1 46.2 46.3
46.4
46.5 46.6 46.7 46.8 46.9 46.10 46.11 46.12 46.13 46.14 46.15 46.16 46.17 46.18 46.19 46.20 46.21 46.22 46.23 46.24
46.25
46.26 46.27 46.28 46.29 46.30 46.31 46.32 46.33 47.1 47.2 47.3 47.4 47.5 47.6 47.7 47.8 47.9 47.10 47.11 47.12 47.13 47.14 47.15 47.16 47.17 47.18 47.19 47.20 47.21 47.22 47.23 47.24
47.25
47.26 47.27 47.28 47.29 47.30 47.31 47.32 47.33 47.34 47.35 48.1 48.2 48.3 48.4 48.5 48.6 48.7 48.8 48.9 48.10 48.11 48.12 48.13 48.14 48.15 48.16 48.17 48.18 48.19 48.20 48.21 48.22 48.23 48.24 48.25 48.26 48.27 48.28 48.29 48.30 48.31 48.32 48.33 48.34 48.35 48.36 49.1 49.2 49.3 49.4 49.5 49.6 49.7 49.8 49.9 49.10
49.11
49.12 49.13 49.14 49.15 49.16 49.17 49.18 49.19 49.20 49.21 49.22 49.23 49.24 49.25 49.26 49.27 49.28 49.29 49.30 49.31 49.32
49.33
50.1 50.2 50.3 50.4 50.5 50.6 50.7 50.8 50.9 50.10 50.11 50.12 50.13 50.14 50.15 50.16 50.17 50.18 50.19 50.20 50.21 50.22 50.23 50.24 50.25 50.26 50.27 50.28 50.29 50.30 50.31 50.32 50.33 50.34 50.35 50.36 51.1 51.2 51.3 51.4 51.5 51.6 51.7 51.8
51.9
51.10 51.11 51.12 51.13 51.14 51.15 51.16 51.17 51.18
51.19
51.20 51.21 51.22 51.23 51.24 51.25 51.26 51.27 51.28 51.29
51.30
51.31 51.32 52.1 52.2 52.3 52.4 52.5 52.6 52.7 52.8 52.9 52.10 52.11 52.12 52.13 52.14 52.15 52.16 52.17 52.18 52.19 52.20 52.21 52.22 52.23 52.24 52.25 52.26 52.27 52.28 52.29
52.30
52.31 52.32 52.33 52.34 52.35 53.1 53.2 53.3 53.4 53.5 53.6 53.7 53.8 53.9 53.10 53.11 53.12 53.13 53.14 53.15 53.16 53.17 53.18 53.19
53.20
53.21 53.22 53.23 53.24 53.25 53.26 53.27 53.28 53.29 53.30 53.31 53.32 53.33 53.34 53.35 54.1 54.2 54.3 54.4 54.5 54.6 54.7 54.8 54.9 54.10 54.11 54.12 54.13 54.14 54.15 54.16 54.17 54.18 54.19 54.20 54.21 54.22 54.23 54.24 54.25 54.26 54.27 54.28 54.29 54.30
54.31
54.32 54.33 54.34 54.35 55.1 55.2 55.3 55.4 55.5 55.6 55.7
55.8
55.9 55.10 55.11 55.12 55.13 55.14 55.15 55.16
55.17
55.18 55.19 55.20 55.21 55.22 55.23
55.24 55.25
55.26 55.27 55.28 55.29 55.30 55.31 56.1 56.2 56.3 56.4 56.5 56.6 56.7 56.8 56.9 56.10 56.11 56.12 56.13 56.14 56.15 56.16 56.17 56.18 56.19 56.20 56.21 56.22 56.23 56.24 56.25 56.26 56.27 56.28 56.29 56.30 56.31 56.32 56.33 56.34 56.35 57.1 57.2
57.3
57.4 57.5 57.6 57.7 57.8 57.9 57.10 57.11
57.12 57.13
57.14 57.15 57.16 57.17 57.18 57.19 57.20 57.21 57.22 57.23 57.24 57.25 57.26 57.27 57.28 57.29 57.30 57.31 57.32 57.33 58.1 58.2 58.3 58.4 58.5 58.6 58.7 58.8 58.9 58.10 58.11 58.12 58.13 58.14 58.15 58.16 58.17 58.18 58.19 58.20 58.21 58.22 58.23 58.24 58.25
58.26
58.27 58.28 58.29 58.30 58.31 58.32
58.33
59.1 59.2
59.3 59.4 59.5 59.6 59.7 59.8 59.9 59.10 59.11 59.12 59.13 59.14 59.15 59.16 59.17 59.18 59.19 59.20 59.21 59.22 59.23 59.24 59.25 59.26
59.27 59.28 59.29 59.30 59.31 59.32 59.33
60.1 60.2
60.3 60.4 60.5 60.6 60.7 60.8 60.9 60.10 60.11 60.12 60.13 60.14 60.15 60.16
60.17 60.18 60.19 60.20 60.21 60.22 60.23 60.24 60.25
60.26 60.27 60.28 60.29 60.30 60.31 60.32 60.33 60.34 61.1 61.2 61.3 61.4 61.5 61.6 61.7 61.8 61.9 61.10 61.11 61.12 61.13 61.14 61.15 61.16 61.17
61.18 61.19
61.20 61.21 61.22 61.23 61.24 61.25 61.26 61.27 61.28 61.29 61.30 61.31 61.32 61.33 61.34 62.1 62.2 62.3 62.4 62.5 62.6 62.7 62.8 62.9 62.10 62.11 62.12 62.13 62.14 62.15 62.16 62.17 62.18 62.19 62.20 62.21 62.22 62.23 62.24 62.25 62.26 62.27 62.28 62.29 62.30 62.31 62.32 62.33 62.34 62.35 62.36 63.1 63.2 63.3 63.4 63.5 63.6 63.7 63.8 63.9 63.10 63.11 63.12 63.13 63.14 63.15 63.16 63.17
63.18
63.19 63.20 63.21 63.22 63.23 63.24 63.25 63.26 63.27 63.28 63.29 63.30 63.31
64.1 64.2
64.3 64.4 64.5 64.6 64.7 64.8 64.9 64.10
64.11 64.12 64.13 64.14 64.15 64.16 64.17 64.18 64.19 64.20 64.21 64.22 64.23 64.24 64.25 64.26 64.27
64.28 64.29 64.30 64.31 64.32 64.33 65.1 65.2 65.3 65.4 65.5 65.6 65.7 65.8 65.9 65.10 65.11 65.12
65.13 65.14 65.15 65.16 65.17 65.18 65.19 65.20 65.21 65.22 65.23 65.24 65.25 65.26 65.27 65.28 65.29 65.30
65.31 65.32
66.1 66.2 66.3 66.4 66.5 66.6 66.7 66.8 66.9 66.10 66.11 66.12 66.13
66.14 66.15 66.16 66.17 66.18 66.19 66.20 66.21 66.22 66.23 66.24 66.25 66.26 66.27 66.28 66.29 66.30 66.31 66.32 66.33 66.34 66.35 67.1 67.2 67.3 67.4 67.5
67.6
67.7 67.8
67.9 67.10 67.11 67.12 67.13 67.14 67.15 67.16 67.17 67.18 67.19 67.20
67.21 67.22 67.23 67.24 67.25 67.26 67.27 67.28 67.29 67.30 67.31 67.32
68.1 68.2 68.3 68.4 68.5 68.6 68.7 68.8 68.9 68.10 68.11 68.12 68.13 68.14 68.15 68.16 68.17 68.18 68.19 68.20 68.21 68.22 68.23 68.24 68.25
68.26 68.27 68.28 68.29 68.30 68.31 68.32 68.33 68.34 69.1 69.2
69.3 69.4 69.5 69.6 69.7 69.8 69.9 69.10 69.11 69.12 69.13 69.14 69.15 69.16 69.17 69.18 69.19 69.20 69.21 69.22 69.23 69.24 69.25 69.26 69.27 69.28 69.29 69.30 69.31 69.32 69.33 69.34 69.35 69.36 69.37 69.38 70.1 70.2 70.3 70.4 70.5 70.6 70.7 70.8 70.9 70.10 70.11 70.12 70.13 70.14 70.15 70.16 70.17 70.18 70.19 70.20 70.21 70.22 70.23 70.24 70.25 70.26 70.27 70.28 70.29 70.30 70.31 70.32 70.33 70.34 70.35 70.36 70.37 70.38 70.39 71.1 71.2 71.3 71.4 71.5 71.6 71.7 71.8 71.9 71.10 71.11 71.12 71.13 71.14 71.15 71.16 71.17
71.18 71.19 71.20 71.21 71.22
71.23 71.24 71.25 71.26 71.27 71.28 71.29 71.30 71.31 71.32 71.33 71.34 72.1 72.2 72.3 72.4 72.5 72.6 72.7 72.8 72.9 72.10 72.11 72.12 72.13 72.14 72.15 72.16 72.17 72.18 72.19 72.20 72.21 72.22 72.23 72.24 72.25 72.26 72.27 72.28 72.29 72.30 72.31 72.32 72.33 72.34 72.35 72.36 73.1 73.2 73.3 73.4 73.5 73.6 73.7 73.8 73.9 73.10 73.11 73.12 73.13 73.14 73.15 73.16 73.17 73.18 73.19 73.20 73.21 73.22 73.23 73.24 73.25 73.26 73.27 73.28 73.29 73.30 73.31 73.32 73.33 73.34 74.1 74.2 74.3 74.4 74.5
74.6 74.7 74.8 74.9 74.10 74.11 74.12
74.13 74.14 74.15 74.16 74.17 74.18 74.19 74.20 74.21 74.22 74.23 74.24 74.25 74.26 74.27 74.28 74.29 74.30 74.31
74.32 75.1 75.2 75.3 75.4 75.5 75.6 75.7 75.8 75.9 75.10 75.11 75.12 75.13 75.14 75.15 75.16 75.17 75.18 75.19 75.20 75.21 75.22 75.23 75.24 75.25 75.26 75.27 75.28 75.29 75.30 75.31 75.32 75.33 75.34 75.35 76.1 76.2 76.3 76.4 76.5 76.6 76.7 76.8 76.9 76.10 76.11 76.12 76.13 76.14 76.15 76.16 76.17 76.18 76.19 76.20 76.21 76.22 76.23 76.24 76.25 76.26 76.27 76.28 76.29 76.30 76.31 76.32 76.33 76.34 76.35 76.36 77.1 77.2 77.3 77.4 77.5 77.6 77.7 77.8 77.9 77.10 77.11 77.12 77.13 77.14 77.15 77.16 77.17 77.18 77.19 77.20 77.21
77.22 77.23 77.24 77.25 77.26 77.27 77.28 77.29 77.30 77.31 77.32 77.33 77.34 78.1 78.2 78.3 78.4 78.5 78.6 78.7 78.8 78.9 78.10
78.11 78.12 78.13 78.14 78.15 78.16 78.17 78.18 78.19 78.20 78.21 78.22 78.23 78.24 78.25 78.26
78.27 78.28 78.29 78.30 78.31 78.32 78.33 79.1 79.2 79.3 79.4 79.5 79.6 79.7 79.8 79.9 79.10 79.11 79.12 79.13 79.14 79.15 79.16 79.17 79.18 79.19 79.20 79.21 79.22 79.23 79.24 79.25 79.26 79.27 79.28 79.29 79.30 79.31 79.32 79.33 79.34 79.35 79.36 79.37 79.38 79.39 79.40 79.41 79.42 80.1 80.2 80.3 80.4 80.5 80.6 80.7 80.8 80.9 80.10 80.11 80.12 80.13 80.14 80.15 80.16 80.17 80.18 80.19 80.20 80.21 80.22 80.23 80.24 80.25 80.26 80.27 80.28 80.29 80.30 80.31 80.32 80.33 80.34 80.35 80.36 80.37 80.38 80.39 80.40 80.41 81.1 81.2 81.3 81.4 81.5 81.6 81.7 81.8 81.9 81.10 81.11 81.12 81.13 81.14 81.15 81.16 81.17 81.18 81.19 81.20 81.21 81.22 81.23 81.24 81.25 81.26 81.27 81.28 81.29 81.30 81.31 81.32 81.33 81.34 81.35 81.36 81.37 81.38 81.39 82.1 82.2 82.3 82.4 82.5 82.6 82.7 82.8 82.9 82.10 82.11 82.12 82.13 82.14 82.15 82.16 82.17 82.18 82.19 82.20 82.21 82.22 82.23 82.24 82.25 82.26 82.27 82.28 82.29 82.30 82.31 82.32 82.33 82.34 82.35 82.36 82.37 82.38 82.39 82.40 82.41 82.42 82.43 83.1 83.2 83.3 83.4 83.5 83.6 83.7 83.8 83.9 83.10 83.11 83.12 83.13 83.14 83.15 83.16 83.17 83.18 83.19 83.20 83.21 83.22 83.23 83.24 83.25 83.26 83.27 83.28 83.29 83.30 83.31 83.32 83.33 83.34 83.35 83.36 83.37 83.38 83.39 83.40 83.41 83.42 83.43 84.1 84.2 84.3 84.4 84.5 84.6 84.7 84.8 84.9 84.10 84.11 84.12 84.13 84.14 84.15 84.16 84.17 84.18 84.19 84.20 84.21 84.22 84.23 84.24 84.25 84.26 84.27 84.28 84.29 84.30 84.31 84.32 84.33 84.34 84.35 84.36 84.37
84.38 85.1 85.2 85.3 85.4 85.5 85.6 85.7 85.8 85.9 85.10 85.11 85.12 85.13 85.14 85.15 85.16 85.17 85.18 85.19 85.20 85.21 85.22 85.23 85.24 85.25 85.26 85.27 85.28 85.29 85.30 85.31 85.32 85.33 85.34 85.35 85.36 86.1 86.2 86.3 86.4 86.5 86.6 86.7 86.8 86.9 86.10 86.11 86.12 86.13 86.14 86.15 86.16 86.17 86.18 86.19 86.20 86.21 86.22 86.23 86.24 86.25 86.26 86.27 86.28 86.29 86.30 86.31 86.32 86.33 86.34 86.35 87.1 87.2 87.3 87.4 87.5 87.6 87.7 87.8 87.9 87.10 87.11 87.12 87.13 87.14 87.15 87.16 87.17 87.18 87.19 87.20 87.21 87.22 87.23 87.24 87.25 87.26 87.27 87.28 87.29 87.30 87.31 87.32 87.33 87.34 87.35 87.36
88.1 88.2 88.3 88.4 88.5 88.6 88.7 88.8 88.9 88.10 88.11 88.12 88.13 88.14 88.15 88.16 88.17 88.18 88.19 88.20
88.21 88.22 88.23 88.24 88.25 88.26 88.27 88.28 88.29 88.30 88.31 88.32 88.33 88.34 89.1 89.2 89.3 89.4
89.5 89.6 89.7 89.8 89.9 89.10 89.11 89.12 89.13
89.14 89.15 89.16
89.17 89.18 89.19
89.20 89.21
89.22 89.23 89.24 89.25 89.26 89.27 89.28 89.29 89.30 89.31 89.32 90.1 90.2 90.3 90.4 90.5 90.6 90.7 90.8 90.9 90.10 90.11 90.12 90.13 90.14 90.15 90.16 90.17 90.18
90.19
90.20 90.21 90.22 90.23 90.24 90.25 90.26 90.27 90.28 90.29 90.30 90.31 90.32 90.33 90.34 90.35 91.1 91.2
91.3
91.4 91.5 91.6 91.7 91.8 91.9 91.10 91.11 91.12 91.13 91.14 91.15 91.16 91.17 91.18 91.19 91.20 91.21 91.22 91.23 91.24 91.25 91.26 91.27 91.28 91.29 91.30 91.31 91.32 91.33 91.34 91.35 92.1 92.2 92.3 92.4 92.5 92.6 92.7 92.8 92.9 92.10 92.11 92.12 92.13 92.14 92.15 92.16 92.17 92.18 92.19 92.20 92.21 92.22 92.23 92.24 92.25 92.26 92.27 92.28 92.29 92.30 92.31 92.32 92.33 92.34 92.35 92.36 93.1 93.2 93.3 93.4 93.5 93.6 93.7 93.8 93.9 93.10 93.11 93.12 93.13 93.14 93.15 93.16 93.17 93.18 93.19 93.20 93.21 93.22 93.23 93.24 93.25 93.26 93.27 93.28 93.29 93.30 93.31 93.32 93.33 93.34 93.35 93.36 94.1 94.2 94.3 94.4 94.5 94.6 94.7 94.8 94.9 94.10 94.11 94.12 94.13 94.14 94.15 94.16 94.17 94.18 94.19 94.20 94.21 94.22 94.23 94.24 94.25 94.26 94.27 94.28 94.29 94.30 94.31 94.32 94.33 94.34 94.35 95.1 95.2 95.3 95.4 95.5 95.6 95.7
95.8
95.9 95.10 95.11 95.12
95.13 95.14 95.15 95.16 95.17 95.18 95.19 95.20 95.21 95.22 95.23 95.24 95.25 95.26 95.27 95.28
95.29
95.30 95.31 95.32 96.1 96.2 96.3 96.4 96.5 96.6 96.7 96.8 96.9 96.10 96.11 96.12 96.13 96.14 96.15 96.16 96.17 96.18 96.19 96.20 96.21 96.22 96.23 96.24 96.25 96.26 96.27 96.28 96.29 96.30 96.31 96.32 96.33 96.34 96.35 96.36 97.1 97.2 97.3 97.4 97.5 97.6 97.7 97.8 97.9 97.10 97.11 97.12 97.13 97.14 97.15 97.16 97.17 97.18 97.19 97.20 97.21 97.22 97.23 97.24 97.25 97.26 97.27 97.28 97.29 97.30 97.31 97.32 97.33 97.34 97.35 97.36 98.1 98.2
98.3 98.4
98.5 98.6 98.7 98.8 98.9 98.10 98.11 98.12 98.13 98.14 98.15 98.16 98.17 98.18 98.19 98.20 98.21 98.22
98.23
98.24 98.25 98.26 98.27 98.28 98.29 98.30 98.31 98.32 99.1 99.2 99.3 99.4 99.5 99.6 99.7 99.8 99.9 99.10 99.11 99.12 99.13 99.14 99.15 99.16 99.17 99.18 99.19 99.20 99.21 99.22 99.23 99.24 99.25 99.26 99.27 99.28 99.29 99.30 99.31 99.32 99.33 99.34 99.35 99.36 100.1 100.2 100.3 100.4 100.5 100.6 100.7 100.8 100.9 100.10 100.11 100.12 100.13 100.14 100.15 100.16 100.17 100.18 100.19 100.20 100.21 100.22 100.23 100.24 100.25 100.26 100.27
100.28
100.29 100.30 100.31 100.32 100.33 100.34 100.35 101.1 101.2 101.3 101.4 101.5 101.6 101.7 101.8 101.9 101.10 101.11 101.12 101.13 101.14 101.15 101.16 101.17 101.18
101.19
101.20 101.21 101.22 101.23 101.24 101.25 101.26 101.27 101.28 101.29 101.30
101.31
101.32 102.1 102.2 102.3 102.4 102.5 102.6
102.7
102.8 102.9 102.10 102.11 102.12 102.13 102.14
102.15
102.16 102.17 102.18
102.19 102.20 102.21 102.22 102.23 102.24 102.25 102.26 102.27 102.28 102.29 102.30 102.31 103.1 103.2 103.3 103.4 103.5 103.6 103.7
103.8
103.9 103.10 103.11
103.12 103.13 103.14 103.15 103.16 103.17 103.18 103.19 103.20 103.21 103.22 103.23 103.24 103.25 103.26 103.27 103.28 103.29 103.30 103.31 103.32 103.33 103.34 104.1 104.2 104.3 104.4 104.5 104.6 104.7 104.8 104.9 104.10 104.11 104.12
104.13 104.14
104.15 104.16 104.17 104.18 104.19 104.20 104.21 104.22 104.23 104.24 104.25 104.26 104.27
104.28
104.29 104.30 104.31 104.32 104.33 105.1 105.2 105.3 105.4 105.5 105.6 105.7 105.8 105.9 105.10 105.11 105.12 105.13 105.14 105.15 105.16 105.17 105.18 105.19 105.20 105.21 105.22 105.23 105.24 105.25 105.26 105.27 105.28 105.29 105.30 105.31 105.32 105.33 105.34 105.35 106.1 106.2 106.3 106.4 106.5 106.6 106.7 106.8 106.9 106.10 106.11 106.12 106.13 106.14 106.15 106.16 106.17 106.18 106.19 106.20 106.21 106.22 106.23 106.24 106.25 106.26 106.27 106.28
106.29
106.30 106.31 106.32 106.33 106.34 106.35 107.1 107.2 107.3 107.4 107.5 107.6 107.7 107.8
107.9
107.10 107.11 107.12 107.13 107.14 107.15 107.16 107.17 107.18 107.19 107.20 107.21 107.22 107.23 107.24 107.25 107.26 107.27 107.28 107.29 107.30 107.31 107.32 107.33 107.34 107.35 108.1 108.2 108.3 108.4 108.5 108.6 108.7 108.8 108.9 108.10 108.11 108.12 108.13 108.14 108.15 108.16 108.17 108.18 108.19 108.20 108.21 108.22 108.23 108.24 108.25 108.26 108.27 108.28 108.29 108.30 108.31 108.32 108.33 108.34 108.35 108.36 109.1 109.2 109.3 109.4 109.5 109.6 109.7 109.8 109.9 109.10 109.11 109.12 109.13 109.14 109.15 109.16 109.17 109.18 109.19 109.20 109.21 109.22 109.23 109.24 109.25 109.26 109.27 109.28 109.29 109.30 109.31 109.32 109.33 109.34 109.35 110.1 110.2 110.3 110.4 110.5 110.6 110.7 110.8 110.9 110.10 110.11 110.12 110.13 110.14 110.15 110.16 110.17 110.18 110.19 110.20 110.21 110.22 110.23 110.24 110.25 110.26 110.27 110.28 110.29 110.30 110.31 110.32 110.33 110.34 110.35 111.1 111.2 111.3 111.4
111.5
111.6 111.7 111.8 111.9 111.10 111.11 111.12 111.13 111.14 111.15 111.16 111.17 111.18 111.19 111.20 111.21 111.22 111.23 111.24 111.25 111.26 111.27 111.28
111.29
111.30 111.31 111.32 111.33
112.1
112.2 112.3 112.4 112.5 112.6 112.7 112.8 112.9
112.10
112.11 112.12 112.13 112.14 112.15 112.16 112.17 112.18 112.19 112.20 112.21 112.22 112.23 112.24 112.25 112.26 112.27 112.28 112.29 112.30 112.31 112.32 112.33 113.1 113.2 113.3 113.4 113.5 113.6 113.7 113.8 113.9 113.10 113.11 113.12 113.13 113.14 113.15 113.16 113.17 113.18 113.19 113.20 113.21 113.22 113.23 113.24 113.25 113.26 113.27 113.28 113.29 113.30 113.31 113.32 113.33 113.34 113.35 113.36 113.37 113.38 113.39 113.40 113.41 113.42 113.43 113.44 114.1 114.2 114.3 114.4 114.5 114.6 114.7 114.8 114.9 114.10 114.11 114.12 114.13 114.14 114.15 114.16 114.17 114.18 114.19 114.20 114.21 114.22 114.23 114.24 114.25 114.26 114.27 114.28 114.29 114.30 114.31 114.32 114.33 114.34 114.35 114.36 114.37 114.38 114.39 114.40 114.41 114.42 114.43 115.1 115.2 115.3 115.4 115.5 115.6 115.7 115.8 115.9 115.10 115.11 115.12 115.13 115.14 115.15 115.16 115.17 115.18 115.19 115.20 115.21 115.22 115.23 115.24 115.25 115.26 115.27 115.28 115.29 115.30 115.31 115.32 115.33 115.34 115.35 115.36 115.37 115.38 115.39 116.1 116.2 116.3 116.4 116.5 116.6 116.7 116.8 116.9 116.10 116.11 116.12 116.13 116.14 116.15 116.16 116.17 116.18 116.19 116.20 116.21 116.22 116.23 116.24 116.25 116.26 116.27 116.28 116.29 116.30 116.31 116.32 116.33 116.34 116.35 116.36 116.37 116.38 116.39 116.40 116.41 116.42 116.43 116.44 117.1 117.2 117.3 117.4 117.5 117.6 117.7 117.8 117.9 117.10 117.11 117.12 117.13 117.14 117.15 117.16 117.17 117.18 117.19 117.20 117.21 117.22 117.23 117.24 117.25 117.26 117.27 117.28 117.29 117.30 117.31 117.32 117.33 117.34 117.35 117.36 117.37 117.38 117.39 117.40 117.41 117.42 117.43 118.1 118.2 118.3 118.4 118.5 118.6 118.7 118.8 118.9 118.10 118.11 118.12 118.13 118.14 118.15 118.16 118.17 118.18 118.19 118.20 118.21 118.22 118.23 118.24 118.25 118.26 118.27 118.28 118.29 118.30 118.31 118.32 118.33 118.34 118.35 118.36 118.37 118.38 118.39 118.40 118.41 118.42 118.43 118.44 119.1 119.2 119.3 119.4 119.5 119.6 119.7 119.8 119.9 119.10 119.11 119.12 119.13 119.14 119.15 119.16
119.17 119.18 119.19 119.20 119.21 119.22 119.23 119.24 119.25 119.26 119.27 119.28 119.29 119.30 119.31 119.32 119.33 119.34 119.35 120.1 120.2 120.3 120.4 120.5 120.6 120.7 120.8 120.9 120.10 120.11 120.12 120.13 120.14 120.15 120.16 120.17 120.18 120.19 120.20 120.21 120.22 120.23 120.24 120.25 120.26 120.27 120.28 120.29 120.30 120.31 120.32 120.33 120.34 120.35 121.1 121.2
121.3
121.4 121.5 121.6 121.7 121.8 121.9 121.10 121.11 121.12 121.13 121.14 121.15 121.16 121.17 121.18 121.19 121.20 121.21 121.22 121.23 121.24 121.25 121.26 121.27 121.28 121.29 121.30 121.31 121.32 121.33 121.34
122.1
122.2 122.3 122.4 122.5 122.6 122.7 122.8 122.9 122.10 122.11 122.12 122.13 122.14 122.15 122.16 122.17 122.18 122.19 122.20 122.21 122.22 122.23 122.24 122.25
122.26
122.27 122.28 122.29 122.30 122.31 122.32 122.33 122.34 123.1 123.2 123.3 123.4 123.5 123.6 123.7 123.8 123.9 123.10 123.11 123.12 123.13 123.14 123.15 123.16 123.17 123.18 123.19 123.20 123.21 123.22 123.23 123.24 123.25 123.26 123.27 123.28 123.29 123.30 123.31 123.32 123.33 123.34 123.35 123.36 124.1 124.2 124.3 124.4 124.5 124.6
124.7
124.8 124.9 124.10 124.11 124.12 124.13 124.14 124.15 124.16 124.17 124.18 124.19 124.20 124.21 124.22 124.23 124.24 124.25 124.26 124.27 124.28 124.29 124.30 124.31 124.32
124.33 124.34 125.1 125.2 125.3 125.4 125.5 125.6 125.7 125.8 125.9 125.10 125.11 125.12 125.13 125.14 125.15 125.16 125.17 125.18 125.19 125.20 125.21 125.22 125.23 125.24 125.25 125.26
125.27 125.28
125.29 125.30 125.31 125.32 125.33 125.34 125.35 126.1 126.2 126.3 126.4 126.5 126.6 126.7 126.8 126.9 126.10
126.11
126.12 126.13
126.14 126.15 126.16 126.17 126.18 126.19 126.20 126.21 126.22 126.23 126.24 126.25 126.26 126.27 126.28 126.29 126.30 126.31 126.32 126.33 126.34 127.1 127.2 127.3 127.4 127.5 127.6 127.7 127.8 127.9 127.10 127.11 127.12 127.13 127.14 127.15 127.16 127.17 127.18 127.19 127.20 127.21 127.22 127.23 127.24 127.25 127.26 127.27 127.28 127.29 127.30 127.31 127.32 127.33
127.34
128.1 128.2 128.3 128.4 128.5 128.6 128.7 128.8 128.9 128.10 128.11 128.12 128.13 128.14 128.15 128.16 128.17 128.18 128.19 128.20 128.21 128.22 128.23 128.24 128.25 128.26 128.27 128.28 128.29 128.30 128.31 128.32 128.33 128.34
128.35 128.36
129.1 129.2 129.3 129.4 129.5 129.6 129.7 129.8 129.9 129.10 129.11 129.12 129.13 129.14 129.15 129.16 129.17 129.18 129.19 129.20 129.21 129.22 129.23 129.24 129.25 129.26 129.27 129.28 129.29 129.30 129.31 129.32 129.33 129.34 129.35 130.1 130.2 130.3 130.4 130.5 130.6 130.7 130.8 130.9 130.10 130.11 130.12 130.13 130.14 130.15 130.16 130.17 130.18 130.19 130.20 130.21 130.22 130.23 130.24 130.25 130.26 130.27 130.28 130.29 130.30 130.31 130.32 130.33 130.34 130.35 131.1 131.2 131.3 131.4
131.5
131.6 131.7 131.8 131.9 131.10 131.11 131.12 131.13 131.14 131.15 131.16 131.17 131.18 131.19 131.20 131.21 131.22 131.23 131.24 131.25 131.26 131.27 131.28 131.29 131.30 131.31 131.32 131.33 131.34 131.35 132.1 132.2 132.3 132.4 132.5 132.6 132.7 132.8 132.9 132.10 132.11 132.12 132.13 132.14 132.15 132.16 132.17 132.18 132.19 132.20 132.21 132.22 132.23 132.24
132.25
132.26 132.27 132.28 132.29 132.30 132.31 132.32 132.33 132.34 133.1 133.2 133.3 133.4 133.5 133.6 133.7 133.8 133.9 133.10 133.11 133.12 133.13 133.14 133.15 133.16 133.17 133.18 133.19 133.20 133.21 133.22 133.23 133.24
133.25 133.26
133.27 133.28 133.29 133.30 133.31 133.32 133.33 133.34 133.35 134.1 134.2 134.3 134.4 134.5 134.6 134.7 134.8 134.9
134.10
134.11 134.12 134.13 134.14 134.15 134.16 134.17 134.18 134.19 134.20 134.21 134.22 134.23 134.24 134.25 134.26 134.27 134.28 134.29 134.30 134.31 134.32 134.33 134.34 135.1 135.2
135.3
135.4 135.5 135.6 135.7 135.8 135.9 135.10 135.11 135.12 135.13 135.14 135.15 135.16 135.17 135.18 135.19 135.20 135.21 135.22 135.23 135.24 135.25 135.26 135.27 135.28 135.29 135.30 135.31 135.32 135.33 135.34 135.35 136.1 136.2 136.3 136.4 136.5 136.6 136.7 136.8 136.9 136.10 136.11 136.12 136.13 136.14 136.15
136.16
136.17 136.18 136.19 136.20 136.21 136.22 136.23 136.24 136.25 136.26 136.27 136.28 136.29 136.30 136.31 136.32 136.33 136.34 136.35 136.36 137.1 137.2 137.3 137.4 137.5 137.6 137.7 137.8 137.9 137.10 137.11 137.12 137.13 137.14
137.15
137.16 137.17 137.18 137.19 137.20 137.21 137.22 137.23 137.24 137.25 137.26 137.27 137.28 137.29 137.30 137.31 137.32 137.33 137.34 137.35 138.1 138.2
138.3 138.4 138.5
138.6 138.7 138.8 138.9 138.10 138.11 138.12 138.13 138.14 138.15 138.16 138.17 138.18 138.19 138.20 138.21 138.22 138.23 138.24 138.25 138.26 138.27 138.28 138.29 138.30 138.31 138.32 138.33 138.34 138.35
139.1

A bill for an act
relating to retirement; various retirement plans; adding two employment
positions to the correctional state employees retirement plan; including certain
departments of the Rice Memorial Hospital in Willmar and the Worthington
Regional Hospital in privatized public employee retirement coverage; providing
for the potential dissolution of the Minnesota Post Retirement Investment Fund;
increasing teacher retirement plan reemployed annuitant earnings limitations;
temporarily exempting Metropolitan Airports Commission police officers from
reemployed annuitant earnings limits; mandating joint and survivor optional
annuities rather than single life annuities as basic annuity form; making various
changes in retirement plan administrative provisions; amending requirements for
tribal police officer pension coverage; clarifying direct state aid for the teacher
retirement associations; clarifying the handling of unclaimed retirement accounts
in the individual retirement account plan; providing for a study of certain
Minnesota State Colleges and Universities System tenure track faculty members;
modifying the manner in which official actuarial work for public pension plans
is performed; allowing pension plans greater latitude in setting salary and
payroll assumptions; extending amortization target dates for various retirement
plans; making the number and identity of tax-sheltered annuity vendors a
mandatory bargaining item for school districts and their employees; allowing a
certain firefighter relief association certain benefit increases; allowing security
broker-dealers to directly hold local pension plan assets; increasing upmost
flexible service pension maximum amounts for volunteer firefighters; creating a
voluntary statewide volunteer firefighter retirement plan advisory board within
the Public Employees Retirement Association; allowing various retirement
plans to accept labor union retired member dues deduction authorizations;
authorizing various prior service credit purchases; authorizing certain service
credit and coverage transfers; authorizing a disability benefit application to be
rescinded; authorizing a retirement coverage termination; providing an additional
benefit to certain injured Minneapolis bomb squad officers; allowing certain
Independent School District No. 625 school board members to make back
defined contribution retirement plan contributions; revising post-2009 additional
amortization state aid allocations; modifying PERA-P&F duty disability benefit
amounts; authorizing a PERA prior military service credit purchase; revising the
administrative duties of the board and the executive director of the Minnesota
State Retirement System; appropriating money; amending Minnesota Statutes
2006, sections 6.67; 11A.18, subdivision 9, by adding subdivisions; 16A.055,
subdivision 5; 43A.346, subdivisions 4, 5, 6, 7; 69.011, subdivision 1; 123B.02,
subdivision 15; 352.03, subdivisions 4, 5; 352.12, subdivision 2; 352.22,
subdivision 10; 352.931, subdivision 1; 352.97; 352.98, subdivisions 1, 2, 3, 4, 5;
352D.075, subdivision 2a; 353.01, subdivisions 10, 11a, by adding a subdivision;
353.27, by adding a subdivision; 353.30, subdivision 3; 353.33, subdivision
5; 353.64, subdivision 11; 353.656, subdivision 2; 353D.05, subdivision 2;
353D.12, subdivision 4; 353E.07, subdivision 7; 354.05, subdivision 37; 354.33,
subdivision 5; 354.44, subdivision 5; 354A.12, subdivision 3a; 354A.31,
subdivision 3; 354B.20, by adding a subdivision; 354B.25, subdivision 5, by
adding a subdivision; 354C.165; 356.20, subdivisions 1, 2, 3, 4, 4a; 356.214,
subdivisions 1, 3, by adding a subdivision; 356.215, subdivisions 1, 2, 3, 8, 11,
18; 356.24, subdivision 1; 356.41; 356.46, as amended; 356.47, subdivision
3; 356.551, subdivision 2; 356.611, subdivision 2, by adding a subdivision;
356A.06, subdivisions 1, 7, 8b; 356B.10, subdivision 3; 363A.36, subdivision
1; 383B.914, subdivision 7; 423A.02, subdivision 1b; 424A.001, subdivision 6,
by adding a subdivision; 424A.02, subdivisions 3, 7, 9; 424A.05, subdivision
3; 518.003, subdivision 8; Minnesota Statutes 2007 Supplement, sections
43A.346, subdivisions 1, 2; 352.01, subdivision 2a; 352.017, subdivision
2; 352.91, subdivision 3d; 352.955, subdivisions 3, 5; 353.01, subdivision
2b; 353.0161, subdivision 2; 353.27, subdivision 14; 353.32, subdivision
1a; 353.656, subdivision 1; 353.657, subdivision 2a; 353F.02, subdivision
4; 354.096, subdivision 2; 354.72, subdivision 2; 354A.12, subdivision 3c;
354C.12, subdivision 4; 356.96, subdivision 1; 422A.06, subdivision 8; Laws
2002, chapter 392, article 2, section 4; Laws 2006, chapter 271, article 5,
section 5; proposing coding for new law in Minnesota Statutes, chapters 11A;
352; 353D; 353F; 354; 354C; 356; 423A; repealing Minnesota Statutes 2006,
sections 352.96; 354.44, subdivision 6a; 354.465; 354.51, subdivision 4; 354.55,
subdivisions 2, 3, 6, 12, 15; 354A.091, subdivisions 1a, 1b; 354A.12, subdivision
3a; 355.629; 356.214, subdivision 2; 356.215, subdivision 2a; Minnesota
Statutes 2007 Supplement, section 354A.12, subdivisions 3b, 3c; Laws 1965,
chapter 592, sections 3, as amended; 4, as amended; Laws 1967, chapter 575,
sections 2, as amended; 3; 4; Laws 1969, chapter 352, section 1, subdivisions 3,
4, 5, 6; Laws 1969, chapter 526, sections 3; 4; 5, as amended; 7, as amended;
Laws 1971, chapter 140, sections 2, as amended; 3, as amended; 4, as amended;
5, as amended; Laws 1971, chapter 214, section 1, subdivisions 1, 2, 3, 4, 5;
Laws 1973, chapter 304, section 1, subdivisions 3, 4, 5, 6, 7, 8, 9; Laws 1973,
chapter 472, section 1, as amended; Laws 1975, chapter 185, section 1; Laws
1985, chapter 261, section 37, as amended; Laws 1991, chapter 125, section 1;
Laws 1993, chapter 244, article 4, section 1; Laws 2005, First Special Session
chapter 8, article 1, section 23; Minnesota Rules, parts 7905.0100; 7905.0200;
7905.0300; 7905.0400; 7905.0500; 7905.0600; 7905.0700; 7905.0800;
7905.0900; 7905.1000; 7905.1100; 7905.1200; 7905.1300; 7905.1400;
7905.1500; 7905.1600; 7905.1700; 7905.1800; 7905.1900; 7905.2000;
7905.2100; 7905.2200; 7905.2300; 7905.2400; 7905.2450; 7905.2500;
7905.2560; 7905.2600; 7905.2700; 7905.2800; 7905.2900.

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

ARTICLE 1

POSTRETIREMENT PROVISIONS

Section 1.

Minnesota Statutes 2006, section 11A.18, is amended by adding a
subdivision to read:


new text begin Subd. 2a. new text end

new text begin Composite funded ratio. new text end

new text begin (a) Annually, following June 30, the executive
director of the State Board of Investment shall determine the composite funded ratio
of the postretirement investment fund. The composite funded ratio must be stated as a
percentage and must be calculated using:
new text end

new text begin (1) the total fair market value of the postretirement investment fund as of June 30,
calculated in accordance with generally accepted accounting principles; divided by
new text end

new text begin (2) the total reserves required as of June 30 for the annuities or benefits payable from
the postretirement investment fund on that June 30 to all recipients of participating public
pension plans or funds, as determined by the actuary retained under section 356.214 using
the applicable assumptions in section 356.215.
new text end

new text begin (b) The executive director of the State Board of Investment shall certify the
composite funded ratio to the executive directors of the plans participating in the
Minnesota postretirement investment fund and to the executive director of the Legislative
Commission on Pensions and Retirement by November 30 annually.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective June 30, 2008.
new text end

Sec. 2.

Minnesota Statutes 2006, section 11A.18, subdivision 9, is amended to read:


Subd. 9.

Calculation of postretirement adjustment.

(a) Annually, following June
30, the state board shall use the procedures in paragraphs (b), (c), and (d) to determine
whether a postretirement adjustment new text beginunder this subdivisionnew text end is payable and to determine
the amount of any postretirement adjustment new text beginunder this subdivisionnew text end.

(b)new text begin(1)new text end If the Consumer Price Index for urban wage earners and clerical workers all
items index published by the Bureau of Labor Statistics of the United States Department
of Labor increases from June 30 of the preceding year to June 30 of the current year, the
state board shall certify the percentage increase.

new text begin (2)new text end The amount certified must not exceed deleted text beginthe lesser of the difference between the
preretirement interest assumption and postretirement interest assumption in section
356.215, subdivision 8, paragraph (a), or
deleted text end 2.5 percent deleted text beginfor the Minneapolis Employees
Retirement Fund, the amount certified must not exceed 3.5 percent
deleted text end.

(c)new text begin If the amount calculated under paragraph (b), clause (1), is greater than the
maximum amount allowable under paragraph (b), clause (2),
new text end in addition to any percentage
increase certified under paragraph (b), the board shall use the following procedures to
determine if a postretirement adjustment is payable under this paragraph:

(1) the state board shall determine thenew text begin total fairnew text end market value of the fund on June
30 of that year;

(2) the amount of reserves required as of the current June 30 for the annuity or
benefit payable to an annuitant and benefit recipient of the participating public pension
plans or funds must be determined by the actuary retained under section 356.214. An
annuitant or benefit recipient who has been receiving an annuity or benefit for at least 12
full months as of the current June 30 is eligible to receive a full postretirement adjustment.
An annuitant or benefit recipient who has been receiving an annuity or benefit for at
least one full month, but less than 12 full months as of the current June 30, is eligible to
receive a partial postretirement adjustment. Each fund shall report separately the amount
of the reserves for those annuitants and benefit recipients who are eligible to receive
a full postretirement benefit adjustment. This amount is known as "eligible reserves."
Each fund shall also report separately the amount of the reserves for those annuitants
and benefit recipients who are not eligible to receive a postretirement adjustment. This
amount is known as "noneligible reserves." For an annuitant or benefit recipient who is
eligible to receive a partial postretirement adjustment, each fund shall report separately
as additional "eligible reserves" an amount that bears the same ratio to the total reserves
required for the annuitant or benefit recipient as the number of full months of annuity
or benefit receipt as of the current June 30 bears to 12 full months. The remainder of
the annuitant's or benefit recipient's reserves must be separately reported as additional
"noneligible reserves." The amount of "eligible" and "noneligible" required reserves
must be certified to the board by the actuary retained under section 356.214 as soon as is
practical following the current June 30;

(3) the state board shall determine the percentage increase certified under paragraph
(b) multiplied by the eligible required reserves, as adjusted for mortality gains and losses
under subdivision 11, determined under clause (2);

(4) the state board shall add the amount of reserves required for the annuities or
benefits payable to annuitants and benefit recipients of the participating public pension
plans or funds as of the current June 30 to the amount determined under clause (3);

(5) the state board shall subtract the amount determined under clause (4) from thenew text begin
total fair
new text end market value of the fund determined under clause (1);

(6) the state board shall adjust the amount determined under clause (5) by the
cumulative current balance determined under clause (8) and any negative balance carried
forward under clause (9);

(7) a positive amount resulting from the calculations in clauses (1) to (6) is the
excess market value. A negative amount is the negative balance;

(8) the state board shall allocate one-fifth of the excess market value or one-fifth
of the negative balance to each of five consecutive years, beginning with the fiscal year
ending the current June 30; and

(9) to calculate the postretirement adjustment under this paragraph deleted text beginbased on
investment performance for a fiscal year
deleted text end, the state board shall add together all excess
market value allocated to that year and subtract from the sum all negative balances
allocated to that year. If this calculation results in a negative number, the entire negative
balance must be carried forward and allocated to the next year. If the resulting amount is
positive, a postretirement adjustment is payable under this paragraph. The board shall
express a positive amount as a percentage of the total eligible required reserves certified to
the board under clause (2).new text begin The percentage determined under this paragraph is not payable
unless the amount calculated under paragraph (b), clause (1), is greater than 2.5 percent
and must not exceed the difference by which the amount calculated under paragraph (b),
clause (1), exceeds 2.5 percent.
new text end

(d) The state board shall determine the amount of any postretirement adjustment
which is payable using the following procedure:

(1) The total "eligible" required reserves as of the first of January next following the
end of the fiscal year for the annuitants and benefit recipients eligible to receive a full or
partial postretirement adjustment as determined by clause (2) must be certified to the state
board by the actuary retained under section 356.214. The total "eligible" required reserves
must be determined by the actuary retained under section 356.214 on the assumption that
all annuitants and benefit recipients eligible to receive a full or partial postretirement
adjustment will be alive on the January 1 in question; and

(2) The state board shall add the percentage certified under paragraph (b) to any
positive percentage calculated under paragraph (c). The board shall not subtract from the
percentage certified under paragraph (b) any negative amount calculated under paragraph
(c). The sum of these percentages deleted text beginmust be carried to five decimal places anddeleted text end must be
certified to each participating public pension fund or plan as the full postretirement
adjustment percentage. The full postretirement adjustment percentage certified to each
participating public pension plan or fund must not exceed five percent. deleted text beginFor the Minneapolisdeleted text end
deleted text begin Employees Retirement Fund, no maximum percentage adjustment is applicable.
deleted text end

(e) A retirement annuity payable in the event of retirement before becoming eligible
for Social Security benefits as provided in section 352.116, subdivision 3; 353.29,
subdivision 6
; or 354.35 must be treated as the sum of a period certain retirement annuity
and a life retirement annuity for the purposes of any postretirement adjustment. The
period certain retirement annuity plus the life retirement annuity must be the annuity
amount payable until age 62 or 65, whichever applies. A postretirement adjustment
granted on the period certain retirement annuity must terminate when the period certain
retirement annuity terminates.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective June 30, 2008.
new text end

Sec. 3.

Minnesota Statutes 2006, section 11A.18, is amended by adding a subdivision
to read:


new text begin Subd. 9a. new text end

new text begin Lost purchasing power increase. new text end

new text begin (a) This subdivision applies for fiscal
years ending June 30 in which all of the following conditions exist:
new text end

new text begin (1) the composite funded ratio for the postretirement investment fund as of June 30,
as certified by the executive director of the State Board of Investment under subdivision
2a is more than 90 percent;
new text end

new text begin (2) the State Board of Investment determines that the time-weighted total rate of
return on investment of assets in the postretirement investment fund for the fiscal year
ending June 30 exceeds 8.5 percent; and
new text end

new text begin (3) the postretirement adjustment percentage certified under subdivision 9, paragraph
(b), is less than 2.5 percent.
new text end

new text begin (b) The lost purchasing power postretirement increase is payable the following
January 1.
new text end

new text begin (c) Each participating public pension plan must annually calculate:
new text end

new text begin (1) the cumulative postretirement adjustment percentage applied to the annuity or
benefit paid to each eligible annuitant and benefit recipient since the person first received a
postretirement adjustment; and
new text end

new text begin (2) the increase in the Consumer Price Index for urban wage earners and clerical
workers all items index published by the Bureau of Labor Statistics of the United
States Department of Labor from June 30 of the year before the person first received a
postretirement adjustment to June 30 of the current year. If a person received a prorated
increase under subdivision 9, paragraph (c), clause (2), the same ratio of the number
of months receiving a monthly benefit to 12 months must be applied to the inflation
calculation for the fiscal year used to calculate the prorated amount of lost purchasing
power for that period.
new text end

new text begin (d) If the percentage in paragraph (c), clause (2), is greater than the percentage in
paragraph (c), clause (1), with respect to an eligible annuitant or benefit recipient, and
the conditions in paragraph (a) exist, that person is eligible to receive an increase under
this subdivision.
new text end

new text begin (e) The percentage increase payable to an eligible annuitant or benefit recipient
under this subdivision may not exceed the difference between 2.5 percent and the amount
certified under subdivision 9 or the amount calculated under paragraph (c), whichever is
lower. The percentage increase otherwise payable under this subdivision must be reduced
as provided in paragraph (f).
new text end

new text begin (f) The actuary retained under section 356.214 must determine:
new text end

new text begin (1) the reserves that would be required to pay in full the adjustments determined
under paragraph (c); and
new text end

new text begin (2) the excess market value necessary to maintain the accrued liability composite
funding ratio determined under subdivision 2a is at least 90 percent. If the calculated result
under clause (1) of this paragraph is greater than the calculated result under clause (2), the
increase payable to each eligible annuitant or benefit recipient under this subdivision must
be reduced to that portion of the full potential increase amount that equals the ratio that the
calculated result under clause (2) bears to the calculated result under clause (1).
new text end

new text begin (g) A percentage increase certified under this subdivision must be added to the
percentage certified under subdivision 9 and the total resulting percentage must be certified
to each participating public pension plan as the full postretirement adjustment percentage.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective June 30, 2008.
new text end

Sec. 4.

Minnesota Statutes 2006, section 11A.18, is amended by adding a subdivision
to read:


new text begin Subd. 9b. new text end

new text begin Excess assets trigger. new text end

new text begin If the composite funded ratio of the postretirement
investment fund determined under subdivision 2a is 115 percent or greater as of June 30 of
any year, the governing bodies of the retirement plans participating in the postretirement
investment fund must jointly report to the Legislative Commission on Pensions and
Retirement by the next January 15. The report must evaluate and make recommendations
with respect to the overall benefits and funding of the retirement funds for both active
employees and benefit recipients.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective June 30, 2008.
new text end

Sec. 5.

Minnesota Statutes 2006, section 356.41, is amended to read:


356.41 BENEFIT ADJUSTMENTS FOR CERTAIN DISABILITY AND
SURVIVOR BENEFITS.

new text begin (a) new text endDisability benefits payable to a disabilitant, if not otherwise included in the
participation in the Minnesota postretirement investment fund, and survivor benefits
payable to a survivor from any public pension plan which participates in the Minnesota
postretirement investment fund must be adjusted in the same manner, at the same times
and in the same amounts as are benefits payable from the Minnesota postretirement
investment fund to new text begincomparable new text endeligible benefit recipients of that public pension plan.

new text begin (b)new text end If a disability benefit is not included in the participation in the Minnesota
postretirement investment fund, the disability benefit is recomputed as a retirement
annuity and the recipient would have been eligible for an adjustment under this section if
the disability benefit was not recomputed, the recipient remains eligible for the adjustment
under this section after the recomputation.

new text begin (c)new text end For the survivor of a deceased annuitant who receives a survivor benefit
calculated under a prior law rather than the second portion of a joint and survivor
annuity, any period of receipt of a retirement annuity by the annuitant must be utilized in
determining the period of receipt for eligibility to receive an adjustment under this section.

new text begin (d)new text end No recipient, however, is entitled to more than one adjustment under this section
or section 11A.18 applicable to one benefit deleted text beginat one timedeleted text end new text beginduring a year new text endby reason of this
section.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective June 30, 2008.
new text end

Sec. 6.

Minnesota Statutes 2007 Supplement, section 422A.06, subdivision 8, is
amended to read:


Subd. 8.

Retirement benefit fund.

(a) The retirement benefit fund consists of
amounts held for payment of retirement allowances for members retired under this chapter,
including any transfer amount payable under subdivision 3, paragraph (c).

(b) Unless subdivision 3, paragraph (c), applies, assets equal to the required
reserves for retirement allowances under this chapter determined in accordance with the
appropriate mortality table adopted by the board of trustees based on the experience of the
fund as recommended by the actuary retained under section 356.214 must be transferred
from the deposit accumulation fund to the retirement benefit fund as of the last business
day of the month in which the retirement allowance begins. The income from investments
of these assets must be allocated to this fund and any interest charge under subdivision
3, paragraph (c), must be credited to the fund. There must be paid from this fund the
retirement annuities authorized by law. A required reserve calculation for the retirement
benefit fund must be made by the actuary retained under section 356.214 and must be
certified to the retirement board by the actuary retained under section 356.214.

deleted text begin (c) The retirement benefit fund must be governed by the applicable laws governing
the accounting and audit procedures, investment, actuarial requirements, calculation and
payment of postretirement benefit adjustments, discharge of any deficiency in the assets
of the fund when compared to the actuarially determined required reserves, and other
applicable operations and procedures regarding the Minnesota postretirement investment
fund in effect on June 30, 1997, established under Minnesota Statutes 1996, section
11A.18, and any legal or administrative interpretations of those laws of the State Board
of Investment, the legal advisor to the Board of Investment and the executive director of
the State Board of Investment in effect on June 30, 1997. If a deferred yield adjustment
account is established for the Minnesota postretirement investment fund before June 30,
1997, under Minnesota Statutes 1996, section 11A.18, subdivision 5, the retirement board
shall also establish and maintain a deferred yield adjustment account within this fund.
deleted text end

new text begin (c) There is hereby established a deferred yield adjustment account which must be
increased by the sale or disposition of any debt securities at less than book value and must
be decreased by the sale or disposition of debt securities at more than book value. At the
end of each fiscal year, a portion of the balance of this account must be offset against the
investment income for that year. The annual portion of the balance to be offset must be
proportional to the reciprocal of the average remaining life of the bonds sold, unless the
amounts are offset by gains on the future sales of these securities. The amount of this
account must be included in the recognized value of assets other than corporate stocks
and all other equity investments. In any fiscal year in which the gains on the sales of debt
securities exceed the discounts realized on the sales of such securities, the excess must
be used to reduce the balance of the account. If the realized capital gains are sufficient
to reduce the balance of the account to zero, any excess gains must be available for the
calculation of postretirement adjustments.
new text end

new text begin (d)(1) Annually, following June 30, the board shall use the procedures in clauses (2),
(3), and (4) to determine whether a postretirement adjustment is payable and to determine
the amount of any postretirement adjustment.
new text end

new text begin (2) If the Consumer Price Index for urban wage earners and clerical workers all
items index published by the Bureau of Labor Statistics of the United States Department
of Labor increases from June 30 of the preceding year to June 30 of the current year, the
board shall certify the percentage increase. The amount certified must not exceed the
lesser of the difference between the preretirement interest assumption and postretirement
interest assumption in section 356.215, subdivision 8, paragraph (a), or 3.5 percent.
new text end

new text begin (3) In addition to any percentage increase certified under paragraph (b), the board
shall use the following procedures to determine if a postretirement adjustment is payable
under this paragraph:
new text end

new text begin (i) The board shall determine the market value of the fund on June 30 of that year;
new text end

new text begin (ii) The amount of reserves required as of the current June 30 for the annuity or
benefit payable to an annuitant and benefit recipient must be determined by the actuary
retained under section 356.214. An annuitant or benefit recipient who has been receiving
an annuity or benefit for at least 12 full months as of the current June 30 is eligible to
receive a full postretirement adjustment. An annuitant or benefit recipient who has been
receiving an annuity or benefit for at least one full month, but less than 12 full months as of
the current June 30, is eligible to receive a partial postretirement adjustment. The amount
of the reserves for those annuitants and benefit recipients who are eligible to receive a
full postretirement benefit adjustment is known as "eligible reserves." The amount of
the reserves for those annuitants and benefit recipients who are not eligible to receive a
postretirement adjustment is known as "noneligible reserves." For an annuitant or benefit
recipient who is eligible to receive a partial postretirement adjustment, additional "eligible
reserves" is an amount that bears the same ratio to the total reserves required for the
annuitant or benefit recipient as the number of full months of annuity or benefit receipt as
of the current June 30 bears to 12 full months. The remainder of the annuitant's or benefit
recipient's reserves are "noneligible reserves";
new text end

new text begin (iii) The board shall determine the percentage increase certified under clause (2)
multiplied by the eligible required reserves, as adjusted for mortality gains and losses,
determined under item (ii);
new text end

new text begin (iv) The board shall add the amount of reserves required for the annuities or benefits
payable to annuitants and benefit recipients of the participating public pension plans or
funds as of the current June 30 to the amount determined under item (iii);
new text end

new text begin (v) The board shall subtract the amount determined under item (iv) from the market
value of the fund determined under item (i);
new text end

new text begin (vi) The board shall adjust the amount determined under item (v) by the cumulative
current balance determined under item (viii) and any negative balance carried forward
under item (ix);
new text end

new text begin (vii) A positive amount resulting from the calculations in items (i) to (vi) is the
excess market value. A negative amount is the negative balance;
new text end

new text begin (viii) The board shall allocate one-fifth of the excess market value or one-fifth of
the negative balance to each of five consecutive years, beginning with the fiscal year
ending the current June 30; and
new text end

new text begin (ix) To calculate the postretirement adjustment under this paragraph based on
investment performance for a fiscal year, the board shall add together all excess market
value allocated to that year and subtract from the sum all negative balances allocated to
that year. If this calculation results in a negative number, the entire negative balance must
be carried forward and allocated to the next year. If the resulting amount is positive, a
postretirement adjustment is payable under this paragraph. The board shall express a
positive amount as a percentage of the total eligible required reserves certified to the
board under item (ii).
new text end

new text begin (4) The board shall determine the amount of any postretirement adjustment which
is payable using the following procedure:
new text end

new text begin (i) The total "eligible" required reserves as of the first of January next following the
end of the fiscal year for the annuitants and benefit recipients eligible to receive a full or
partial postretirement adjustment as determined by item (ii) must be certified to the board
by the actuary retained under section 356.214. The total "eligible" required reserves
must be determined by the actuary retained under section 356.214 on the assumption that
all annuitants and benefit recipients eligible to receive a full or partial postretirement
adjustment will be alive on the January 1 in question; and
new text end

new text begin (ii) The board shall add the percentage certified under clause (2) to any positive
percentage calculated under clause (3). The board shall not subtract from the percentage
certified under paragraph (b) any negative amount calculated under clause (3). The sum
of these percentages must be carried to five decimal places and must be certified as the
full postretirement adjustment percentage.
new text end

new text begin (e) The board shall determine the amount of the postretirement adjustment payable
to each eligible annuitant and benefit recipient. The dollar amount of the postretirement
adjustment must be calculated by applying the certified postretirement adjustment
percentage to the amount of the monthly annuity or benefit payable to each eligible
annuitant or benefit recipient eligible for a full adjustment.
new text end

new text begin The dollar amount of the partial postretirement adjustment payable to each annuitant
or benefit recipient eligible for a partial adjustment must be calculated by first determining
a partial percentage amount that bears the same ratio to the certified full adjustment
percentage amount as the number of full months of annuity or benefit receipt as of the
current June 30 bears to 12 full months. The partial percentage amount determined
must then be applied to the amount of the monthly annuity or benefit payable to each
annuitant or benefit recipient eligible to receive a partial postretirement adjustment. The
postretirement adjustments are payable on January 1 following the calculations required
under this section and must thereafter be included in the monthly annuity or benefit paid to
the recipient. Any adjustments under this section must be paid automatically unless the
intended recipient files a written notice with the applicable participating public pension
fund or plan requesting that the adjustment not be paid.
new text end

new text begin (f) As of June 30 annually, the actuary retained under section 356.214 shall calculate
the amount of required reserves representing any mortality gains and any mortality losses
incurred during the fiscal year and report the results of those calculations to the plan.
The actuary shall report separately the amount of the reserves for annuitants and benefit
recipients who are eligible for a postretirement benefit adjustment and the amount of
reserves for annuitants and benefit recipients who are not eligible for a postretirement
benefit adjustment. If the net amount of required reserves represents a mortality gain,
the board shall sell sufficient securities or transfer sufficient available cash to equal the
amount. If the amount of required reserves represents a mortality loss, the plan shall
transfer an amount equal to the amount of the net mortality loss. The amount of the
transfers must be determined before any postretirement benefit adjustments have been
made. All transfers resulting from mortality adjustments must be completed annually
by December 31 for the preceding June 30. Interest is payable on any transfers after
December 31 based upon the preretirement interest assumption for the participating plan
or fund as specified in section 356.215, subdivision 8, stated as a monthly rate. Book
values of the assets of the fund must be determined only after all adjustments for mortality
gains and losses for the fiscal year have been made.
new text end

new text begin (g) All money necessary to meet the requirements of the certification of withdrawals
and all money necessary to pay postretirement adjustments under this section are hereby
and from time to time appropriated from the postretirement investment fund to the board.
new text end

deleted text begin (d)deleted text end new text begin(h) new text endAnnually, following the calculation of any postretirement adjustment
payable from the retirement benefit fund, the board of trustees shall submit a report to
the executive director of the Legislative Commission on Pensions and Retirement and
to the commissioner of finance indicating the amount of any postretirement adjustment
and the underlying calculations on which that postretirement adjustment amount is based,
including the amount of dividends, the amount of interest, and the amount of net realized
capital gains or losses utilized in the calculations.

deleted text begin (e)deleted text end new text begin(i) new text endWith respect to a former contributing member who began receiving a
retirement annuity or disability benefit under section 422A.151, paragraph (a), clause (2),
after June 30, 1997, or with respect to a survivor of a former contributing member who
began receiving a survivor benefit under section 422A.151, paragraph (a), clause (2),
after June 30, 1997, the reserves attributable to the one percent lower amount of the
cost-of-living adjustment payable to those annuity or benefit recipients annually must
be transferred back to the deposit accumulation fund to the credit of the Metropolitan
Airports Commission. The calculation of this annual reduced cost-of-living adjustment
reserve transfer must be reviewed by the actuary retained under section 356.214.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective June 30, 2008.
new text end

ARTICLE 2

MINNESOTA POSTRETIREMENT INVESTMENT FUND DISSOLUTION

Section 1.

new text begin [11A.181] DISSOLUTION OF MINNESOTA POSTRETIREMENT
INVESTMENT FUND.
new text end

new text begin Subdivision 1. new text end

new text begin Conditions for dissolution. new text end

new text begin The postretirement investment fund
established in section 11A.18 must be dissolved according to the schedule in subdivision 2
if the composite funded ratio calculated as of June 30 of that year under section 11A.18,
subdivision 2a, is:
new text end

new text begin (1) less than 85 percent and was less than 85 percent as of June 30 of the immediately
preceding year; or
new text end

new text begin (2) less than 80 percent.
new text end

new text begin Subd. 2. new text end

new text begin Transition. new text end

new text begin If conditions for dissolution of the postretirement investment
fund under subdivision 1 apply:
new text end

new text begin (1) the retirement plans shall not transfer reserves as required under sections 11A.18,
subdivision 6; 352.119, subdivision 2; 352B.26, subdivision 3; 353.271, subdivision 2;
354.63, subdivision 2; and 490.123, subdivision 1e, to the postretirement investment
fund after December 31 of the calendar year in which conditions for dissolution under
subdivision 1 occur;
new text end

new text begin (2) the retirement plans shall not transfer additional funds to the Minnesota
postretirement investment fund as a result of the calculation by the actuary retained under
section 356.214 of net mortality losses under section 11A.18, subdivision 11;
new text end

new text begin (3) the assets of the postretirement investment fund must be transferred back to each
participating public retirement plan on June 30 of the year following the year in which
conditions for dissolution under subdivision 1 occur. The assets to be transferred to each
public retirement plan must be based on each plan's participation in the postretirement
fund as determined under section 11A.18, subdivision 7, on the June 30 when the transfer
back to the plan occurs; and
new text end

new text begin (4) The postretirement investment fund ceases to exist upon the transfer of all assets
as required in clause (3).
new text end

new text begin Subd. 3. new text end

new text begin Postretirement adjustments. new text end

new text begin (a) Notwithstanding section 11A.18 or any
other law to the contrary, if the postretirement investment fund is dissolved, postretirement
adjustments are payable only as follows:
new text end

new text begin (1) a postretirement increase of 2.5 percent must be applied each year, effective
January 1, to the monthly annuity or benefit of each annuitant and benefit recipient who
has been receiving an annuity or a benefit for at least 12 full months as of the prior
January 1; and
new text end

new text begin (2) for each annuitant or benefit recipient who has been receiving an annuity or a
benefit for at least one full month, an annual postretirement increase of 1/12 of 2.5 percent
for each month the person has been receiving an annuity or benefit must be applied,
effective January 1 of the year in which the person has been retired for less than 12 months.
new text end

new text begin (b) The increases provided by this subdivision commence on the first January 1
occurring after the postretirement fund is dissolved under subdivision 2.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective June 30, 2008.
new text end

Sec. 2. new text beginPROPOSED STATUTORY CHANGES.
new text end

new text begin By November 30 of the year in which conditions for dissolution of the postretirement
investment fund first occur, the executive directors of the retirement systems that
participate in the postretirement investment fund must report to the Legislative
Commission on Pensions and Retirement a draft of proposed legislation that would make
changes in statute necessary to conform with dissolution of the postretirement investment
fund.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective June 30, 2008.
new text end

ARTICLE 3

PHASED RETIREMENT OR
RETURN TO EMPLOYMENT PROVISIONS

Section 1.

Minnesota Statutes 2007 Supplement, section 43A.346, subdivision 1,
is amended to read:


Subdivision 1.

Definition.

For purposes of this section, "new text beginterminated new text endstate employee"
means a person deleted text begincurrently occupyingdeleted text end new text beginwho occupied new text enda civil service position in the executive
or legislative branch of state government, the Minnesota State Retirement System, the
Public Employees Retirement Association, deleted text beginordeleted text end the Office of the Legislative Auditor, or a
person new text beginwho was new text endemployed by the Metropolitan Council.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2008.
new text end

Sec. 2.

Minnesota Statutes 2007 Supplement, section 43A.346, subdivision 2, is
amended to read:


Subd. 2.

Eligibility.

(a) This section applies to a new text beginterminated new text endstate deleted text beginor Metropolitan
Council
deleted text end employee who:

(1) for at least the five years immediately preceding separation under clause (2), deleted text beginhas
been
deleted text end new text beginwas new text endregularly scheduled to work 1,044 or more hours per year in a position covered
by a pension plan administered by the Minnesota State Retirement System or the Public
Employees Retirement Association;

(2) deleted text beginterminatesdeleted text end new text beginterminated new text endstate or Metropolitan Council employment;

(3) at the time of termination under clause (2), deleted text beginmeetsdeleted text end new text beginmet new text endthe age and service
requirements necessary to receive an unreduced retirement annuity from the plan and
deleted text begin satisfiesdeleted text end new text beginsatisfied new text endrequirements for the commencement of the retirement annuity or, for
deleted text begin andeleted text end new text begina terminated new text endemployee under the unclassified employees retirement plan, deleted text beginmeetsdeleted text end new text beginmet
new text endthe age and service requirements necessary to receive an unreduced retirement annuity
from the plan and deleted text beginsatisfiesdeleted text end new text beginsatisfied new text endrequirements for the commencement of the retirement
annuity or deleted text beginelectsdeleted text end new text beginelected new text enda lump-sum payment; and

(4) agrees to accept a postretirement option position with the same or a different
appointing authority, working a reduced schedule that is both (i) a reduction of at least 25
percent from the employee's number of new text beginpreviously new text endregularly scheduled work hours; and
(ii) 1,044 hours or less in state or Metropolitan Council service.

(b) For purposes of this section, an unreduced retirement annuity includes a
retirement annuity computed under a provision of law which permits retirement, without
application of an earlier retirement reduction factor, whenever age plus years of allowable
service total at least 90.

new text begin (c) For purposes of this section, as it applies to staff of the Public Employees
Retirement Association who are at least age 62, the length of separation requirement and
termination of service requirement prohibiting return to work agreements under section
353.01, subdivisions 11a and 28, are not applicable.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2008.
new text end

Sec. 3.

Minnesota Statutes 2006, section 43A.346, subdivision 4, is amended to read:


Subd. 4.

Annuity reduction not applicable.

Notwithstanding any law to the
contrary, deleted text beginwhen an eligible state employee in a postretirement option position under this
section commences receipt of the annuity,
deleted text end the provisions of section 352.115, subdivision
10
, or 353.37 governing annuities of reemployed annuitants, shall not apply for the
duration of new text begina terminated state employee's new text endemployment in deleted text beginthedeleted text end new text begina postretirement option
new text endposition.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2008.
new text end

Sec. 4.

Minnesota Statutes 2006, section 43A.346, subdivision 5, is amended to read:


Subd. 5.

Appointing authority discretion.

The appointing authority has sole
discretion to determine if and the extent to which a postretirement option position under
this section is available to a new text beginterminated new text endstate employee. Any offer of such a position
must be made in writing to the deleted text beginemployeedeleted text end new text beginperson new text endby the appointing authority on a form
prescribed by the Department of Employee Relations and the Minnesota State Retirement
System or the Public Employees Retirement Association. new text beginIf the person is under age 62, an
offer of a postretirement option position and any related verbal offer or agreement must
not be made until at least 30 days after the person terminated employment.
new text endThe appointing
authority may not require a person to waive any rights under a collective bargaining
agreement or unrepresented employee compensation plan as a condition of participation.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2008.
new text end

Sec. 5.

Minnesota Statutes 2006, section 43A.346, subdivision 6, is amended to read:


Subd. 6.

Duration.

Postretirement option employment shall be for an initial
period not to exceed one year. During that period, the appointing authority may not
modify the conditions specified in the written offer without the deleted text beginemployee's agreementdeleted text endnew text begin
person's consent
new text end, except as required by law or by the collective bargaining agreement or
compensation plan applicable to the deleted text beginemployeedeleted text endnew text begin personnew text end. At the end of the initial period,
the appointing authority has sole discretion to determine if the offer of a postretirement
option position will be renewed, renewed with modifications, or terminated. new text beginIf the person
is under age 62, an offer of renewal and any related verbal offer or agreement must not
be made until at least 30 days after termination of the person's previous postretirement
option employment.
new text endPostretirement option employment may be renewed for periods of
up to one year, not to exceed a total duration of five years. No person shall be employed
in one or a combination of postretirement option positions under this section for a total
of more than five years.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2008.
new text end

Sec. 6.

Minnesota Statutes 2006, section 43A.346, subdivision 7, is amended to read:


Subd. 7.

Copy to fund.

The appointing authority shall provide the Minnesota
State Retirement System or the Public Employees Retirement Association with a copy of
the offer, the new text beginterminated state new text endemployee's acceptance of the terms, and any subsequent
renewal agreement.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2008.
new text end

Sec. 7.

Minnesota Statutes 2006, section 354.05, subdivision 37, is amended to read:


Subd. 37.

Termination of teaching service.

"Termination of teaching service"
means the withdrawal of a member from active teaching service by resignation or the
termination of the member's teaching contract by the employer. A member is not
considered to have terminated teaching service, if new text beginbefore the age of 62, and new text endbefore the
effective date of the termination or retirement, the member has entered into a contract to
resume teaching service with an employing unit covered by the provisions of this chapter.
new text begin A contract to return to work after retirement for an active member who has attained age
62 must comply with the provisions of section 354.444.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2008.
new text end

Sec. 8.

Minnesota Statutes 2006, section 354.44, subdivision 5, is amended to read:


Subd. 5.

Resumption of teaching service after retirement.

(a) Any person who
retired under the provisions of this chapter and has thereafter resumed teaching in any
employer unit to which this chapter applies is eligible to continue to receive payments in
accordance with the annuity except that new text beginall or a portion of the new text endannuity payments must be
deleted text begin reduceddeleted text end new text begindeferred new text endduring the calendar year immediately following any calendar year in
which the person's deleted text beginincomedeleted text end new text beginsalary new text endfrom the teaching service is in an amount greater than deleted text beginthe
annual maximum earnings allowable for that age for the continued receipt of full benefit
amounts monthly under the federal old age, survivors and disability insurance program
as set by the secretary of health and human services under United States Code, title 42,
section 403
deleted text endnew text begin $46,000new text end. The amount of the deleted text beginreduction must bedeleted text end new text beginannuity deferral is new text endone-half of
the new text beginsalary new text endamount in excess of deleted text beginthe applicable reemployment income maximum specified in
this subdivision
deleted text end new text begin$46,000 new text endand must be deducted from the annuity payable for the calendar
year immediately following the calendar year in which the excess amount was earned. deleted text beginIf
the person has not yet reached the minimum age for the receipt of Social Security benefits,
the maximum earnings for the person must be equal to the annual maximum earnings
allowable for the minimum age for the receipt of Social Security benefits.
deleted text end

(b) If the person is retired for only a fractional part of the calendar year during
the initial year of retirement, the maximum reemployment deleted text beginincomedeleted text end new text beginsalary exempt from
triggering a deferral as
new text endspecified in this subdivision must be prorated for that calendar year.

(c) After a person has reached the Social Security deleted text beginfulldeleted text end new text beginnormal new text endretirement age, no
deleted text begin reemployment income maximumdeleted text end new text begindeferral requirement new text endis applicable regardless of the
amount of deleted text beginincomedeleted text endnew text begin salarynew text end.

(d) The amount of the retirement annuity deleted text beginreductiondeleted text end new text begindeferral new text endmust be handled or
disposed of as provided in section 356.47.

(e) For the purpose of this subdivision, deleted text beginincomedeleted text end new text beginsalary new text endfrom teaching service includes,
but is not limited to:

(1) all income for services performed as a consultant or an independent contractor
for an employer unit covered by the provisions of this chapter; and

(2) the greater of either the income received or an amount based on the rate paid
with respect to an administrative position, consultant, or independent contractor in an
employer unit with approximately the same number of pupils and at the same level as the
position occupied by the person who resumes teaching service.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective January 1, 2008.
new text end

Sec. 9.

new text begin [354.444] RETURN TO WORK AGREEMENT.
new text end

new text begin Subdivision 1. new text end

new text begin Authorization. new text end

new text begin Notwithstanding any other provisions in this chapter,
an eligible person as specified in subdivision 2 is authorized to commence receipt of a
retirement annuity from the association and enter into an agreement to return to work.
This provision must be administered in accordance with the federal Internal Revenue
Code and applicable rulings.
new text end

new text begin Subd. 2. new text end

new text begin Eligibility. new text end

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

new text begin (1) is a teacher as defined by section 354.05, subdivision 2, who is at least age 62;
new text end

new text begin (2) enters into a written agreement with the employing unit to return to work; and
new text end

new text begin (3) retires under the provisions of section 354.44 and begins to draw an annuity
from the Teachers Retirement Association.
new text end

new text begin Subd. 3. new text end

new text begin Work agreement. new text end

new text begin Participation, the amount of time worked, and
the duration of participation under this section must be mutually agreed upon by the
employing unit and the employee. The employing unit may require up to a one-year notice
of intent to participate in the program as a condition of participation. The employing unit
shall determine the time of year the employee shall work. Unless otherwise specified in
this section, the employing unit may not require a person to waive any rights under a
collective bargaining agreement as a condition of participation under this section.
new text end

new text begin Subd. 4. new text end

new text begin Exclusion. new text end

new text begin For purposes of this section, "employing unit" does not include
the Minnesota State Colleges and Universities system.
new text end

new text begin Subd. 5. new text end

new text begin No service credit or contribution. new text end

new text begin Notwithstanding any law to the
contrary, an eligible person under this section may not, based on employment to which
this section applies, contribute to or earn further service credit in the Teachers Retirement
Association.
new text end

new text begin Subd. 6. new text end

new text begin Annuity application procedure. new text end

new text begin A participant in the program specified in
this section must apply for a retirement annuity under the application procedure specified
in section 354.44, subdivisions 3 and 4. A copy of the written agreement with the
employing unit must be included with the person's retirement annuity application. This
written agreement must include the termination date and reemployment date. The filing
of the initial executed agreement must occur before reemployment under the agreement
commences. The reemployment date must be after the member's accrual date.
new text end

new text begin Subd. 7. new text end

new text begin Annuity treatment. new text end

new text begin For purposes of the annuity deferral under section
354.44, subdivision 5, an eligible person under this section is a reemployed annuitant.
new text end

new text begin Subd. 8. new text end

new text begin Continuing rights. new text end

new text begin A person who returns to work under this section is a
member of the appropriate bargaining unit and is covered by the appropriate collective
bargaining contract. Except as provided in this section, the person's coverage is subject to
any part of the contract limiting rights of part-time employees.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2008.
new text end

Sec. 10.

Minnesota Statutes 2006, section 354A.31, subdivision 3, is amended to read:


Subd. 3.

Resumption of teaching after commencement of a retirement annuity.

(a) Any person who retired and is receiving a coordinated program retirement annuity
under the provisions of sections 354A.31 to 354A.41 or any person receiving a basic
program retirement annuity under the governing sections in the articles of incorporation
or bylaws and who has resumed teaching service for the school district in which the
teachers retirement fund association exists is entitled to continue to receive retirement
annuity payments, except that new text beginall or a portion of the new text endannuity payments must be deleted text beginreduceddeleted text end
new text begin deferred new text endduring the calendar year immediately following the calendar year in which the
person's deleted text beginincomedeleted text end new text beginsalary new text endfrom the teaching service is in an amount greater than deleted text beginthe annual
maximum earnings allowable for that age for the continued receipt of full benefit amounts
monthly under the federal old age, survivors, and disability insurance program as set by
the secretary of health and human services under United States Code, title 42, section 403
deleted text endnew text begin
$46,000
new text end. The amount of the deleted text beginreduction must bedeleted text end new text beginannuity deferral is new text endone-third the new text beginsalary
new text endamount in excess of deleted text beginthe applicable reemployment income maximum specified in this
subdivision
deleted text end new text begin$46,000 new text endand must be deducted from the annuity payable for the calendar year
immediately following the calendar year in which the excess amount was earned. deleted text beginIf the
person has not yet reached the minimum age for the receipt of Social Security benefits,
the maximum earnings for the person must be equal to the annual maximum earnings
allowable for the minimum age for the receipt of Social Security benefits.
deleted text end

(b) If the person is retired for only a fractional part of the calendar year during
the initial year of retirement, the maximum reemployment deleted text beginincomedeleted text end new text beginsalary exempt from
triggering a deferral as
new text endspecified in this subdivision must be prorated for that calendar year.

(c) After a person has reached the new text beginSocial Security normal retirement new text endage deleted text beginof 70deleted text end, no
deleted text begin reemployment income maximumdeleted text end new text begindeferral requirement new text endis applicable regardless of the
amount of any compensation received for teaching service for the school district in which
the teachers retirement fund association exists.

(d) The amount of the retirement annuity deleted text beginreductiondeleted text end new text begindeferral new text endmust be handled or
disposed of as provided in section 356.47.

(e) For the purpose of this subdivision, deleted text beginincomedeleted text end new text beginsalary new text endfrom teaching service
includes: (i) all income for services performed as a consultant or independent contractor;
or income resulting from working with the school district in any capacity; and (ii) the
greater of either the income received or an amount based on the rate paid with respect to
an administrative position, consultant, or independent contractor in the school district in
which the teachers retirement fund association exists and at the same level as the position
occupied by the person who resumes teaching service.

(f) On or before February 15 of each year, each applicable employing unit shall
report to the teachers retirement fund association the amount of postretirement deleted text beginincomedeleted text end
new text begin salary new text endas defined in this subdivision, earned as a teacher, consultant, or independent
contractor during the previous calendar year by each retiree of the teachers retirement
fund association for teaching service performed after retirement. The report must be in
a format approved by the executive secretary or director.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective January 1, 2008.
new text end

Sec. 11. new text beginPERA POLICE AND FIRE; TEMPORARY EXEMPTION FROM
REEMPLOYED ANNUITANT EARNINGS LIMITATIONS.
new text end

new text begin Notwithstanding any provision of Minnesota Statutes, section 353.37, to the
contrary, a person who is receiving a retirement annuity from the public employees
police and fire plan and who is employed as a sworn peace officer by the Metropolitan
Airports Commission is exempt from the limitation on reemployed annuitant exempt
earnings under Minnesota Statutes, section 353.37, for the period January 1, 2008, until
December 31, 2009.
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

Sec. 12. new text beginBYLAW REVISION AUTHORIZATION.
new text end

new text begin Consistent with section 10 and Minnesota Statutes, section 354A.12, subdivision 4,
the St. Paul Teachers Retirement Fund Association and the Duluth Teachers Retirement
Fund Association are authorized to revise their bylaws or articles of incorporation
to specify that a person receiving a basic program retirement annuity or an old law
coordinated program annuity under the governing sections in the articles of incorporation
or bylaws who has resumed teaching service for the school district is entitled to continue
receiving retirement annuity payments, except that all or a portion of the annuity payments
must be deferred during the calendar year immediately following the calendar year in
which the person's salary from the reemployment exceeds $46,000. The amount of the
annuity deferral is one-third of the salary amount in excess of $46,000. After a person has
reached Social Security normal retirement age, the deferral requirement no longer applies.
Any deferral amounts must be treated as specified in Minnesota Statutes, section 356.47.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2008.
new text end

ARTICLE 4

MANDATORY JOINT AND SURVIVOR BENEFIT FORM

Section 1.

Minnesota Statutes 2006, section 352.12, subdivision 2, is amended to read:


Subd. 2.

Surviving spouse benefit.

(a) If an employee or former employee has
credit for at least three years allowable service and dies before an annuity or disability
benefit has become payable, notwithstanding any designation of beneficiary to the contrary,
the surviving spouse of the employee may elect to receive, in lieu of the refund with
interest under subdivision 1, an annuity equal to the joint and 100 percent survivor annuity
which the employee or former employee could have qualified for on the date of death.

(b) If the employee was under age 55 and has credit for at least 30 years of allowable
service on the date of death, the surviving spouse may elect to receive a 100 percent joint
and survivor annuity based on the age of the employee and surviving spouse on the date
of death. The annuity is payable using the full early retirement reduction under section
352.116, subdivision 1, paragraph (a), to age 55 and one-half of the early retirement
reduction from age 55 to the age payment begins.

(c) If the employee was under age 55 and has credit for at least three years of
allowable service credit on the date of death but did not yet qualify for retirement, the
surviving spouse may elect to receive a 100 percent joint and survivor annuity based on
the age of the employee and surviving spouse at the time of death. The annuity is payable
using the full early retirement reduction under section 352.116, subdivision 1 or 1a, to age
55 and one-half of the early retirement reduction from age 55 to the age payment begins.

new text begin (d) new text endThe surviving spouse eligible for benefits under paragraph (a) may apply for the
annuity at any time after the date on which the employee or former employee would
have attained the required age for retirement based on the allowable service earned.
The surviving spouse eligible for surviving spouse benefits under paragraph (b) or (c)
may apply for the annuity at any time after the employee's death. The annuity must be
computed under sections 352.115, subdivisions 1, 2, and 3, and 352.116, subdivisions 1,
1a, and 3
. Sections 352.22, subdivision 3, and 352.72, subdivision 2, apply to a deferred
annuity or surviving spouse benefit payable under this subdivision. The annuity must cease
with the last payment received by the surviving spouse in the lifetime of the surviving
spouse, or upon expiration of a term certain benefit payment to a surviving spouse under
subdivision 2a. An amount equal to the excess, if any, of the accumulated contributions
credited to the account of the deceased employee in excess of the total of the benefits paid
and payable to the surviving spouse must be paid to the deceased employee's or former
employee's last designated beneficiary or, if none, as specified under subdivision 1.

new text begin (e) new text endAny employee or former employee may request in writingnew text begin, with the signed
consent of the spouse,
new text end that this subdivision not apply and that payment be made only to a
designated beneficiary as otherwise provided by this chapter.

new text begin EFFECTIVE DATE. new text end

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

Sec. 2.

Minnesota Statutes 2006, section 352.931, subdivision 1, is amended to read:


Subdivision 1.

Surviving spouse benefit.

(a) If the correctional employee was at
least age 50, has credit for at least three years of allowable service, and dies before an
annuity or disability benefit has become payable, notwithstanding any designation of
beneficiary to the contrary, the surviving spouse of the employee may elect to receive,
in lieu of the refund under section 352.12, subdivision 1, an annuity for life equal to the
joint and 100 percent survivor annuity which the employee could have qualified for had
the employee terminated service on the date of death. The election may be made at any
time after the date of death of the employee. The surviving spouse benefit begins to
accrue as of the first of the month next following the date on which the application for
the benefit was filed.

(b) If the employee was under age 50, dies, and had credit for at least three years of
allowable service credit on the date of death but did not yet qualify for retirement, the
surviving spouse may elect to receive a 100 percent joint and survivor annuity based on
the age of the employee and surviving spouse at the time of death. The annuity is payable
using the early retirement reduction under section 352.93, subdivision 2a, to age 50, and
one-half of the early retirement reduction from age 50 to the age payment begins. The
surviving spouse eligible for surviving spouse benefits under this paragraph may apply
for the annuity at any time after the employee's death. Sections 352.22, subdivision 3,
and 352.72, subdivision 2, apply to a deferred annuity or surviving spouse benefit payable
under this subdivision.

(c) The annuity must cease with the last payment received by the surviving spouse
in the lifetime of the surviving spouse. Any employee may request in writingnew text begin, with the
signed consent of the spouse,
new text end that this subdivision not apply and that payment be made
only to a designated beneficiary as otherwise provided by this chapter.

new text begin EFFECTIVE DATE. new text end

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

Sec. 3.

Minnesota Statutes 2006, section 353.30, subdivision 3, is amended to read:


Subd. 3.

Optional retirement annuity forms.

The board of trustees shall establish
optional annuities which shall take the form of a joint and survivor annuity. Except as
provided in subdivision 3a, the optional annuity forms shall be actuarially equivalent to
the forms provided in section 353.29 and subdivisions 1, 1a, 1b, 1c, and 5. In establishing
those optional forms, the board shall obtain the written recommendation of the actuary
retained under section 356.214. The recommendations shall be a part of the permanent
records of the board. A member or former member may select an optional form of
annuitynew text begin, subject to the provisions of section 356.46,new text end in lieu of accepting any other form of
annuity which might otherwise be available.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective January 1, 2009.
new text end

Sec. 4.

Minnesota Statutes 2007 Supplement, section 353.32, subdivision 1a, is
amended to read:


Subd. 1a.

Surviving spouse optional annuity.

(a) If a member or former member
who has credit for not less than three years of allowable service and dies before the
annuity or disability benefit begins to accrue under section 353.29, subdivision 7, or
353.33, subdivision 2, notwithstanding any designation of beneficiary to the contrary, the
surviving spouse may elect to receive, instead of a refund with interest under subdivision
1, or surviving spouse benefits otherwise payable under section 353.31, an annuity equal
to a 100 percent joint and survivor annuity computed consistent with section 353.30,
subdivision 1a
, 1c, or 5, whichever is applicable.

(b) If a member first became a public employee or a member of a pension fund listed
in section 356.30, subdivision 3, before July 1, 1989, and has credit for at least 30 years
of allowable service on the date of death, the surviving spouse may elect to receive a
100 percent joint and survivor annuity computed using section 353.30, subdivision 1b,
except that the early retirement reduction under that provision will be applied from age
62 back to age 55 and one-half of the early retirement reduction from age 55 back to
the age payment begins.

(c) If a member who was under age 55 and has credit for at least three years
of allowable service dies, but did not qualify for retirement on the date of death, the
surviving spouse may elect to receive a 100 percent joint and survivor annuity computed
using section 353.30, subdivision 1c or 5, as applicable, except that the early retirement
reduction specified in the applicable subdivision will be applied to age 55 and one-half of
the early retirement reduction from age 55 back to the age payment begins.

(d) Notwithstanding the definition of surviving spouse in section 353.01, subdivision
20
, a former spouse of the member, if any, is entitled to a portion of the monthly surviving
spouse optional annuity if stipulated under the terms of a marriage dissolution decree filed
with the association. If there is no surviving spouse or child or children, a former spouse
may be entitled to a lump-sum refund payment under subdivision 1, if provided for in a
marriage dissolution decree, but not a monthly surviving spouse optional annuity, despite
the terms of a marriage dissolution decree filed with the association.

(e) The surviving spouse eligible for surviving spouse benefits under paragraph (a)
may apply for the annuity at any time after the date on which the deceased employee
would have attained the required age for retirement based on the employee's allowable
service. The surviving spouse eligible for surviving spouse benefits under paragraph (b) or
(c) may apply for an annuity any time after the member's death.

(f) Sections 353.34, subdivision 3, and 353.71, subdivision 2, apply to a deferred
annuity or surviving spouse benefit payable under this subdivision.

(g) An amount equal to any excess of the accumulated contributions that were
credited to the account of the deceased employee over and above the total of the annuities
paid and payable to the surviving spouse must be paid to the surviving spouse's estate.

(h) A member may specify in writingnew text begin, with the signed consent of the spouse,new text end that
this subdivision does not apply and that payment may be made only to the designated
beneficiary as otherwise provided by this chapter. The waiver of a surviving spouse
annuity under this section does not make a dependent child eligible for benefits under
subdivision 1c.

(i) If the deceased member or former member first became a public employee or a
member of a public pension plan listed in section 356.30, subdivision 3, on or after July
1, 1989, a survivor annuity computed under paragraph (a) or (c) must be computed as
specified in section 353.30, subdivision 5, except for the revised early retirement reduction
specified in paragraph (c), if paragraph (c) is the applicable provision.

(j) For any survivor annuity determined under this subdivision, the payment is to be
based on the total allowable service that the member had accrued as of the date of death
and the age of the member and surviving spouse on that date.

new text begin EFFECTIVE DATE. new text end

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

Sec. 5.

Minnesota Statutes 2007 Supplement, section 353.657, subdivision 2a, is
amended to read:


Subd. 2a.

Death while eligible survivor benefit.

(a) If a member or former
member who has attained the age of at least 50 years and has credit for not less than
three years allowable service or who has credit for at least 30 years of allowable service,
regardless of age attained, dies before the annuity or disability benefit becomes payable,
notwithstanding any designation of beneficiary to the contrary, the surviving spouse may
elect to receive a death while eligible survivor benefit.

(b) Notwithstanding the definition of surviving spouse in section 353.01, subdivision
20
, a former spouse of the member, if any, is entitled to a portion of the death while
eligible survivor benefit if stipulated under the terms of a marriage dissolution decree
filed with the association. If there is no surviving spouse or child or children, a former
spouse may be entitled to a lump-sum refund payment under section 353.32, subdivision
1
, if provided for in a marriage dissolution decree but not a death while eligible survivor
benefit despite the terms of a marriage dissolution decree filed with the association.

(c) The benefit may be elected instead of a refund with interest under section 353.32,
subdivision 1
, or surviving spouse benefits otherwise payable under subdivisions 1 and
2. The benefit must be an annuity equal to the 100 percent joint and survivor annuity
which the member could have qualified for on the date of death, computed as provided in
sections 353.651, subdivisions 2 and 3, and 353.30, subdivision 3.

(d) The surviving spouse may apply for the annuity at any time after the date
on which the deceased employee would have attained the required age for retirement
based on the employee's allowable service. Sections 353.34, subdivision 3, and 353.71,
subdivision 2
, apply to a deferred annuity payable under this subdivision.

(e) No payment accrues beyond the end of the month in which entitlement to
such annuity has terminated. An amount equal to the excess, if any, of the accumulated
contributions which were credited to the account of the deceased employee over and
above the total of the annuities paid and payable to the surviving spouse must be paid to
the deceased member's last designated beneficiary or, if none, to the legal representative of
the estate of such deceased member.

(f) Any member may request in writingnew text begin, with the signed consent of the spouse,new text end that
this subdivision not apply and that payment be made only to the designated beneficiary, as
otherwise provided by this chapter.

(g) For a member who is employed as a full-time firefighter by the Department of
Military Affairs of the state of Minnesota, allowable service as a full-time state Military
Affairs Department firefighter credited by the Minnesota State Retirement System may be
used in meeting the minimum allowable service requirement of this subdivision.

new text begin EFFECTIVE DATE. new text end

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

Sec. 6.

Minnesota Statutes 2006, section 353E.07, subdivision 7, is amended to read:


Subd. 7.

Election that section does not apply.

A member may specify in writingnew text begin,
with the signed consent of the spouse,
new text end that this section does not apply and that payment
must be made only to the designated beneficiary, as otherwise provided by this chapter.

new text begin EFFECTIVE DATE. new text end

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

Sec. 7.

Minnesota Statutes 2006, section 356.46, as amended by Laws 2007, chapter
134, article 2, section 44, is amended to read:


356.46 APPLICATION FOR RETIREMENT ANNUITY; PROCEDURE
FOR ELECTING ANNUITY FORMnew text begin; MANDATORY JOINT AND SURVIVOR
OPTIONAL ANNUITY FORM
new text end.

Subdivision 1.

Definitions.

As used in this section, each of the following terms shall
have the meaning given.

(a) "Annuity form" means the payment procedure and duration of a retirement
annuity or disability benefit available to a member of a public pension deleted text beginfunddeleted text endnew text begin plannew text end, based on
the period over which a retirement annuity or disability benefit is payable, determined by
the number of persons to whom the retirement annuity or disability benefit is payable, and
the amount of the retirement annuity or disability benefit which is payable to each person.

(b) "Joint and survivor optional annuity" means an optional annuity form which
provides a retirement annuity or disability benefit to a retired membernew text begin or disabilitantnew text end
and the spouse of the membernew text begin or disabilitantnew text end on a joint basis during the lifetime of the
retired membernew text begin or disabilitantnew text end and all or a portion of the original retirement annuity or
disability benefit amount to the surviving spouse in the event of the death of the retired
membernew text begin or disabilitantnew text end.

(c) "Optional annuity form" means an annuity form which is elected by a member
and is not provided automatically as the standard annuity form of the public pension plan.

(d) "Public pension plan" means a public pension plan as defined under section
356.63, paragraph (b).

(e) "Retirement annuity" means a series of monthly payments to which a former or
retired member of a public pension deleted text beginfunddeleted text endnew text begin plannew text end is entitled due to attaining a specified age
and acquiring credit for a specified period of service, which includes a retirement annuity,
retirement allowance, or service pension.

(f) "Disability benefit" means a series of monthly payments to which a former or
disabled member of a public pension deleted text beginfunddeleted text endnew text begin plannew text end is entitled due to a physical or mental
inability to engage in specified employment.

Subd. 2.

Provision of information on annuity forms.

new text begin(a) new text endEvery public pension
plan which provides for an annuity form other than a single life deleted text beginretirementdeleted text end annuity as an
option which can be elected by an active, disabled, or retiring member shall provide as a
part of, or accompanying the annuity application form, a written statement summarizing
the deleted text beginoptionaldeleted text end annuity forms which are available, a general indication of the consequences
of selecting one annuity form over another, a calculation of the actuarial reduction in the
amount of the retirement annuity which would be required for each optional annuity
form, and the procedure to be followed to obtain more information from the public
pension deleted text beginfunddeleted text endnew text begin plan administrationnew text end concerning deleted text beginthe optionaldeleted text endnew text begin allnew text end annuity forms provided by
the plan.new text begin If the public pension plan offers joint and survivor optional annuity forms, the
annuity application and accompanying information must include a statement informing
the member and the member's spouse that, notwithstanding any law to the contrary,
unless the spouse waives any rights to an optional annuity by a notarized statement on
the annuity application or other form provided by the pension plan administration, the
public pension plan administration shall assume that the member selected the 50 percent
joint and survivor optional annuity form.
new text end

new text begin (b) In lieu of the notarized statement requirement referred to in paragraph (a), the
pension plan administration may accept a statement which has been verified, including
electronic verification, by administrators of the pension plan.
new text end

Subd. 3.

Requirement of notice to member's spouse.

(a) deleted text beginExcept as specified
in paragraph (c), if a
deleted text endnew text begin Everynew text end public pension plan new text beginadministration that new text endprovides deleted text beginoptional
retirement annuity forms which include
deleted text end new text beginfor new text enda joint and survivor optional retirement new text beginor
disability
new text endannuity deleted text beginformdeleted text end potentially applicable to the surviving spouse of a memberdeleted text begin, the
executive director of the public pension plan
deleted text end shall send a copy of the written statement
required by subdivision 2 to the spouse of the member before the member's deleted text beginelectiondeleted text endnew text begin
selection
new text end of deleted text begina retirement annuitydeleted text endnew text begin the form of retirement or disability benefitnew text end.

(b) Following the deleted text beginelectiondeleted text endnew text begin selectionnew text end of a retirement new text beginor disability new text endannuity by the
member, a copy of the completed deleted text beginretirementdeleted text end annuity application and deleted text beginretirementdeleted text end annuity
beneficiary form, if applicable, must be sent by the executive director of the public
pension plan to the spouse of the retiring new text beginor disabled new text endmember. A signed acknowledgment
must be required from the spouse confirming receipt of a copy of the completed deleted text beginretirementdeleted text end
annuity application and deleted text beginretirementdeleted text end annuity beneficiary form, unless the spouse's signature
deleted text begin confirmingdeleted text endnew text begin acknowledgingnew text end the deleted text beginreceiptdeleted text endnew text begin annuity form selectednew text end is on the annuity applicationnew text begin
or other
new text end formnew text begin as designated by the plannew text end. If the deleted text beginrequired signed acknowledgment isdeleted text endnew text begin public
pension plan administration has
new text end not received from the spouse within 30 daysdeleted text begin,deleted text endnew text begin a signed
acknowledgment, because the annuity application or other form as designated by the public
pension plan administration did not include the spouse's signature,
new text end the executive director
of the public pension plan must deleted text beginsend another copy of the completed retirement annuity
application
deleted text end new text beginnotify the member new text endand deleted text beginretirement annuity beneficiary form, if applicable, todeleted text end
thenew text begin member'snew text end spouse new text beginthat the 50 percent joint and survivor annuity form, or a higher joint
and survivor form if selected, shall be paid if the spouse does not acknowledge the annuity
form selected by the member by responding to the second notice sent to the spouse within
30 days. The second notice must be sent
new text endby certified mail with restricted delivery.

(c) new text beginIf a public pension plan administration receives notice that the provisions of
this section have not been complied with, or if a member selects a benefit form without
the valid consent of the member's spouse, the executive director of the public pension
plan shall suspend the payment of monthly benefits and shall take all actions necessary
to comply with this subdivision.
new text end

new text begin (d) new text endFor the Teachers Retirement Association, the statement to the spouse that is
required under paragraph (a) must be sent before or upon the member's election of an
annuity.

new text begin Subd. 4. new text end

new text begin Plan exclusions. new text end

new text begin This section does not apply to:
new text end

new text begin (1) any volunteer fire relief association to which sections 69.771 to 69.776 apply; and
new text end

new text begin (2) any plan under which the applicable surviving spouse would receive automatic
surviving spouse coverage if a joint and survivor annuity were not elected.
new text end

new text begin Subd. 5. new text end

new text begin Disabilitant survivor treatment. new text end

new text begin This section should not be interpreted as
prohibiting payment of a survivor annuity to the spouse of a deceased disabilitant, in lieu of
any other annuity, if laws specific to the plan provide for a higher surviving spouse annuity.
new text end

new text begin Subd. 6. new text end

new text begin Limitations due to marriage dissolution. new text end

new text begin The requirement to pay a 50
percent joint and survivor annuity is void if there is a court order to the contrary.
new text end

new text begin Subd. 7. new text end

new text begin Liability waiver. new text end

new text begin The pension fund and plan, its employees, and any agent
working on behalf of the plan administration are not liable for harm caused by any act of
fraud committed by the retiring member or current or previous spouse, or any information
withheld from, or incorrect information supplied to the plan administration.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective January 1, 2009, and applies to
annuities that are elected and commence on or after that date.
new text end

ARTICLE 5

ADMINISTRATIVE PROVISIONS

Section 1.

Minnesota Statutes 2007 Supplement, section 352.01, subdivision 2a,
is amended to read:


Subd. 2a.

Included employees.

(a) "State employee" includes:

(1) employees of the Minnesota Historical Society;

(2) employees of the State Horticultural Society;

(3) employees of the Minnesota Crop Improvement Association;

(4) employees of the adjutant general who are paid from federal funds and who are
not covered by any federal civilian employees retirement system;

(5) employees of the Minnesota State Colleges and Universities employed under the
university or college activities program;

(6) currently contributing employees covered by the system who are temporarily
employed by the legislature during a legislative session or any currently contributing
employee employed for any special service as defined in subdivision 2b, clause (8);

(7) employees of the legislature appointed without a limit on the duration of their
employment and persons employed or designated by the legislature or by a legislative
committee or commission or other competent authority to conduct a special inquiry,
investigation, examination, or installation;

(8) trainees who are employed on a full-time established training program
performing the duties of the classified position for which they will be eligible to receive
immediate appointment at the completion of the training period;

(9) employees of the Minnesota Safety Council;

(10) any employees on authorized leave of absence from the Transit Operating
Division of the former Metropolitan Transit Commission who are employed by the
labor organization which is the exclusive bargaining agent representing employees of
the Transit Operating Division;

(11) employees of the Metropolitan Council, Metropolitan Parks and Open Space
Commission, Metropolitan Sports Facilities Commission, Metropolitan Mosquito Control
Commission, or Metropolitan Radio Board unless excluded or covered by another public
pension fund or plan under section 473.415, subdivision 3;

(12) judges of the Tax Court;

(13) personnel employed on June 30, 1992, by the University of Minnesota in the
management, operation, or maintenance of its heating plant facilities, whose employment
transfers to an employer assuming operation of the heating plant facilities, so long as the
person is employed at the University of Minnesota heating plant by that employer or by its
successor organization;

(14) seasonal help in the classified service employed by the Department of Revenue;

(15) persons employed by the Department of Commerce as a peace officer in
the Insurance Fraud Prevention Division under section 45.0135 who have attained the
mandatory retirement age specified in section 43A.34, subdivision 4;

(16) employees of the University of Minnesota unless excluded under subdivision
2b, clause (3); deleted text beginand
deleted text end

(17) employees of the Middle Management Association whose employment began
after July 1, 2007, and to whom section 352.029 does not applydeleted text begin.deleted text endnew text begin; and
new text end

new text begin (18) employees of the Minnesota Government Engineers Council to whom section
352.029 does not apply.
new text end

(b) Employees specified in paragraph (a), clause (13), are included employees under
paragraph (a) if employer and employee contributions are made in a timely manner in the
amounts required by section 352.04. Employee contributions must be deducted from
salary. Employer contributions are the sole obligation of the employer assuming operation
of the University of Minnesota heating plant facilities or any successor organizations to
that employer.

Sec. 2.

Minnesota Statutes 2007 Supplement, section 352.017, subdivision 2, is
amended to read:


Subd. 2.

Purchase procedure.

(a) An employee covered by a plan specified in
this chapter may purchase credit for allowable service in that plan for a period specified
in subdivision 1 if the employee makes a payment as specified in paragraph (b) or (c),
whichever applies. The employing unit, at its option, may pay the employer portion of the
amount specified in paragraph (b) on behalf of its employees.

(b) If payment is received by the executive director within one year from the deleted text beginend ofdeleted text end
new text begin date the employee returned to work following new text endthe authorized leave, the payment amount is
equal to the employee and employer contribution rates specified in law for the applicable
plan at the end of the leave period multiplied by the employee's hourly rate of salary on
the date of return from the leave of absence and by the days and months of the leave of
absence for which the employee deleted text beginwantsdeleted text end new text beginis eligible for new text endallowable service credit. deleted text beginPayments
made under this paragraph
deleted text end new text beginThe payment new text endmust include compound interest at a monthly
rate of 0.71 percent from the last day of the leave period until the last day of the month in
which payment is received.new text begin If payment is received by the executive director after one year,
the payment amount is the amount determined under section 356.551. Payment under this
paragraph must be made before the date of termination from public employment covered
under this chapter.
new text end

(c) deleted text beginIf payment is received by the executive director after one year, the payment
amount is the amount determined under section 356.551.
deleted text endnew text begin If the employee terminates
employment covered by this chapter during the leave or following the leave rather than
returning to covered employment, payment must be received by the executive director
within 30 days after the termination date. The payment amount is equal to the employee
and employer contribution rates specified in law for the applicable plan on the day prior to
the termination date, multiplied by the employee's hourly rate of salary on that date and by
the days and months of the leave of absence prior to termination.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective retroactively from July 1, 2007.
new text end

Sec. 3.

Minnesota Statutes 2006, section 352.03, subdivision 4, is amended to read:


Subd. 4.

Duties and powers of board of directors.

new text begin(a) new text endThe board shall:

(1) elect a chair;

(2) appoint an executive director;

(3) establish rules to administer this chapter and chapters 3A, 352B, 352C, 352D,
and 490 and transact the business of the system, subject to the limitations of law;

(4) consider and dispose of, or take any other action the board of directors deems
appropriate concerning denials of applications for annuities or disability benefits under
this chapter, and complaints of employees and others pertaining to the retirement of
employees and the operation of the system;

deleted text begin (5) advise the director on any matters relating to the system and carrying out
functions and purposes of this chapter. The board's advice shall control; and
deleted text end

deleted text begin (6)deleted text end new text begin(5) new text endoversee the administration of the state deferred compensation plan established
in section 352.96new text begin; and
new text end

new text begin (6) oversee the administration of the health care savings plan established in section
352.98
new text end.

deleted text begin The director and assistant director must be in the unclassified service but appointees
may be selected from civil service lists if desired. The salary of the executive director
must be as provided by section 15A.0815. The salary of the assistant director must be set
in accordance with section 43A.18, subdivision 3.
deleted text end

new text begin (b) The board shall advise the director on any matters relating to the system and
carrying out functions and purposes of this chapter. The board's advice shall control.
new text end

new text begin EFFECTIVE DATE. new text end

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

Sec. 4.

Minnesota Statutes 2006, section 352.03, subdivision 5, is amended to read:


Subd. 5.

Executive directornew text begin; assistant directornew text end.

new text begin(a) new text endThe executive director, in this
chapter called the director, of the system must be appointed by the board on the basis of
fitness, experience in the retirement field, and leadership ability. The director must have
had at least five years' experience on the administrative staff of a major retirement system.

new text begin (b) The executive director and assistant director must be in the unclassified service
but appointees may be selected from civil service lists if desired. The salary of the
executive director must be as provided by section 15A.0815. The salary of the assistant
director must be set in accordance with section 43A.18, subdivision 3.
new text end

new text begin EFFECTIVE DATE. new text end

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

Sec. 5.

Minnesota Statutes 2006, section 352.22, subdivision 10, is amended to read:


Subd. 10.

Other refunds.

Former employees covered by the system are entitled
to apply for refunds if they are or become members of the State Patrol retirement fund,
the state Teachers Retirement Association, or employees of the University of Minnesota
excluded from coverage under the system by action of the Board of Regents; or employees
of the adjutant general who under federal law effectually elect membership in a federal
retirement system; or officers or employees of the senate or house of representatives,
excluded from coverage under section 352.01, subdivision 2b, clause (7). The refunds
must include accumulated contributions plus interest as provided in subdivision 2. deleted text beginThese
employees may apply for a refund once 30 days or more have elapsed after their coverage
ceases, even if they continue in state service but in positions not covered by this chapter.
deleted 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

Sec. 6.

Minnesota Statutes 2007 Supplement, section 352.955, subdivision 3, is
amended to read:


Subd. 3.

Payment of additional equivalent contributions; post-June 30, 2007,
coverage transfers.

(a) An eligible employee who deleted text beginwasdeleted text end new text beginis new text endtransferred to plan coverage
after June 30, 2007, and who elects to transfer past service credit under this section must
pay an additional member contribution for that prior service period. The additional
member contribution is deleted text begin(1) the difference between the member contribution rate or rates
for the general state employees retirement plan of the Minnesota State Retirement System
for the period of employment covered by the service credit to be transferred and the
member contribution rate or rates for the correctional state employees retirement plan
for the most recent 12 month period of employment covered by the service credit to be
transferred, plus annual compound interest at the rate of 8.5 percent, and (2)
deleted text end new text beginthe amount
computed under paragraph (b), plus the greater of the amount computed under paragraph
(c), or
new text end40 percent of the unfunded actuarial accrued liability attributable to the past service
credit transfer. deleted text beginThe unfunded actuarial accrued liability attributable to the past service
credit transfer is the present value of the benefit obtained by the transfer of the service
credit to the correctional state employees retirement plan reduced by the amount of the
asset transfer under subdivision 4, by the amount of the member contribution equivalent
payment under clause (1), and by the amount of the employer contribution equivalent
payment under paragraph (c), clause (1).
deleted text end

(b) new text beginThe executive director shall compute, for the most recent 12 months of service
credit eligible for transfer, or for the entire period eligible for transfer if less than 12
months, the difference between the employee contribution rate or rates for the general state
employees retirement plan and the employee contribution rate or rates for the correctional
state employees retirement plan applied to the eligible employee's salary during that
transfer period, plus compound interest at a monthly rate of 0.71 percent.
new text end

new text begin (c) The executive director shall compute, for any service credit being transferred
on behalf of the eligible employee and not included under paragraph (b), the difference
between the employee contribution rate or rates for the general state employees retirement
plan and the employee contribution rate or rates for the correctional state employees
retirement plan applied to the eligible employee's salary during that transfer period, plus
compound interest at a monthly rate of 0.71 percent.
new text end

new text begin (d) The executive director shall compute an amount using the process specified in
paragraph (b), but based on differences in employer contribution rates between the general
state employees retirement plan and the correctional state employees retirement plan
rather than employee contribution rates.
new text end

new text begin (e) The executive director shall compute an amount using the process specified in
paragraph (c), but based on differences in employer contribution rates between the general
state employees retirement plan and the correctional state employees retirement plan
rather than employee contribution rates.
new text end

new text begin (f) new text endThe additional equivalent member contribution under this subdivision must be
paid in a lump sum. Payment must accompany the election to transfer the prior service
credit. No transfer election or additional equivalent member contribution payment may be
made by a person or accepted by the executive director after the one year anniversary date
of the effective date of the retirement coverage transfer, or the date on which the eligible
employee terminates state employment, whichever is earlier.

deleted text begin (c)deleted text end new text begin(g) new text endIf an eligible employee elects to transfer past service credit under this section
and pays the additional equivalent member contribution amount under deleted text beginsubdivision 2deleted text endnew text begin
paragraph (a)
new text end, the applicable department shall pay an additional equivalent employer
contribution amount. The additional employer contribution is deleted text begin(1) the difference between
the employer contribution rate or rates for the general state employees retirement plan
for the period of employment covered by the service credit to be transferred and the
employer contribution rate or rates for the correctional state employees retirement
plan for the period of employment covered by the service credit to be transferred, plus
annual compound interest at the rate of 8.5 percent, and (2)
deleted text end new text beginthe amount computed under
paragraph (d), plus the greater of the amount computed under paragraph (e), or
new text end60 percent
of the unfunded actuarial accrued liability attributable to the past service credit transferdeleted text begin
calculated as provided in paragraph (a), clause (2)
deleted text end.

new text begin (h) The unfunded actuarial accrued liability attributable to the past service credit
transfer is the present value of the benefit obtained by the transfer of the service credit
to the correctional state employees retirement plan reduced by the amount of the asset
transfer under subdivision 4, by the amount of the member contribution equivalent
payment computed under paragraph (b), and by the amount of the employer contribution
equivalent payment computed under paragraph (d).
new text end

deleted text begin (d)deleted text end new text begin(i) new text endThe additional equivalent employer contribution under this subdivision must
be paid in a lump sum and must be paid within 30 days of the date on which the executive
director of the Minnesota State Retirement System certifies to the applicable department
that the employee paid the additional equivalent member contribution.

new text begin EFFECTIVE DATE. new text end

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

Sec. 7.

Minnesota Statutes 2007 Supplement, section 352.955, subdivision 5, is
amended to read:


Subd. 5.

Effect of the asset transfer.

Upon the transfer of assets under subdivision
4, the service credit in the general state employees retirement plan of the Minnesota State
Retirement System new text beginrelated to the period being transferred new text endis forfeited and may not be
reinstated. The transferred service credit and the transferred assets must be credited to the
correctional state employees retirement plan and fund, respectively.

new text begin EFFECTIVE DATE. new text end

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

Sec. 8.

Minnesota Statutes 2006, section 352.98, subdivision 1, is amended to read:


Subdivision 1.

Plan created.

new text beginThis section must be administered by the executive
director of the system with the advice and consent of the board of directors.
new text endThe deleted text beginMinnesota
State Retirement System
deleted text end new text beginexecutive director new text endshall establish a plan or plans, known as health
care savings plans, through which deleted text beginpublic employers and employeesdeleted text endnew text begin an officer or employee
of the state or of a political subdivision, including officers or employees covered by a plan
or fund specified in chapter 353D, 354B, 354D, 424A, or section 356.20, subdivision 2,
new text end
may save to cover health care costs. new text beginFor purposes of this section, a volunteer firefighter
is an employee.
new text endThe deleted text beginMinnesota State Retirement Systemdeleted text end new text beginexecutive director new text endshall make
available one or more trusts, including a governmental trust or governmental trusts,
authorized under the Internal Revenue Code to be eligible for tax-preferred or tax-free
treatment through which employers and employees can save to cover health care costs.

new text begin EFFECTIVE DATE. new text end

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

Sec. 9.

Minnesota Statutes 2006, section 352.98, subdivision 2, is amended to read:


Subd. 2.

Contracting authorized.

The deleted text beginMinnesota State Retirement System is
authorized to
deleted text end new text beginexecutive director shall new text endadminister the plan and deleted text begintodeleted text end contract with public and
private entities to provide investment services, record keeping, benefit payments, and other
functions necessary for the administration of the plan. If allowed by the Minnesota State
Board of Investment, the Minnesota State Board of Investment supplemental investment
funds may be offered as investment options under the health care savings plan or plans.

new text begin EFFECTIVE DATE. new text end

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

Sec. 10.

Minnesota Statutes 2006, section 352.98, subdivision 3, is amended to read:


Subd. 3.

Contributions.

(a) Contributions to the plan must be deleted text begindetermined throughdeleted text end
new text begin defined in new text enda personnel policy or in a collective bargaining agreement of a public employer
deleted text begin with the exclusive representative of the covered employees in an appropriate unitdeleted text endnew text begin or
political subdivision
new text end. The deleted text beginMinnesota State Retirement Systemdeleted text end new text beginexecutive director new text endmay
offer different types of trusts permitted under the Internal Revenue Code to best meet the
needs of different deleted text beginemployeedeleted text end new text beginemployer new text endunits.

(b) Contributions to the plan by or on behalf of the deleted text beginemployeedeleted text end new text beginparticipant new text endmust
be held in trust for reimbursement of deleted text beginemployee and dependentdeleted text end new text begineligible new text endhealth-related
expenses new text beginfor participants and their dependents new text endfollowing deleted text beginretirementdeleted text end new text begintermination new text endfrom
public employment or during active employment. The deleted text beginMinnesota State Retirement
System
deleted text end new text beginexecutive director new text endshall maintain a separate account of the contributions made by
or on behalf of each participant and the earnings thereon. The deleted text beginMinnesota State Retirement
System
deleted text end new text beginexecutive director new text endshall make available a limited range of investment options,
and each deleted text beginemployeedeleted text end new text beginparticipant new text endmay direct the investment of the accumulations in the
deleted text begin employee'sdeleted text end new text beginparticipant's new text endaccount among the investment options made available by the
deleted text begin Minnesota State Retirement Systemdeleted text endnew text begin executive directornew text end. deleted text beginAt the request of a participating
employer and employee group, the Minnesota State Retirement System may determine
how the assets of the affected employer and employee group should be invested.
deleted text end

(c) This section does not obligate a public employer to meet and negotiate in good
faith with the exclusive bargaining representative of any public employee group regarding
an employer contribution to a postretirement or active employee health care savings plan
authorized by this section and section 356.24, subdivision 1, clause (7). It is not the intent
of the legislature to authorize the state to incur new funding obligations for the costs of
retiree health care or the costs of administering retiree health care plans or accounts.

new text begin EFFECTIVE DATE. new text end

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

Sec. 11.

Minnesota Statutes 2006, section 352.98, subdivision 4, is amended to read:


Subd. 4.

Reimbursement for health-related expenses.

The deleted text beginMinnesota State
Retirement System
deleted text end new text beginexecutive director new text endshall reimburse deleted text beginemployeesdeleted text end new text beginparticipants new text endat least
quarterly for deleted text beginsubmitteddeleted text end new text begineligible new text endhealth-related expenses, as deleted text beginrequireddeleted text end new text beginallowable new text endby federal
and state law, until the deleted text beginemployeedeleted text end new text beginparticipant new text endexhausts the accumulation in the deleted text beginemployee'sdeleted text end
new text begin participant's new text endaccount. If deleted text beginan employeedeleted text end new text begina participant new text enddies prior to exhausting the deleted text beginemployee'sdeleted text end
new text begin participant's new text endaccount balance, the deleted text beginemployee'sdeleted text end new text beginparticipant's new text endspouse or dependents are
eligible to be reimbursed for health care expenses from the account until the account
balance is exhausted. If an account balance remains after the death of a participant and
all of the participant's legal dependents, the remainder of the account must be paid to the
deleted text begin employee'sdeleted text end new text beginparticipant's new text endbeneficiaries or, if none, to the deleted text beginemployee'sdeleted text end new text beginparticipant's new text endestate.

new text begin EFFECTIVE DATE. new text end

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

Sec. 12.

Minnesota Statutes 2006, section 352.98, subdivision 5, is amended to read:


Subd. 5.

Fees.

The deleted text beginMinnesota state retirement plandeleted text end new text beginexecutive director new text endis authorized
to charge uniform fees to participants to cover the ongoing cost of operating the plan.
Any fees not needed must revert to participant accounts or be used to reduce plan fees
the following year.

new text begin EFFECTIVE DATE. new text end

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

Sec. 13.

Minnesota Statutes 2006, section 352D.075, subdivision 2a, is amended to
read:


Subd. 2a.

Surviving spouse coverage term certain.

In lieu of the annuity under
subdivision 2, clause (2) or (3), or in lieu of a distribution under subdivision 2, clause (1),
the surviving spouse of a deceased participant may elect to receive survivor coverage in
the form of a term certain annuity of deleted text beginfive, sixdeleted text endnew text begin tennew text end, 15, or 20 years, based on the value of
the remaining shares. The monthly term certain annuity must be calculated under section
352D.06, subdivision 1.

new text begin EFFECTIVE DATE. new text end

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

Sec. 14.

Minnesota Statutes 2007 Supplement, section 353.01, subdivision 2b, is
amended to read:


Subd. 2b.

Excluded employees.

The following public employees are not eligible
to participate as members of the association with retirement coverage by the public
employees retirement plan, the local government correctional employees retirement plan
under chapter 353E, or the public employees police and fire retirement plan:

(1) public officers, other than county sheriffs, who are elected to a governing body,
or persons who are appointed to fill a vacancy in an elective office of a governing body,
whose term of office commences on or after July 1, 2002, for the service to be rendered
in that elective position;

(2) election officers or election judges;

(3) patient and inmate personnel who perform services for a governmental
subdivision;

(4) except as otherwise specified in subdivision 12a, employees who are hired for
a temporary position as defined under subdivision 12a, and employees who resign from
a nontemporary position and accept a temporary position within 30 days in the same
governmental subdivision;

(5) employees who are employed by reason of work emergency caused by fire,
flood, storm, or similar disaster;

(6) employees who by virtue of their employment in one governmental subdivision
are required by law to be a member of and to contribute to any of the plans or funds
administered by the Minnesota State Retirement System, the Teachers Retirement
Association, the Duluth Teachers Retirement Fund Association, the St. Paul Teachers
Retirement Fund Association, the Minneapolis Employees Retirement Fund, or any police
or firefighters relief association governed by section 69.77 that has not consolidated
with the Public Employees Retirement Association, or any local police or firefighters
consolidation account who have not elected the type of benefit coverage provided by the
public employees police and fire fund under sections 353A.01 to 353A.10, or any persons
covered by section 353.665, subdivision 4, 5, or 6, who have not elected public employees
police and fire plan benefit coverage. This clause must not be construed to prevent a person
from being a member of and contributing to the Public Employees Retirement Association
and also belonging to and contributing to another public pension plan or fund for other
service occurring during the same period of time. A person who meets the definition of
"public employee" in subdivision 2 by virtue of other service occurring during the same
period of time becomes a member of the association unless contributions are made to
another public retirement fund on the salary based on the other service or to the Teachers
Retirement Association by a teacher as defined in section 354.05, subdivision 2;

(7) persons who are members of a religious order and are excluded from coverage
under the federal Old Age, Survivors, Disability, and Health Insurance Program for the
performance of service as specified in United States Code, title 42, section 410(a)(8)(A),
as amended through January 1, 1987, if no irrevocable election of coverage has been made
under section 3121(r) of the Internal Revenue Code of 1954, as amended;

(8) employees of a governmental subdivision who have not reached the age of
23 and are enrolled on a full-time basis to attend or are attending classes on a full-time
basis at an accredited school, college, or university in an undergraduate, graduate, or
professional-technical program, or a public or charter high school;

(9) resident physicians, medical interns, and pharmacist residents and pharmacist
interns who are serving in a degree or residency program in public hospitalsnew text begin or clinicsnew text end;

(10) students who are serving in an internship or residency program sponsored
by an accredited educational institution;

(11) persons who hold a part-time adult supplementary technical college license who
render part-time teaching service in a technical college;

(12) except for employees of Hennepin County or Hennepin Healthcare System,
Inc., foreign citizens working for a governmental subdivision with a work permit of less
than three years, or an H-1b visa valid for less than three years of employment. Upon
notice to the association that the work permit or visa extends beyond the three-year period,
the foreign citizens must be reported for membership from the date of the extension;

(13) public hospital employees who elected not to participate as members of the
association before 1972 and who did not elect to participate from July 1, 1988, to October
1, 1988;

(14) except as provided in section 353.86, volunteer ambulance service personnel,
as defined in subdivision 35, but persons who serve as volunteer ambulance service
personnel may still qualify as public employees under subdivision 2 and may be members
of the Public Employees Retirement Association and participants in the public employees
retirement fund or the public employees police and fire fund, whichever applies, on the
basis of compensation received from public employment service other than service as
volunteer ambulance service personnel;

(15) except as provided in section 353.87, volunteer firefighters, as defined in
subdivision 36, engaging in activities undertaken as part of volunteer firefighter duties;
provided that a person who is a volunteer firefighter may still qualify as a public
employee under subdivision 2 and may be a member of the Public Employees Retirement
Association and a participant in the public employees retirement fund or the public
employees police and fire fund, whichever applies, on the basis of compensation received
from public employment activities other than those as a volunteer firefighter;

(16) pipefitters and associated trades personnel employed by Independent School
District No. 625, St. Paul, with coverage under a collective bargaining agreement by the
pipefitters local 455 pension plan who were either first employed after May 1, 1997, or,
if first employed before May 2, 1997, elected to be excluded under Laws 1997, chapter
241, article 2, section 12;

(17) electrical workers, plumbers, carpenters, and associated trades personnel
employed by Independent School District No. 625, St. Paul, or the city of St. Paul,
who have retirement coverage under a collective bargaining agreement by the Electrical
Workers Local 110 pension plan, the United Association Plumbers Local 34 pension plan,
or the Carpenters Local 87 pension plan who were either first employed after May 1,
2000, or, if first employed before May 2, 2000, elected to be excluded under Laws 2000,
chapter 461, article 7, section 5;

(18) bricklayers, allied craftworkers, cement masons, glaziers, glassworkers,
painters, allied tradesworkers, and plasterers employed by the city of St. Paul or
Independent School District No. 625, St. Paul, with coverage under a collective
bargaining agreement by the Bricklayers and Allied Craftworkers Local 1 pension plan,
the Cement Masons Local 633 pension plan, the Glaziers and Glassworkers Local L-1324
pension plan, the Painters and Allied Trades Local 61 pension plan, or the Twin Cities
Plasterers Local 265 pension plan who were either first employed after May 1, 2001, or if
first employed before May 2, 2001, elected to be excluded under Laws 2001, First Special
Session chapter 10, article 10, section 6;

(19) plumbers employed by the Metropolitan Airports Commission, with coverage
under a collective bargaining agreement by the Plumbers Local 34 pension plan, who either
were first employed after May 1, 2001, or if first employed before May 2, 2001, elected to
be excluded under Laws 2001, First Special Session chapter 10, article 10, section 6;

(20) employees who are hired after June 30, 2002, to fill seasonal positions under
subdivision 12b which are limited in duration by the employer to 185 consecutive calendar
days or less in each year of employment with the governmental subdivision;

(21) persons who are provided supported employment or work-study positions
by a governmental subdivision and who participate in an employment or industries
program maintained for the benefit of these persons where the governmental subdivision
limits the position's duration to three years or less, including persons participating in a
federal or state subsidized on-the-job training, work experience, senior citizen, youth, or
unemployment relief program where the training or work experience is not provided as a
part of, or for, future permanent public employment;

(22) independent contractors and the employees of independent contractors; and

(23) reemployed annuitants of the association during the course of that
reemployment.

new text begin EFFECTIVE DATE. new text end

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

Sec. 15.

Minnesota Statutes 2006, section 353.01, subdivision 10, is amended to read:


Subd. 10.

Salary.

(a) Subject to the limitations of section 356.611, "salary" means:

(1) the periodic compensation of a public employee, before deductions for deferred
compensation, supplemental retirement plans, or other voluntary salary reduction
programs, and also means "wages" and includes net income from fees;

(2) for a public employee who is covered by a supplemental retirement plan under
section 356.24, subdivision 1, clause (8), (9), or (10), which require all plan contributions
be made by the employer, the contribution to the applicable supplemental retirement plan
when new text beginan agreement between the parties establishes that new text endthe contribution deleted text beginis fromdeleted text end new text beginwill either
result in a
new text endmandatory deleted text beginwithholdings fromdeleted text end new text beginreduction of new text endemployees' wagesnew text begin through payroll
withholdings, or be made in lieu of an amount that would otherwise be paid as wages
new text end; and

(3) for a public employee who has prior service covered by a local police or
firefighters relief association that has consolidated with the Public Employees Retirement
Association or to which section 353.665 applies and who has elected coverage either
under the public employees police and fire fund benefit plan under section 353A.08
following the consolidation or under section 353.665, subdivision 4, the rate of salary
upon which member contributions to the special fund of the relief association were made
prior to the effective date of the consolidation as specified by law and by bylaw provisions
governing the relief association on the date of the initiation of the consolidation procedure
and the actual periodic compensation of the public employee after the effective date of
consolidation.

(b) Salary does not mean:

(1) the fees paid to district court reporters, unused annual vacation or sick leave
payments, in lump-sum or periodic payments, severance payments, reimbursement of
expenses, lump-sum settlements not attached to a specific earnings period, or workers'
compensation payments;

(2) employer-paid amounts used by an employee toward the cost of insurance
coverage, employer-paid fringe benefits, flexible spending accounts, cafeteria plans, health
care expense accounts, day care expenses, or any payments in lieu of any employer-paid
group insurance coverage, including the difference between single and family rates that
may be paid to a member with single coverage and certain amounts determined by the
executive director to be ineligible;

(3) the amount equal to that which the employing governmental subdivision would
otherwise pay toward single or family insurance coverage for a covered employee when,
through a contract or agreement with some but not all employees, the employer:

(i) discontinues, or for new hires does not provide, payment toward the cost of the
employee's selected insurance coverages under a group plan offered by the employer;

(ii) makes the employee solely responsible for all contributions toward the cost of
the employee's selected insurance coverages under a group plan offered by the employer,
including any amount the employer makes toward other employees' selected insurance
coverages under a group plan offered by the employer; and

(iii) provides increased salary rates for employees who do not have any
employer-paid group insurance coverages;

(4) except as provided in section 353.86 or 353.87, compensation of any kind paid to
volunteer ambulance service personnel or volunteer firefighters, as defined in subdivision
35 or 36; deleted text beginand
deleted text end

(5) the amount of compensation that exceeds the limitation provided in section
356.611new text begin; and
new text end

new text begin (6) amounts paid by a federal or state grant for which the grant specifically
prohibits grant proceeds from being used to make pension plan contributions, unless the
contributions to the plan are made from sources other than the federal or state grant
new text end.

(c) Amounts provided to an employee by the employer through a grievance
proceeding or a legal settlement are salary only if the settlement is reviewed by the
executive director and the amounts are determined by the executive director to be
consistent with paragraph (a) and prior determinations.

new text begin EFFECTIVE DATE. new text end

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

Sec. 16.

Minnesota Statutes 2006, section 353.01, subdivision 11a, is amended to read:


Subd. 11a.

Termination of public service.

(a) "Termination of public service"
occurs (1) when a member resigns or is dismissed from public service by the employing
governmental subdivision and the employee does not, within 30 days of the date
the employment relationship ended, return to an employment position in the same
governmental subdivision; or (2) when the employer-employee relationship is severed due
to the expiration of a layoff under subdivision 12 or 12c.

(b) The termination of public service must be recorded in the association records
upon receipt of an appropriate notice from the governmental subdivision.

new text begin (c) A termination of public service does not occur if, prior to termination of service,
the member has an agreement, verbal or written, to return to a governmental subdivision
as an employee, independent contractor, or employee of an independent contractor.
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

Sec. 17.

Minnesota Statutes 2006, section 353.01, is amended by adding a subdivision
to read:


new text begin Subd. 16b. new text end

new text begin Uncredited military service credit purchase. new text end

new text begin (a) A public employee
who has at least three years of allowable service with the Public Employees Retirement
Association or the public employees police and fire plan and who performed service in
the United States armed forces before becoming a public employee, or who failed to
obtain service credit for a military leave of absence under subdivision 16, paragraph (h), is
entitled to purchase allowable service credit for the initial period of enlistment, induction,
or call to active duty without any voluntary extension by making payment under section
356.551 if the public employee has not purchased service credit from any other Minnesota
defined benefit public employee pension plan for the same period of service.
new text end

new text begin (b) A public employee who desires to purchase service credit under paragraph
(a) must apply with the executive director to make the purchase. The application must
include all necessary documentation of the public employee's qualifications to make the
purchase, signed written permission to allow the executive director to request and receive
necessary verification of applicable facts and eligibility requirements, and any other
relevant information that the executive director may require.
new text end

new text begin (c) Allowable service credit for the purchase period must be granted by the Public
Employees Retirement Association or the public employees police and fire plan, whichever
applies, to the purchasing public employee upon receipt of the purchase payment amount.
Payment must be made before the effective date of retirement of the public employee.
new text end

new text begin EFFECTIVE DATE; REPEALER. new text end

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

new text begin (b) This section is repealed July 1, 2013.
new text end

Sec. 18.

Minnesota Statutes 2007 Supplement, section 353.0161, subdivision 2,
is amended to read:


Subd. 2.

Purchase procedure.

(a) An employee covered by a plan specified in
subdivision 1 may purchase credit for allowable service in that plan for a period specified
in subdivision 1 if the employee makes a payment as specified in paragraph (b) or (c),
whichever applies. The employing unit, at its option, may pay the employer portion of the
amount specified in paragraph (b) on behalf of its employees.

(b) If payment is received by the executive director within one year from the deleted text beginend
of
deleted text end new text begindate the member returned to work following new text endthe authorized leave, new text beginor within 30 days
after the date of termination of public service if the member did not return to work,
new text endthe
payment amount is equal to the employee and employer contribution rates specified in
law for the applicable plan at the end of the leave periodnew text begin, or at termination of public
service, whichever is earlier,
new text end multiplied by the employee's deleted text beginhourly rate ofdeleted text end new text beginaverage monthly
new text endsalary deleted text beginon the datedeleted text end new text beginupon which deductions were paid during the six months, or portion
thereof, before the commencement
new text endof deleted text beginreturn fromdeleted text end the leave of absence and by the deleted text begindays
and
deleted text end new text beginnumber of new text endmonths of the leave of absence for which the employee wants allowable
service credit. Payments made under this paragraph must include compound interest at
a monthly rate of 0.71 percent from the last day of the leave period until the last day of
the month in which payment is received.

(c) If payment is received by the executive director after one year, the payment
amount is the amount determined under section 356.551.new text begin Payment under this paragraph
must be made before the date the person terminates public service under section 353.01,
subdivision 11a.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective retroactively from July 1, 2007.
new text end

Sec. 19.

Minnesota Statutes 2006, section 353.27, is amended by adding a subdivision
to read:


new text begin Subd. 7c. new text end

new text begin Limitation on additional plan coverage. new text end

new text begin No deductions for any plan
under this chapter or chapter 353E may be taken from the salary of a person who is
employed by a governmental subdivision under section 353.01, subdivision 6, and who is
receiving disability benefit payments from any plan under this chapter or chapter 353E
unless the person waives the right to further disability benefit payments.
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

Sec. 20.

Minnesota Statutes 2007 Supplement, section 353.27, subdivision 14, is
amended to read:


Subd. 14.

Treatment of periods before initial coverage date.

(a) If an entity is
determined to be a governmental subdivision due to receipt of a written notice of eligibility
from the association, that employer and its employees are subject to the requirements
of subdivision 12, effective retroactively to the date that the executive director of
the association determines that the entity first met the definition of a governmental
subdivision, if that date predates the notice of eligibility.

(b) If the retroactive time period under paragraph (a) exceeds three years, an
employee is authorized to purchase service credit in the applicable Public Employees
Retirement Association plan for the portion of the period in excess of three years, by
making payment under section 356.551.new text begin Notwithstanding section 356.551, subdivision 2,
regarding time limits on purchases, payment may be made anytime before termination of
public service.
new text end

(c) This subdivision does not apply if the applicable employment under paragraph
(a) included coverage by any public or private defined benefit or defined contribution
retirement plan, other than a volunteer firefighters relief association. If this paragraph
applies, an individual is prohibited from purchasing service credit for any period or
periods specified in paragraph (a).

new text begin EFFECTIVE DATE. new text end

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

Sec. 21.

Minnesota Statutes 2006, section 353.33, subdivision 5, is amended to read:


Subd. 5.

Benefits paid under workers' compensation law.

new text begin(a) new text endDisability benefits
paid shall be coordinated with any amountsnew text begin, other than those amounts excluded under
paragraph (b),
new text end received or receivable under workers' compensation lawdeleted text begin, such as temporary
total, permanent total, temporary partial, permanent partial, or economic recovery
compensation benefits,
deleted text end in either periodic or lump sum payments from the employer
under applicable workers' compensation laws, after deduction of amount of attorney
fees, authorized under applicable workers' compensation laws, paid by a disabilitant. If
the total of the single life annuity actuarial equivalent disability benefit and the workers'
compensation benefit exceeds: (1) the salary the disabled member received as of the date
of the disability or (2) the salary currently payable for the same employment position or
an employment position substantially similar to the one the person held as of the date of
the disability, whichever is greater, the disability benefit must be reduced to that amount
which, when added to the workers' compensation benefits, does not exceed the greater of
the salaries described in clauses (1) and (2).

new text begin (b) Permanent partial disability payments provided for in section 176.101,
subdivision 2a, and retraining payments provided for in section 176.102, subdivision 11,
must not be offset from disability payments due under paragraph (a) if the amounts of
the permanent partial or retraining payments are reported to the executive director in a
manner specified by the executive director.
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

Sec. 22.

Minnesota Statutes 2006, section 353.64, subdivision 11, is amended to read:


Subd. 11.

Pension coverage for certain tribal police officers exercising state
arrest powers.

(a) The governing body of a tribal police department which is exercising
state arrest powers under section 626.90, 626.91, 626.92, or 626.93 may request by
resolution to the executive director that its police officers be considered public employees
under section 353.01, subdivision 2, be considered a police officer under section 353.64,
subdivision 1
, and become members of the public employees police and fire retirement
plan and that the tribal police department be considered a governmental subdivision under
section 353.01, subdivision 6.

(b) deleted text beginThe executive director of the association must approve the request by a tribal
police department under paragraph (a) if a ruling made by the federal Internal Revenue
Service provides that:
deleted text end

deleted text begin (1) the tribal police department is an agency or instrumentality of the state of
Minnesota for purposes of enforcing state law; and
deleted text end

deleted text begin (2) contributions made by the tribal police department to a retirement plan on behalf
of employees of the tribal police department are contributions to a governmental plan
within the meaning of section 414(d) of the federal Internal Revenue Code.
deleted text end

deleted text begin (c)deleted text end Following the approval of the request by the executive director, the head of the
police department or that person's designee must immediately report for membership in
the police and fire fund a person who is employed as a full-time or part-time police officer
in a position that meets the conditions in sections 353.01, subdivision 2a, and 353.64,
subdivisions 1 and 2
. The police department head or that person's designee must deduct
the employee contributions from the salary of each eligible police officer as required by
section 353.65, subdivision 2, and make the employer contributions required by section
353.65, subdivision 3. The head of the police department or that person's designee must
meet the reporting requirements in section 353.65, subdivision 4.

new text begin EFFECTIVE DATE. new text end

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

Sec. 23.

Minnesota Statutes 2006, section 353.656, subdivision 2, is amended to read:


Subd. 2.

Benefits paid under workers' compensation law.

new text begin(a) new text endIf a member, as
described in subdivision 1, is injured under circumstances which entitle the member to
receive benefits under the workers' compensation law, the member shall receive the same
benefits as provided in subdivision 1, with disability benefits paid reimbursed and future
benefits reduced by all periodic or lump sum amountsnew text begin, other than those amounts excluded
under paragraph (b),
new text end paid to the member under the workers' compensation law, after
deduction of amount of attorney fees, authorized under applicable workers' compensation
laws, paid by a disabilitant if the total of the single life annuity actuarial equivalent
disability benefit and the workers' compensation benefit exceeds: (1) the salary the
disabled member received as of the date of the disability or (2) the salary currently payable
for the same employment position or an employment position substantially similar to the
one the person held as of the date of the disability, whichever is greater. The disability
benefit must be reduced to that amount which, when added to the workers' compensation
benefits, does not exceed the greater of the salaries described in clauses (1) and (2).

new text begin (b) Permanent partial disability payments provided for in section 176.101,
subdivision 2a, and retraining payments provided for in section 176.102, subdivision 11,
must not be offset from disability payments due under paragraph (a) if the amounts of
the permanent partial or retraining payments are reported to the executive director in a
manner specified by the executive director.
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

Sec. 24.

Minnesota Statutes 2006, section 353D.05, subdivision 2, is amended to read:


Subd. 2.

Investment options.

(a) A participant may elect to purchase shares in
the income share account, the growth share account, the international share account,
the money market account, the bond market account, the fixed interest account, or the
common stock index account established by section 11A.17, or a combination of those
accounts. The participant may elect to purchase shares in a combination of those accounts
by specifying the percentage of the total contributions to be used to purchase shares in
each of the accounts.

(b) A participant or a former participant may indicate in writing a choice of options
for subsequent purchases of shares. After a choice is made, until the participant or former
participant makes a different written indication, the executive director of the association
shall purchase shares in the supplemental investment account or accounts specified by
the participant. If no initial option is indicated by a participant or the specifications made
by the participant exceeds 100 percent to be invested in more than one account, the
executive director shall invest all contributions made by or on behalf of a participant in
the income share account. If the specifications are less than 100 percent, the executive
director shall invest the remaining percentage in the income share account. deleted text beginA choice of
investment options is effective the first of the month following the date of receipt of the
signed written choice of options.
deleted text end

(c) Shares in the fixed interest account attributable to any guaranteed investment
contract as of July 1, 1994, may not be withdrawn from the fund or transferred to another
account until the guaranteed investment contract has expired, unless the participant
qualifies for a benefit payment under section 353D.07.

(d) A participant or former participant may also change the investment options
selected for all or a portion of the individual's previously purchased shares in accounts,
subject to the provisions of paragraph (c) concerning the fixed interest account. deleted text beginA change
under this paragraph is effective the first of the month following the date of receipt of a
signed written choice of options.
deleted text end

(e) The change or selection of an investment option or the transfer of all or a portion
of the deceased or former participant's shares in the income share, growth share, common
stock index, bond market, international share, money market, or fixed interest accounts
must not be made following death of the participant or former participant.

new text begin EFFECTIVE DATE. new text end

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

Sec. 25.

new text begin [353D.071] FEDERAL COMPLIANCE.
new text end

new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin (a) For purposes of this section, the following terms
have the meanings given to them.
new text end

new text begin (b) "Designated beneficiary" means the person designated as the beneficiary under
section 353D.07, subdivision 5, and who is the designated beneficiary under section
401(a)(9) of the Internal Revenue Code and section 1.401(a)(9)-1, Q&A-4 of the Treasury
regulations.
new text end

new text begin (c) "Distribution calendar year" means a calendar year for which a minimum
distribution is required. For distributions beginning before the member's death, the first
distribution calendar year is the calendar year immediately preceding the calendar year
which contains the member's required beginning date. For distributions beginning after
the member's death, the first distribution calendar year is the calendar year in which
distributions are required to begin under subdivision 2, paragraph (c). The required
minimum distribution for the member's first distribution calendar year shall be made on or
before the member's required beginning date.
new text end

new text begin (d) "Member's account balance" means the account balance as of the last valuation
date in the valuation calendar year increased by the amount of any contributions made
and allocated to the account balance as of dates in the valuation calendar year after the
valuation date and decreased by distributions made in the valuation calendar year after
the valuation date. The account balance for the valuation calendar year includes any
amounts rolled over or transferred to the plan either in the valuation calendar year or in the
distribution calendar year if distributed or transferred in the valuation calendar year.
new text end

new text begin (e) "Required beginning date" means the later of April 1 of the calendar year
following the calendar year that the member attains age 70.5 or April 1 of the calendar
year following the calendar year in which the member terminates employment.
new text end

new text begin (f) "Valuation calendar year" means the calendar year immediately preceding the
distribution calendar year.
new text end

new text begin Subd. 2. new text end

new text begin Required Minimum Distributions. new text end

new text begin (a) The provisions of this subdivision
shall apply for purposes of determining required minimum distributions for calendar years
beginning with the 2003 calendar year and will take precedence over any inconsistent
provisions of the plan. All distributions required under this section will be determined and
made in accordance with the treasury regulations under section 401(a)(9) of the Internal
Revenue Code, including regulations providing special rules for governmental plans, as
defined under Internal Revenue Code section 414(d), that comply with a reasonable good
faith interpretation of the minimum distribution requirements.
new text end

new text begin (b) The member's entire interest will be distributed to the member in a lump sum no
later than the member's required beginning date.
new text end

new text begin (c) If the member dies before the required minimum distribution is made, the
member's entire interest will be distributed in a lump sum no later than as follows:
new text end

new text begin (1) If the member's surviving spouse is the member's sole designated beneficiary, the
distribution must be made by December 31 of the calendar year immediately following the
calendar year in which the member died, or by December 31 of the calendar year in which
the member would have attained age 70.5, whichever is later;
new text end

new text begin (2) If the member's surviving spouse is not the member's sole beneficiary, or if
there is no designated beneficiary as of September 30 of the year following the year of
the member's death, the member's entire interest shall be distributed by December 31
of the calendar year containing the fifth anniversary of the member's death as directed
under section 353D.07, subdivision 5; or
new text end

new text begin (3) If the member's surviving spouse is the member's sole designated beneficiary and
the surviving spouse dies after the member but before the account balance is distributed
to the surviving spouse, paragraph (c), clause (2), shall apply as if the surviving spouse
were the member.
new text end

new text begin (d) For purposes of paragraph (c), unless clause (3) applies, distributions are
considered to be made on the member's required beginning date. If paragraph (c), clause
(3), applies, distributions are considered to begin on the date distributions are required to
be made to the surviving spouse under paragraph (c), clause (1).
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

Sec. 26.

Minnesota Statutes 2007 Supplement, section 353F.02, subdivision 4, is
amended to read:


Subd. 4.

Medical facility.

"Medical facility" means:

(1) Bridges Medical Services;

(2) the City of Cannon Falls Hospital;

(3) Clearwater County Memorial Hospital doing business as Clearwater Health
Services in Bagley;

(4) the Dassel Lakeside Community Home;

(5) the Fair Oaks Lodge, Wadena;

(6) the Glencoe Area Health Center;

(7) the Hutchinson Area Health Care;

(8) deleted text beginthe Kanabec Hospital;
deleted text end

deleted text begin (9)deleted text end the Lakefield Nursing Home;

deleted text begin (10)deleted text end new text begin(9) new text endthe Lakeview Nursing Home in Gaylord;

deleted text begin (11)deleted text end new text begin(10) new text endthe Luverne Public Hospital;

deleted text begin (12) the Northfield Hospital;
deleted text end

deleted text begin (13)deleted text end new text begin(11) new text endthe Oakland Park Nursing Home;

deleted text begin (14)deleted text end new text begin(12) new text endthe RenVilla Nursing Home;

deleted text begin (15) the Renville County Hospital in Olivia;
deleted text end

deleted text begin (16)deleted text end new text begin(13) new text endthe St. Peter Community Healthcare Center; and

deleted text begin (17)deleted text end new text begin(14) new text endthe Waconia-Ridgeview Medical Center.

new text begin EFFECTIVE DATE. new text end

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

Sec. 27.

new text begin [353F.025] CERTIFICATION AND DECERTIFICATION OF MEDICAL
FACILITIES AND OTHER PUBLIC EMPLOYING UNITS.
new text end

new text begin Subdivision 1. new text end

new text begin Eligibility determination. new text end

new text begin (a) The chief clerical officer of a
governmental subdivision may submit a resolution from the governing body to the
executive director of the Public Employees Retirement Association which supports
providing coverage under this chapter for employees of that governmental subdivision
who are privatized, and which states that the governing body will pay for actuarial
calculations, as further specified in paragraph (c).
new text end

new text begin (b) The governing body must also provide a copy of any applicable purchase or
lease agreement and any other information requested by the executive director to allow the
executive director to verify that under the proposed employer change, the new employer
does not qualify as a governmental subdivision under section 353.01, subdivision 6,
making the employees ineligible for continued coverage as active members of the general
employees retirement plan of the Public Employees Retirement Association.
new text end

new text begin (c) Following receipt of a resolution and a determination by the executive director
that the new employer is not a governmental subdivision, the executive director shall
direct the consulting actuary retained under section 356.214 to determine whether the
general employees retirement plan of the Public Employees Retirement Association is
expected to receive a net gain if privatization occurs, by determining whether the actuarial
liability of the special benefit coverage provided under this chapter, if extended to the
applicable employees under the privatization, is less than the actuarial gain otherwise to
accrue to the plan. The date of the actuarial calculations used to make this determination
must be within one year of the effective date, as defined in section 353F.02, subdivision 3.
new text end

new text begin Subd. 2. new text end

new text begin Recommendation to legislature. new text end

new text begin (a) If the actuarial calculations under
subdivision 1, paragraph (c), indicate that a net gain to the general employees retirement
plan of the Public Employees Retirement Association is expected due to the privatization,
the executive director shall forward a recommendation and supporting documentation to
the chair of the Legislative Commission on Pensions and Retirement, the chair of the
Governmental Operations, Reform, Technology and Elections Committee of the house of
representatives, the chair of the State and Local Government Operations and Oversight
Committee of the senate, and the executive director of the Legislative Commission on
Pensions and Retirement. The recommendation must be in the form of an addition to
the definition of "medical facility" under section 353F.02, subdivision 4, or to "other
public employing unit" under section 353F.02, subdivision 5, whichever is applicable.
The recommendation must be forwarded to the legislature before January 15 for the
recommendation to be considered in that year's legislative session.
new text end

new text begin (b) If a medical facility or other public employing unit listed under section 353F.02,
subdivision 4 or 5, fails to privatize within one year of the final enactment date of the
legislation adding the entity to the applicable definition, its inclusion under this chapter
is voided, and the executive director shall include in the proposed legislation under
paragraph (a) a recommendation that the applicable entity be stricken from the definition.
new text end

new text begin Subd. 3. new text end

new text begin Date of application. new text end

new text begin For any privatization added to this chapter after the
effective date of this section, the first date of coverage is the effective date as defined in
section 353F.02, subdivision 3.
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

Sec. 28.

Minnesota Statutes 2007 Supplement, section 354.096, subdivision 2, is
amended to read:


Subd. 2.

Payment.

deleted text begin(a)deleted text end Notwithstanding any laws to the contrary, a member who
is granted a family leave under United States Code, title 42, section 12631, may receive
allowable service credit for the leave by making payment deleted text beginof the employee, employer, and
additional employer contributions at the rates under section 354.42, during the leave
period as applied to the member's average full-time monthly salary rate on the date the
leave commenced
deleted text endnew text begin under section 354.72new text end.

deleted text begin (b) If payment is made after the leave terminates, section 354.72 applies.
deleted text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2008.
new text end

Sec. 29.

Minnesota Statutes 2006, section 354.33, subdivision 5, is amended to read:


Subd. 5.

Retirees not eligible for federal benefits.

deleted text beginNotwithstanding the provisions
of section 354.55, subdivision 3,
deleted text end When any person retires after July 1, 1973, who (1)
has ten or more years of allowable service, and (2) does not have any retroactive Social
Security coverage by reason of the person's position in the retirement system, and (3) does
not qualify for federal old age and survivor primary benefits at the time of retirement, the
annuity must be computed under section 354.44, subdivision 2, of the law in effect on
June 30, 1969, except that accumulations after June 30, 1957, must be calculated using the
same mortality table and interest assumption as are used to transfer the required reserves
to the Minnesota postretirement investment fund.

new text begin EFFECTIVE DATE. new text end

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

Sec. 30.

Minnesota Statutes 2007 Supplement, section 354.72, subdivision 2, is
amended to read:


Subd. 2.

Purchase procedure.

(a) A teacher may purchase credit for allowable and
formula service in the plan for a period specified in subdivision 1 if the teacher makes a
payment as specified in paragraph (b) deleted text beginordeleted text endnew text begin,new text end (c), new text beginor (d), new text endwhichever applies. The employing
unit, at its option, may pay the employer portion of the amount deleted text beginspecified in paragraph (b)deleted text end
on behalf of its employees.

(b) If payment is received by the executive director deleted text beginwithin one year from the enddeleted text end
new text begin by June 30 of the fiscal year new text endof the strike period or authorized leave new text beginincluded new text endunder section
354.093, 354.095, or 354.096, deleted text beginordeleted text end new text beginpayment must equal the total employee and employer
contribution rates, including amortization contribution rates if applicable, multiplied by the
member's average monthly salary rate on the date the leave or strike period commenced,
or for an extended leave under section 354.094, on the salary received during the year
immediately preceding the initial year of the leave, multiplied by the months and portions
of a month of the leave or strike period for which the teacher seeks allowable service credit.
new text end

new text begin (c) If payment is made new text endafter June 30 and before the following June 30 for new text begina strike
period or for leaves of absence under section 354.093, 354.095, or 354.096, or for
new text endan
extended leave of absence under section 354.094, the payment deleted text beginmust equal the total
employee and employer contributions, including amortization contributions if applicable,
given the contribution rates in section 354.42, multiplied by the member's average
monthly salary rate on the commencement of the leave or period of strike, multiplied by
the months and portions of a month of the leave of absence or period of strike for which
the teacher seeks allowable service credit. Payments made under this paragraph
deleted text end must
include new text begin the amount determined in paragraph (b) plus new text endcompound interest at a monthly rate
of 0.71 percent from deleted text beginthe last day of the leave period or strike period, or fromdeleted text end June 30 deleted text beginfor
an extended leave of absence under section 354.094,
deleted text end until the last day of the month in
which payment is received.

deleted text begin (c)deleted text end new text begin(d) new text endIf payment is received by the executive director after the applicable last
permitted date under paragraph deleted text begin(b)deleted text endnew text begin (c)new text end, the payment amount is the amount determined
under section 356.551.new text begin Notwithstanding payment deadlines specified in section 356.551,
payment under this section may be made anytime before the effective date of retirement.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective retroactively from July 1, 2007.
new text end

Sec. 31.

Minnesota Statutes 2006, section 356.47, subdivision 3, is amended to read:


Subd. 3.

Payment.

(a) deleted text beginUpon the retired member attaining the age of 65 years
or upon the first day of the month next following the month occurring
deleted text end new text beginBeginning new text endone
year after the deleted text begintermination of thedeleted text end reemployment new text beginwithholding period ends relating to the
reemployment
new text endthat gave rise to the limitation, deleted text beginwhichever is later,deleted text end and the filing of a written
application, the retired member is entitled to the payment, in a lump sum, of the value
of the person's amount under subdivision 2, plus interest at the compound annual rate
of six percent from the date that the amount was deducted from the retirement annuity
to the date of payment.

(b) The written application must be on a form prescribed by the chief administrative
officer of the applicable retirement plan.

(c) If the retired member dies before the payment provided for in paragraph (a) is
made, the amount is payable, upon written application, to the deceased person's surviving
spouse, or if none, to the deceased person's designated beneficiary, or if none, to the
deceased person's estate.

(d) In lieu of the direct payment of the person's amount under subdivision 2, on
or after the payment date under paragraph (a), if the federal Internal Revenue Code so
permits, the retired member may elect to have all or any portion of the payment amount
under this section paid in the form of a direct rollover to an eligible retirement plan as
defined in section 402(c) of the federal Internal Revenue Code that is specified by the
retired member. If the retired member dies with a balance remaining payable under this
section, the surviving spouse of the retired member, or if none, the deceased person's
designated beneficiary, or if none, the administrator of the deceased person's estate may
elect a direct rollover under this paragraph.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective retroactively from January 1, 2008.
new text end

Sec. 32.

Minnesota Statutes 2006, section 356.551, subdivision 2, is amended to read:


Subd. 2.

Determination.

(a) Unless the minimum purchase amount set forth in
paragraph (c) applies, the prior service credit purchase amount is an amount equal to the
actuarial present value, on the date of payment, as calculated by the chief administrative
officer of the pension plan and reviewed by the actuary retained under section 356.214,
of the amount of the additional retirement annuity obtained by the acquisition of the
additional service credit in this section.

(b) Calculation of this amount must be made using the preretirement interest rate
applicable to the public pension plan specified in section 356.215, subdivision 8, and
the mortality table adopted for the public pension plan. The calculation must assume
continuous future service in the public pension plan until, and retirement at, the age at
which the minimum requirements of the fund for normal retirement or retirement with an
annuity unreduced for retirement at an early age, including section 356.30, are met with
the additional service credit purchased. The calculation must also assume a full-time
equivalent salary, or actual salary, whichever is greater, and a future salary history that
includes annual salary increases at the applicable salary increase rate for the plan specified
in section 356.215, subdivision 4d.

deleted text begin (c) The prior service credit purchase amount may not be less than the amount
determined by applying the current employee or member contribution rate, the employer
contribution rate, and the additional employer contribution rate, if any, to the person's
current annual salary and multiplying that result by the number of whole and fraction
years of service to be purchased.
deleted text end

new text begin (c) The prior service credit purchase amount may not be less than the amount
determined by applying, for each year or fraction of a year being purchased, the sum of the
employee contribution rate, the employer contribution rate, and the additional employer
contribution rate, if any, applicable during that period, to the person's annual salary during
that period, or fractional portion of a year's salary, if applicable, plus interest at the annual
rate of 8.5 percent compounded annually from the end of the year in which contributions
would otherwise have been made to the date on which the payment is received.
new text end

(d) new text beginUnless otherwise provided by statutes governing a specific plan, new text endpayment must
be made in one lump sum within one year of the prior service credit authorizationnew text begin or prior
to the member's effective date of retirement, whichever is earlier
new text end. Payment of the amount
calculated under this section must be made by the applicable eligible person.

(e) However, the current employer or the prior employer may, at its discretion, pay
all or any portion of the payment amount that exceeds an amount equal to the employee
contribution rates in effect during the period or periods of prior service applied to the
actual salary rates in effect during the period or periods of prior service, plus interest at the
rate of 8.5 percent a year compounded annually from the date on which the contributions
would otherwise have been made to the date on which the payment is made. If the
employer agrees to payments under this subdivision, the purchaser must make the
employee payments required under this subdivision within 90 days of the prior service
credit authorization. If that employee payment is made, the employer payment under this
subdivision must be remitted to the chief administrative officer of the public pension plan
within 60 days of receipt by the chief administrative officer of the employee payments
specified under this subdivision.

new text begin EFFECTIVE DATE. new text end

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

Sec. 33.

Minnesota Statutes 2006, section 356.611, subdivision 2, is amended to read:


Subd. 2.

Federal compensation limits.

(a) For members of a covered pension plan
enumerated in section 356.30, subdivision 3, new text beginand of the plan established under chapter
353D,
new text endcompensation in excess of the limitation specified in section 401(a)(17) of the
Internal Revenue Code, as amended, for changes in the cost of living under section
401(a)(17)(B) of the Internal Revenue Code, may not be included for contribution and
benefit computation purposes.

(b) Notwithstanding paragraph (a), for members specified in paragraph (a) who first
contributed to a deleted text begincovereddeleted text end plan new text beginspecified in that paragraph new text endbefore July 1, 1995, the annual
compensation limit specified in Internal Revenue Code 401(a)(17) on June 30, 1993,
applies if that provides a greater allowable annual compensation.

new text begin EFFECTIVE DATE. new text end

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

Sec. 34.

Minnesota Statutes 2006, section 356.611, is amended by adding a subdivision
to read:


new text begin Subd. 3a. new text end

new text begin Maximum annual addition limitation. new text end

new text begin The annual additions on behalf
of a member to the plan established under chapter 352D or 353D for any limitation year
beginning after December 31, 2001, shall not exceed the lesser of one hundred percent
of the member's compensation, as defined for purposes of section 415(c) of the Internal
Revenue Code; or $40,000, as adjusted by the United States secretary of the treasury under
section 415(d) of the Internal Revenue Code.
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

Sec. 35.

Laws 2002, chapter 392, article 2, section 4, is amended to read:


Sec. 4. EFFECTIVE DATE.

(a) Sections 1, 2, and 3 are effective retroactive to July 1, 2001.

(b) The authority to obtain credit for allowable service under section 1, clause (11);
new text begin and new text endsection 2, paragraph (a), clause (8)deleted text begin; and section 3, clause (9)deleted text end, expires 12 months
after the date of enactment.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective retroactively without interruption
from July 1, 2002.
new text end

Sec. 36.

Laws 2006, chapter 271, article 5, section 5, is amended to read:


Sec. 5. EFFECTIVE DATE.

(a) Sections 1, 3, and 4 are effective the day following final enactment and section 3
has effect retroactively from July 25, 2005.

(b) Section 2 with respect to the Cannon Falls Hospital District is effective upon the
latter of:

(1) the day after the governing body of the Cannon Falls Hospital District and its
chief clerical officer meet the requirements under Minnesota Statutes, section 645.021,
subdivisions 2
and 3; and

(2) the first day of the month following certification to the Cannon Falls Hospital
District by the executive director of the Public Employees Retirement Association that the
actuarial accrued liability of the special benefit coverage proposed for extension to the
privatized City of Cannon Falls Hospital employees under section 1 does not exceed the
actuarial gain otherwise to be accrued by the Public Employees Retirement Association, as
calculated by the consulting actuary retained under Minnesota Statutes, section 356.214.
The cost of the actuarial calculations must be borne by the current employer or by the
entity which is the employer following the privatization.

(c) Section 2, with respect to Clearwater County Memorial Hospital, is effective
upon the latter of:

(1) the day after the governing body of Clearwater County and its chief clerical
officer meet the requirements under Minnesota Statutes, section 645.021, subdivisions 2
and 3new text begin, except that the certificate of approval must be filed before January 1, 2009new text end; and

(2) the first day of the month following certification to Clearwater County by the
executive director of the Public Employees Retirement Association that the actuarial
accrued liability of the special benefit coverage proposed for extension to the privatized
Clearwater Health Services employees under section 2 does not exceed the actuarial gain
otherwise to be accrued by the Public Employees Retirement Association, as calculated by
the consulting actuary retained under Minnesota Statutes, section 356.214. The cost of
the actuarial calculations must be borne by the current employer or by the entity which is
the employer following the privatization.

(d) Section 2 with respect to the Dassel Lakeside Community Home is effective
upon the latter of:

(1) the day after the governing body of the city of Dassel and its chief clerical officer
timely complete compliance with Minnesota Statutes, section 645.021, subdivisions 2
and 3; and

(2) the first day of the month next following certification to the Dassel City
Council by the executive director of the Public Employees Retirement Association that
the actuarial accrued liability of the special benefit coverage proposed for extension to
the privatized Dassel Lakeside Community Home employees under section 2 does not
exceed the actuarial gain otherwise to be accrued by the Public Employees Retirement
Association, as calculated by the consulting actuary retained under Minnesota Statutes,
section 356.214. The cost of the actuarial calculations must be borne by the city of Dassel
or by the entity which is the employer following the privatization.

new text begin EFFECTIVE DATE. new text end

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

Sec. 37. new text begin REPEALER.
new text end

new text begin (a) new text end new text begin Minnesota Statutes 2006, sections 354.44, subdivision 6a; 354.465; 354.51,
subdivision 4; and 354.55, subdivisions 2, 3, 6, 12, and 15,
new text end new text begin are repealed effective July
1, 2008.
new text end

new text begin (b) new text end new text begin Minnesota Statutes 2006, sections 354A.091, subdivisions 1a and 1b; and
355.629,
new text end new text begin are repealed effective July 1, 2008.
new text end

new text begin (c) new text end new text begin Laws 2005, First Special Session chapter 8, article 1, section 23, new text end new text begin is repealed
retroactively from July 26, 2005.
new text end

ARTICLE 6

MSRS-CORRECTIONAL PLAN COVERAGE EXPANSION

Section 1.

Minnesota Statutes 2007 Supplement, section 352.91, subdivision 3d,
is amended to read:


Subd. 3d.

Other correctional personnel.

(a) "Covered correctional service" means
service by a state employee in one of the employment positions at a correctional facility or
at the Minnesota Security Hospital specified in paragraph (b) if at least 75 percent of the
employee's working time is spent in direct contact with inmates or patients and the fact of
this direct contact is certified to the executive director by the appropriate commissioner.

(b) The employment positions are deleted text beginas followsdeleted text end:

new text begin (1)new text end baker;

new text begin (2)new text end central services administrative specialist, intermediate;

new text begin (3)new text end central services administrative specialist, principal;

new text begin (4)new text end chaplain;

new text begin (5)new text end chief cook;

new text begin (6)new text end cook;

new text begin (7)new text end cook coordinator;

new text begin (8)new text end corrections program therapist 1;

new text begin (9)new text end corrections program therapist 2;

new text begin (10)new text end corrections program therapist 3;

new text begin (11)new text end corrections program therapist 4;

new text begin (12)new text end corrections inmate program coordinator;

new text begin (13)new text end corrections transitions program coordinator;

new text begin (14)new text end corrections security caseworker;

new text begin (15)new text end corrections security caseworker career;

new text begin (16)new text end corrections teaching assistant;

new text begin (17)new text end delivery van driver;

new text begin (18)new text end dentist;

new text begin (19)new text end electrician supervisor;

new text begin (20) general maintenance worker lead;
new text end

new text begin (21)new text end general repair worker;

new text begin (22)new text end library/information research services specialist;

new text begin (23)new text end library/information research services specialist senior;

new text begin (24)new text end library technician;

new text begin (25) painter lead;
new text end

new text begin (26)new text end plant maintenance engineer lead;

new text begin (27)new text end plumber supervisor;

new text begin (28)new text end psychologist 1;

new text begin (29)new text end psychologist 3;

new text begin (30)new text end recreation therapist;

new text begin (31)new text end recreation therapist coordinator;

new text begin (32)new text end recreation program assistant;

new text begin (33)new text end recreation therapist senior;

new text begin (34)new text end sports medicine specialist;

new text begin (35)new text end work therapy assistant;

new text begin (36)new text end work therapy program coordinator; and

new text begin (37)new text end work therapy technician.

new text begin EFFECTIVE DATE. new text end

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

Sec. 2. new text beginCOVERAGE TRANSFER DATES.
new text end

new text begin (a) The coverage transfer under Minnesota Statutes, section 352.91, subdivision 3d,
paragraph (b), clause (20), also covers employment in that position after December 11,
2007, for purposes of Minnesota Statutes, section 352.955, subdivisions 1, 3, 4, 5, and 6.
new text end

new text begin (b) The coverage change under Minnesota Statutes, section 352.91, subdivision 3d,
paragraph (b), clause (25), is prospective only.
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

ARTICLE 7

PERA BENEFITS FOLLOWING PRIVATIZATIONS

Section 1.

Minnesota Statutes 2007 Supplement, section 353F.02, subdivision 4,
is amended to read:


Subd. 4.

Medical facility.

"Medical facility" means:

(1) Bridges Medical Services;

(2) the City of Cannon Falls Hospital;

(3) Clearwater County Memorial Hospital doing business as Clearwater Health
Services in Bagley;

(4) the Dassel Lakeside Community Home;

(5) the Fair Oaks Lodge, Wadena;

(6) the Glencoe Area Health Center;

(7) the Hutchinson Area Health Care;

(8) the Kanabec Hospital;

(9) the Lakefield Nursing Home;

(10) the Lakeview Nursing Home in Gaylord;

(11) the Luverne Public Hospital;

(12) the Northfield Hospital;

(13) the Oakland Park Nursing Home;

(14) the RenVilla Nursing Home;

(15) the Renville County Hospital in Olivia;

(16) new text beginthe Rice Memorial Hospital in Willmar, with respect to the Department of
Radiology and the Department of Radiation/Oncology;
new text end

new text begin (17) new text endthe St. Peter Community Healthcare Center; deleted text beginand
deleted text end

deleted text begin (17)deleted text end new text begin(18) new text endthe Waconia-Ridgeview Medical Centernew text begin; and
new text end

new text begin (19) the Worthington Regional Hospitalnew text end.

Sec. 2. new text beginEFFECTIVE DATE.
new text end

new text begin (a) Section 1, clause (16), is effective the day after the governing body of the city
of Willmar and its chief clerical officer timely comply with Minnesota Statutes, section
645.021, subdivisions 2 and 3.
new text end

new text begin (b) Section 1, clause (19), is effective the day after the governing body of the city of
Worthington and its chief clerical officer timely comply with Minnesota Statutes, section
645.021, subdivisions 2 and 3.
new text end

ARTICLE 8

RETIREMENT RELATED STATE AID PROGRAMS

Section 1.

Minnesota Statutes 2006, section 354A.12, subdivision 3a, is amended to
read:


Subd. 3a.

Special direct state aid to first class city teachers retirement fund
associations.

(a) deleted text beginIn fiscal year 1998,deleted text end The state shall pay deleted text begin$4,827,000 to the St. Paul
Teachers Retirement Fund Association, $17,954,000 to the Minneapolis Teachers
Retirement Fund Association, and $486,000
deleted text endnew text begin $346,000new text end to the Duluth Teachers Retirement
Fund Associationdeleted text begin. In each fiscal year after fiscal year 2006, these payments to the first
class city
deleted text enddeleted text beginteachers retirement fund associations must bedeleted text endnew text begin,new text end $2,827,000 deleted text beginfordeleted text end new text beginto the new text endSt. Pauldeleted text begin,
$12,954,000 to the
deleted text end Teachers Retirement new text beginFund new text endAssociation new text beginand, new text endfor the former Minneapolis
Teachers Retirement Fund Association, deleted text beginand $486,000 for Duluthdeleted text endnew text begin $12,954,000 to the
Teachers Retirement Association
new text end.

(b) The direct state aids under this subdivision are payable October 1 annually. The
commissioner of finance shall pay the direct state aid. The amount required under this
subdivision is appropriated annually from the general fund to the commissioner of finance.

new text begin EFFECTIVE DATE. new text end

new text begin (a) This section is effective July 1, 2009.
new text end

new text begin (b) The aid paid to the Teachers Retirement Association and to the St. Paul
Teachers Retirement Fund Association under Minnesota Statutes 2006, section 354A.12,
subdivision 3a, in fiscal year 2007 is ratified. $346,000 that was payable under Minnesota
Statutes 2006, section 354A.12, subdivision 3a, in fiscal year 2008, but remains unpaid as
of the date of enactment, is payable to the Teachers Retirement Association and $140,000
that was payable under Minnesota Statutes 2006, section 354A.12, subdivision 3a, in
fiscal year 2008, but remains unpaid as of the date of enactment, is payable to the St.
Paul Teachers Retirement Fund Association.
new text end

Sec. 2.

Minnesota Statutes 2007 Supplement, section 354A.12, subdivision 3c, is
amended to read:


Subd. 3c.

Termination of supplemental contributions and direct matching
and state aid.

(a) The supplemental contributions payable to the Minneapolis Teachers
Retirement Fund Association by Special School District No. 1 and the city of Minneapolis
under section 423A.02, subdivision 3, must deleted text begincontinue todeleted text end be paid to the Teachers Retirement
Association new text beginand must continue new text enduntil new text beginthe current assets of the fund equal or exceed the
actuarial accrued liability of the fund as determined in the most recent actuarial report
for the fund by the actuary retained under section 356.214, or
new text end2037new text begin, whichever occurs
earlier
new text end. The supplemental contributions payable to the St. Paul Teachers Retirement
Fund Association by Independent School District No. 625 under section 423A.02,
subdivision 3
, or the direct state deleted text beginaidsdeleted text end new text beginaid new text endunder subdivision 3a to the St. Paul Teachers
Retirement Fund Association terminate at the end of the fiscal year in which the accrued
liability funding ratio for that fund, as determined in the most recent actuarial report for
that fund by the actuary retained under section 356.214, equals or exceeds the accrued
liability funding ratio for the Teachers Retirement Association, as determined in the most
recent actuarial report for the Teachers Retirement Association by the actuary retained
under section 356.214.

(b) deleted text beginIf the state direct matching, state supplemental, or state aid is terminated for a
first class city teachers retirement fund association under paragraph (a), it may not again
be received by that fund.
deleted text end

deleted text begin (c)deleted text end If the St. Paul Teachers Retirement Fund Association is funded at new text beginan amount
equal to or greater than
new text endthe funding ratio applicable to the Teachers Retirement Association
deleted text begin when the provisions of paragraph (b) become effectivedeleted text end, then any new text beginfuture new text endstate aid deleted text beginpreviously
distributed to that association must be immediately transferred
deleted text end new text beginunder subdivision 3a is
payable
new text endto the Teachers Retirement Association.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment and
applies retroactively to direct state aid paid or payable during fiscal years 2007 and 2008.
new text end

Sec. 3.

Minnesota Statutes 2006, section 423A.02, subdivision 1b, is amended to read:


Subd. 1b.

Additional amortization state aid.

(a) Annually, on October 1, the
commissioner of revenue shall allocate the additional amortization state aid transferred
under section 69.021, subdivision 11, to:

(1) all police or salaried firefighters relief associations governed by and in full
compliance with the requirements of section 69.77, that had an unfunded actuarial accrued
liability in the actuarial valuation prepared under sections 356.215 and 356.216 as of the
preceding December 31;

(2) all local police or salaried firefighter consolidation accounts governed by chapter
353A that are certified by the executive director of the public employees retirement
association as having for the current fiscal year an additional municipal contribution
amount under section 353A.09, subdivision 5, paragraph (b), and that have implemented
section 353A.083, subdivision 1, if the effective date of the consolidation preceded May
24, 1993, and that have implemented section 353A.083, subdivision 2, if the effective date
of the consolidation preceded June 1, 1995; and

(3) the municipalities that are required to make an additional municipal contribution
under section 353.665, subdivision 8, for the duration of the required additional
contribution.

(b) The commissioner shall allocate the state aid on the basis of the proportional share
of the relief association or consolidation account of the total unfunded actuarial accrued
liability of all recipient relief associations and consolidation accounts as of December 31,
1993, for relief associations, and as of June 30, 1994, for consolidation accounts.

(c) Beginning October 1, 2000, and annually thereafter, the commissioner shall
allocate the state aid, including any state aid in excess of the limitation in subdivision
4, on the following basis:

(1) 64.5 percent to the municipalities to which section 353.665, subdivision
8
, paragraph (b), or 353A.09, subdivision 5, paragraph (b), apply for distribution in
accordance with paragraph (b) and subject to the limitation in subdivision 4;

(2) 34.2 percent to the city of Minneapolis to fund any unfunded actuarial accrued
liability in the actuarial valuation prepared under sections 356.215 and 356.216 as of the
preceding December 31 for the Minneapolis Police Relief Association or the Minneapolis
Fire Department Relief Association; and

(3) 1.3 percent to the city of Virginia to fund any unfunded actuarial accrued liability
in the actuarial valuation prepared under sections 356.215 and 356.216 as of the preceding
December 31 for the Virginia Fire Department Relief Association.

If there is no unfunded actuarial accrued liability in both the Minneapolis Police
Relief Association and the Minneapolis Fire Department Relief Association as disclosed
in the most recent actuarial valuations for the relief associations prepared under sections
356.215 and 356.216, the commissioner shall allocate that 34.2 percent of the aid as
follows: 49 percent to the Teachers Retirement Association, 21 percent to the St. Paul
Teachers Retirement Fund Association, and 30 percent as additional funding to support
minimum fire state aid for volunteer firefighters relief associations. If there is no unfunded
actuarial accrued liability in the Virginia Fire Department Relief Association as disclosed
in the most recent actuarial valuation for the relief association prepared under sections
356.215 and 356.216, the commissioner shall allocate that 1.3 percent of the aid as
follows: 49 percent to the Teachers Retirement Association, 21 percent to the St. Paul
Teachers Retirement Fund Association, and 30 percent as additional funding to support
minimum fire state aid for volunteer firefighters relief associations. new text beginUpon the final
payment to municipalities required by section 353.665, subdivision 8, paragraph (b),
or 353A.09, subdivision 5, paragraph (b), the commissioner shall allocate that 64.5
percent of the aid as follows: 20 percent to the St. Paul Teachers Retirement Fund
Association, 20 percent to the city of Minneapolis to fund any unfunded actuarial accrued
liability in the actuarial valuation proposed under sections 356.215 and 356.216 as of the
preceding December 31 for the Minneapolis Police Relief Association or the Minneapolis
Firefighters Relief Association, 20 percent for the city of Duluth to pay for any costs
associated with the police and firefighters pensions, and 40 percent as additional funding to
support minimum fire state aid for volunteer firefighters relief associations.
new text endThe allocation
must be made by the commissioner at the same time and under the same procedures
as specified in subdivision 3. With respect to the St. Paul Teachers Retirement Fund
Association, annually, beginning on July 1, 2005, if the applicable teacher's association
five-year average time-weighted rate of investment return does not equal or exceed the
performance of a composite portfolio assumed passively managed (indexed) invested ten
percent in cash equivalents, 60 percent in bonds and similar debt securities, and 30 percent
in domestic stock calculated using the formula under section 11A.04, clause (11), the aid
allocation to that retirement fund under this section ceases until the five-year annual rate
of investment return equals or exceeds the performance of that composite portfolio.

(d) The amounts required under this subdivision are annually appropriated to the
commissioner of revenue.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective August 1, 2008.
new text end

Sec. 4. new text beginREPEALER.
new text end

new text begin (a) new text end new text begin Minnesota Statutes 2006, section 354A.12, subdivision 3a, new text end new text begin is repealed effective
the first day of the fiscal year next following the fiscal year in which neither the Teachers
Retirement Association nor the St. Paul Teachers Retirement Fund Association has an
unfunded actuarial accrued liability as determined in the actuarial valuation prepared
under Minnesota Statutes, section 356.215, by the actuary retained under Minnesota
Statutes, section 356.214.
new text end

new text begin (b) new text end new text begin Minnesota Statutes 2007 Supplement, section 354A.12, subdivisions 3b and 3c, new text end new text begin
are repealed effective the first day of the fiscal year next following the fiscal year in which
neither the Teachers Retirement Association nor the St. Paul Teachers Retirement Fund
Association has an unfunded actuarial accrued liability as determined in the actuarial
valuation prepared under Minnesota Statutes, section 356.215, by the actuary retained
under Minnesota Statutes, section 356.214.
new text end

ARTICLE 9

MNSCU-IRAP AND RELATED CHANGES

Section 1.

Minnesota Statutes 2006, section 354B.20, is amended by adding a
subdivision to read:


new text begin Subd. 19. new text end

new text begin Unclaimed plan account amounts. new text end

new text begin "Unclaimed plan account amounts"
means the accounts of any plan participant who has terminated employment by the
Minnesota State Colleges and Universities System or who has died, or of the surviving
spouse, beneficiary, or estate of the participant if the plan administrator is unable to
locate the applicable recipient in accordance with Internal Revenue Service due diligence
requirements.
new text end

Sec. 2.

Minnesota Statutes 2006, section 354B.25, subdivision 5, is amended to read:


Subd. 5.

Individual retirement account plan administrative expenses.

(a) The
reasonable and necessary administrative expenses of the individual retirement account
plan may be charged to plan participants by the plan sponsor in the form of an annual
fee, an asset-based fee, a percentage of the contributions to the plan, or a combination
thereof.new text begin This amount shall be offset by interest earned on both the plan reserves and
unclaimed funds account.
new text end

(b) Any administrative expense charge that is not actually needed for the
administrative expenses of the individual retirement account plan must be refunded to
member accounts.

(c) The Board of Trustees shall report annually, before October 1, to the advisory
committee created in subdivision 1a on administrative expenses of the plan. The report
must include a detailed accounting of charges for administrative expenses collected
from plan participants and expenditure of the administrative expense charges. The
administrative expense charges collected from plan participants must be kept in a separate
account from any other funds under control of the Board of Trustees and may be used only
for the necessary and reasonable administrative expenses of the plan.

Sec. 3.

Minnesota Statutes 2006, section 354B.25, is amended by adding a subdivision
to read:


new text begin Subd. 6. new text end

new text begin Disposition of abandoned public pension amounts. new text end

new text begin (a) Any unclaimed
plan account amounts are presumed to be abandoned, but are not subject to the provisions
of sections 345.31 to 345.60. If the account remains unclaimed after five years following
the date that the plan administrator first attempts to locate the former member, surviving
spouse, or other beneficiary, the unclaimed plan account amount cancels and must be
credited to the reserve account specified in paragraph (b).
new text end

new text begin (b) The board must establish a separate account to receive unclaimed plan account
amounts. A portion of this reserve account and any investment earnings attributable to
this reserve account are to be used to offset the reasonable and necessary expenses of
the individual retirement account plan, including costs incurred in efforts to locate lost
participants, surviving spouses, or other beneficiaries.
new text end

new text begin (c) If the unclaimed plan account amount exceeded $25 and the inactive member,
surviving spouse, or beneficiary, whichever is applicable, establishes a valid claim to the
forfeited account, the forfeited account is to be reestablished in an amount equal to the
amount originally forfeited. The board must ensure that the reserve account has sufficient
assets to cover any transfers needed to reestablish accounts.
new text end

Sec. 4.

Minnesota Statutes 2007 Supplement, section 354C.12, subdivision 4, is
amended to read:


Subd. 4.

Administrative expenses.

(a) The Board of Trustees of the Minnesota
State Colleges and Universities is authorized to pay the necessary and reasonable
administrative expenses of the supplemental retirement plan and may bill participants to
recover these expenses. The administrative fees or charges may be charged to participants
as an annual fee, an asset-based fee, a percentage of contributions to the plan, or a
contribution thereof.new text begin This amount shall be offset by interest earned on both the plan
reserves and unclaimed funds account.
new text end

(b) Any recovered or assessed amounts that are not needed for the necessary and
reasonable administrative expenses of the plan must be refunded to member accounts.

(c) The Board of Trustees shall report annually, before October 1, to the legislature
on administrative expenses of the plan. The report must include a detailed accounting of
charges for administrative expenses collected from plan participants and expenditure
of the administrative expense charges. The administrative expense charges collected
from plan participants must be kept in a separate account from any other funds under
control of the Board of Trustees and may be used only for the necessary and reasonable
administrative expenses of the plan.

Sec. 5.

new text begin [354C.155] UNCLAIMED PLAN ACCOUNT AMOUNTS.
new text end

new text begin Section 354B.25, subdivision 6, applies to the supplemental retirement plan.
new text end

Sec. 6.

Minnesota Statutes 2006, section 354C.165, is amended to read:


354C.165 PROHIBITION ON LOANS OR PRETERMINATION
DISTRIBUTIONS.

(a) deleted text beginExcept as provided in paragraph (c),deleted text end No participant may obtain a loan deleted text beginor any
distribution
deleted text end from the plan before the participant terminates the employment that gave
rise to plan coverage.

(b) No amounts to the credit of the plan are assignable either in law or in equity, or
are subject to execution, levy, attachment, garnishment, or other legal process, except as
provided in section 518.58, 518.581, or 518A.53.

(c) MS 2002 [Expired]

new text begin (d) Except for a participant in a phased retirement program that is part of an approved
collective bargaining agreement, no participant may obtain a distribution from the plan at a
time before the participant terminates the employment that gave rise to the plan coverage.
new text end

Sec. 7. new text beginACTUARIAL IMPACT STUDY; MNSCU-TENURED FACULTY
RETIREMENT PLAN COVERAGE CHANGE.
new text end

new text begin (a) The Teachers Retirement Association shall have the actuary retained under
Minnesota Statutes, section 356.214, conduct a study of the likely actuarial impact on the
Teachers Retirement Association of potentially permitting current tenure-track faculty
members employed by the Minnesota State Colleges and Universities System who have
not yet attained tenure or its equivalent to elect retroactive and prospective retirement
coverage by the Teachers Retirement Association within one year of attaining tenure or
its equivalent, with the retroactive coverage effected by a service credit purchase under
Minnesota Statutes, section 356.551.
new text end

new text begin (b) The actuarial study must include an assessment of the likelihood that tenure-track
Minnesota State Colleges and Universities System faculty members would elect retirement
coverage by the Teachers Retirement Association that underlies any election assumption
used in the study based on the experience of Minnesota State Colleges and Universities
System faculty members employed during the most recent ten years. The Minnesota State
Colleges and Universities System shall provide the Teachers Retirement Association with
the data on its faculty members necessary to conduct the study.
new text end

new text begin (c) The actuarial study must assess the actuarial accrued liability that could be
assumed by the Teachers Retirement Association from potential service credit purchases
by Minnesota State Colleges and Universities System faculty members attaining tenure
or its equivalent, the likely purchase payments related to those potential Minnesota State
Colleges and Universities System faculty member service credit purchases, and the effect
on the Teachers Retirement Association normal cost rate of the potential prospective
inclusion of Minnesota State Colleges and Universities System faculty members upon
attaining tenure.
new text end

new text begin (d) The report required under this section must be filed with the executive director of
the Legislative Commission on Pensions and Retirement on or before January 15, 2009.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2008.
new text end

ARTICLE 10

FINANCIAL AND ACTUARIAL REPORTING

Section 1.

Minnesota Statutes 2006, section 16A.055, subdivision 5, is amended to
read:


Subd. 5.

Retirement fund reporting.

deleted text begin(a)deleted text end The commissioner may not require a
public retirement fund to use financial or actuarial reporting practices or procedures
different from those required by section 356.20 or 356.215.

deleted text begin (b) The commissioner may contract with the consulting actuary retained under
section 356.214 for the preparation of quadrennial projection valuations as required
under section 356.215, subdivisions 2 and 2a. The initial projection valuation under
this paragraph, if any, is due on May 1, 2003, and subsequent projection valuations are
due on May 1 each fourth year thereafter. The commissioner of finance shall assess the
applicable statewide and major local retirement plan or plans the cost of the quadrennial
projection valuation.
deleted text end

Sec. 2.

Minnesota Statutes 2006, section 356.20, subdivision 1, is amended to read:


Subdivision 1.

Report required.

(a) The governing or managing board or new text beginthe
chief
new text endadministrative deleted text beginofficialsdeleted text end new text beginofficer new text endof deleted text beginthedeleted text end new text begineach new text endpublic pension and retirement deleted text beginfundsdeleted text end new text beginplan
new text endenumerated in subdivision 2 shall annually prepare and file a financial report following the
close of each fiscal year.

(b) This requirement also applies to any plan or fund which may be a successor to any
organization so enumerated or to any newly formed retirement plan, fund or association
operating under the control or supervision of any public employee group, governmental
unit, or institution receiving a portion of its support through legislative appropriations.

(c) The report must be prepared under the supervision and at the direction of
the management of each deleted text beginfunddeleted text end new text beginplan new text endand must be signed by the presiding officer of the
managing board of the deleted text beginfunddeleted text end new text beginplan new text endand the chief administrative official of the deleted text beginfunddeleted text endnew text begin plannew text end.

Sec. 3.

Minnesota Statutes 2006, section 356.20, subdivision 2, is amended to read:


Subd. 2.

Covered public pension plans and funds.

This section applies to the
following public pension plans:

(1) the general state employees retirement plan of the Minnesota State Retirement
System;

(2) the general employees retirement plan of the Public Employees Retirement
Association;

(3) the Teachers Retirement Association;

(4) the State Patrol retirement plan;

(5) the St. Paul Teachers Retirement Fund Association;

(6) the Duluth Teachers Retirement Fund Association;

(7) the Minneapolis Employees Retirement Fund;

(8) the University of Minnesota faculty retirement plan;

(9) the University of Minnesota faculty supplemental retirement plan;

(10) the judges retirement fund;

(11) a police or firefighter's relief association specified or described in section 69.77,
subdivision 1a
deleted text begin, ordeleted text endnew text begin;
new text end

new text begin (12) a volunteer firefighter relief association governed by sectionnew text end 69.771, subdivision
1
;

deleted text begin (12)deleted text end new text begin(13) new text endthe public employees police and fire plan of the Public Employees
Retirement Association;

deleted text begin (13)deleted text end new text begin(14) new text endthe correctional state employees retirement plan of the Minnesota State
Retirement System; and

deleted text begin (14)deleted text end new text begin(15) new text endthe local government correctional service retirement plan of the Public
Employees Retirement Association.

Sec. 4.

Minnesota Statutes 2006, section 356.20, subdivision 3, is amended to read:


Subd. 3.

Filing requirement.

The financial report is a public record. A copy of the
report or a synopsis of the report containing the information required by this section must
be deleted text begindistributeddeleted text end new text beginmade available new text endannually to each member of the fund and to the governing
body of each governmental subdivision of the state which makes employers contributions
thereto or in whose behalf taxes are levied for the employers' contribution. A signed copy
of the report must be delivered to the executive director of the Legislative Commission
on Pensions and Retirement and to the Legislative Reference Library not later than six
months after the close of each fiscal year or one month following the completion and
delivery to the retirement fund of the actuarial valuation report of the fund by the actuary
retained under section 356.214, if applicable, whichever is later.

Sec. 5.

Minnesota Statutes 2006, section 356.20, subdivision 4, is amended to read:


Subd. 4.

Contents of financial report.

(a) The financial report required by
this section must contain financial statements and disclosures that indicate the financial
operations and position of the retirement plan and fund. The report must conform with
generally accepted governmental accounting principles, applied on a consistent basis. The
report must be audited.

new text begin (b) new text endThe report must include, as part of its exhibits or its footnotes, an actuarial
disclosure item based on the actuarial valuation calculations prepared by the actuary
retained under section 356.214 or by the actuary retained by the retirement fund or
plan, whichever applies, according to applicable actuarial requirements enumerated in
section 356.215, and specified in the most recent standards for actuarial work adopted
by the Legislative Commission on Pensions and Retirement. The deleted text beginaccrueddeleted text end new text beginactuarial value
of
new text endassets, the new text beginactuarial new text endaccrued liabilities, including accrued reserves, and the unfunded
actuarial accrued liability of the fund or plan must be disclosed. The disclosure item
must contain a declaration by the actuary retained under section 356.214 or the actuary
retained by the fund or plan, whichever applies, specifying that the required reserves
for any retirement, disability, or survivor benefits provided under a benefit formula are
computed in accordance with the entry age actuarial cost method and in accordance
with the most recent applicable standards for actuarial work adopted by the Legislative
Commission on Pensions and Retirement.

deleted text begin (b) Assets of the fund or plan contained in the disclosure item must include the
following statement of the actuarial value of current assets as defined in section 356.215,
subdivision 1
:
deleted text end

deleted text begin Value at
cost
deleted text end
deleted text begin Value at
market
deleted text end
deleted text begin Cash, cash equivalents, and
deleted text end
deleted text begin short-term securities
deleted text end
deleted text begin .
deleted text end
deleted text begin .
deleted text end
deleted text begin Accounts receivable
deleted text end
deleted text begin .
deleted text end
deleted text begin .
deleted text end
deleted text begin Accrued investment income
deleted text end
deleted text begin .
deleted text end
deleted text begin .
deleted text end
deleted text begin Fixed income investments
deleted text end
deleted text begin .
deleted text end
deleted text begin .
deleted text end
deleted text begin Equity investments other
deleted text end
deleted text begin than real estate
deleted text end
deleted text begin .
deleted text end
deleted text begin .
deleted text end
deleted text begin Real estate investments
deleted text end
deleted text begin .
deleted text end
deleted text begin .
deleted text end
deleted text begin Equipment
deleted text end
deleted text begin .
deleted text end
deleted text begin .
deleted text end
deleted text begin Participation in the Minnesota
deleted text end
deleted text begin postretirement investment
deleted text end
deleted text begin fund or the retirement
deleted text end
deleted text begin benefit fund
deleted text end
deleted text begin .
deleted text end
deleted text begin .
deleted text end
deleted text begin Other
deleted text end
deleted text begin .
deleted text end
deleted text begin .
deleted text end
deleted text begin Total assets
deleted text end
deleted text begin Value at cost
deleted text end
deleted text begin .
deleted text end
deleted text begin Value at market
deleted text end
deleted text begin .
deleted text end
deleted text begin Actuarial value of current
assets
deleted text end
deleted text begin .
deleted text end

deleted text begin (c) The unfunded actuarial accrued liability of the fund or plan contained in the
disclosure item must include the following measures of unfunded actuarial accrued
liability, using the actuarial value of current assets:
deleted text end

deleted text begin (1) the unfunded actuarial accrued liability, determined by subtracting the current
assets and the present value of future normal costs from the total current and expected
future benefit obligations; and
deleted text end

deleted text begin (2) the unfunded pension benefit obligation, determined by subtracting the current
assets from the actuarial present value of credited projected benefits.
deleted text end

deleted text begin If the current assets of the fund or plan exceed the actuarial accrued liabilities, the
excess must be disclosed and indicated as a surplus.
deleted text end

deleted text begin (d) The pension benefit obligations schedule included in the disclosure must contain
the following information on the benefit obligations:
deleted text end

deleted text begin (1) the pension benefit obligation, determined as the actuarial present value of
credited projected benefits on account of service rendered to date, separately identified
as follows:
deleted text end

deleted text begin (i)
deleted text end
deleted text begin for annuitants,
deleted text end
deleted text begin retirement annuities,
deleted text end
deleted text begin disability benefits,
deleted text end
deleted text begin surviving spouse and child benefits;
deleted text end
deleted text begin (ii)
deleted text end
deleted text begin for former members without vested
rights;
deleted text end
deleted text begin (iii)
deleted text end
deleted text begin for deferred annuitants' benefits,
including any augmentation;
deleted text end
deleted text begin (iv)
deleted text end
deleted text begin for active employees,
deleted text end
deleted text begin accumulated employee contributions,
including allocated investment income,
deleted text end
deleted text begin employer-financed benefits vested,
deleted text end
deleted text begin employer-financed benefits nonvested,
deleted text end
deleted text begin total pension benefit obligation; and
deleted text end

deleted text begin (2) if there are additional benefits not appropriately covered by the foregoing items
of benefit obligations, a separate identification of the obligation.
deleted text end

deleted text begin (e)deleted text end new text begin(c) new text endThe report must contain an itemized exhibit describing the administrative
expenses of the plan, including, but not limited to, the following items, classified on a
consistent basis from year to year, and with any further meaningful detail:

(1) personnel expenses;

(2) communication-related expenses;

(3) office building and maintenance expenses;

(4) professional services fees; and

(5) other expenses.

deleted text begin (f)deleted text end new text begin(d) new text endThe report must contain an itemized exhibit describing the investment
expenses of the plan, including, but not limited to, the following items, classified on a
consistent basis from year to year, and with any further meaningful detail:

(1) internal investment-related expenses; and

(2) external investment-related expenses.

deleted text begin (g)deleted text end new text begin(e) new text endAny additional statements or exhibits or more detailed or subdivided
itemization of a disclosure item that will enable the management of the deleted text beginfunddeleted text end new text beginplan new text endto
portray a true interpretation of the deleted text beginfund'sdeleted text end new text beginplan's new text endfinancial condition must be included in the
additional statements or exhibits.

Sec. 6.

Minnesota Statutes 2006, section 356.20, subdivision 4a, is amended to read:


Subd. 4a.

Financial report for police or firefighters relief association.

For any
police or firefighter's relief association referred to in subdivision 2, clause new text begin(11) or new text end(12), a
financial report new text beginthat is new text endduly filed and deleted text beginmeetingdeleted text end new text beginthat meets new text endthe requirements of section 69.051
deleted text begin must bedeleted text end new text beginis new text enddeemed to have met the requirements of subdivision 4.

Sec. 7.

Minnesota Statutes 2006, section 356.214, subdivision 1, is amended to read:


Subdivision 1.

deleted text beginJointdeleted text end new text beginActuary new text endretention.

(a) The deleted text beginchief administrative officers of the
Minnesota State Retirement System, the Public Employees Retirement Association, the
Teachers Retirement Association, the Duluth Teachers Retirement Fund Association, the
Minneapolis Employees Retirement Fund, and the St. Paul Teachers Retirement Fund
Association, jointly, on behalf of the state, its employees, its taxpayers, and its various
public pension plans,
deleted text end new text begingoverning board or managing or administrative official of each
public pension plan and retirement fund or plan enumerated in paragraph (b)
new text endshall contract
with an established actuarial consulting firm to conduct annual actuarial valuations and
related services deleted text beginfor the retirement plans named in paragraph (b)deleted text end. The principal from
the actuarial consulting firm on the contract must be an approved actuary under section
356.215, subdivision 1, paragraph (c). deleted text beginPrior to becoming effective, the contract under this
section is subject to a review and approval by the Legislative Commission on Pensions
and Retirement.
deleted text end

(b) deleted text beginThe contract fordeleted text end Actuarial services must include the preparation of actuarial
valuations and related actuarial work for the following retirement plans:

(1) the teachers retirement plan, Teachers Retirement Association;

(2) the general state employees retirement plan, Minnesota State Retirement System;

(3) the correctional employees retirement plan, Minnesota State Retirement System;

(4) the State Patrol retirement plan, Minnesota State Retirement System;

(5) the judges retirement plan, Minnesota State Retirement System;

(6) the Minneapolis employees retirement plan, Minneapolis Employees Retirement
Fund;

(7) the public employees retirement plan, Public Employees Retirement Association;

(8) the public employees police and fire plan, Public Employees Retirement
Association;

(9) the Duluth teachers retirement plan, Duluth Teachers Retirement Fund
Association;

(10) the St. Paul teachers retirement plan, St. Paul Teachers Retirement Fund
Association;

(11) the legislators retirement plan, Minnesota State Retirement System;

(12) the elective state officers retirement plan, Minnesota State Retirement System;
and

(13) local government correctional service retirement plan, Public Employees
Retirement Association.

(c) The deleted text begincontractdeleted text end new text begincontracts new text endmust require completion of the annual actuarial valuation
calculations on a fiscal year basis, with the contents of the actuarial valuation calculations
as specified in section 356.215, and in conformity with the standards for actuarial work
adopted by the Legislative Commission on Pensions and Retirement.

The deleted text begincontractdeleted text end new text begincontracts new text endmust require completion of annual experience data collection
and processing and a quadrennial published experience study for the plans listed in
paragraph (b), clauses (1), (2), and (7), as provided for in the standards for actuarial work
adopted by the commission. The experience data collection, processing, and analysis
must evaluate the following:

(1) individual salary progression;

(2) the rate of return on investments based on the current asset value;

(3) payroll growth;

(4) mortality;

(5) retirement age;

(6) withdrawal; and

(7) disablement.

deleted text begin The contract must include provisions for the preparation of cost analyses by the
jointly retained actuary for proposed legislation that include changes in benefit provisions
or funding policies prior to their consideration by the Legislative Commission on Pensions
and Retirement.
deleted text end

(d) The actuary deleted text beginretained by the joint retirement systemsdeleted text end shall annually prepare a
report to the new text begingoverning or managing board or administrative official and the new text endlegislature,
deleted text begin including a commentary on the actuarial valuation calculations for the plans named in
paragraph (b) and
deleted text end summarizing the results of the actuarial valuation calculations. The
actuary shall include with the report deleted text beginthe actuary'sdeleted text end new text beginany new text endrecommendations deleted text beginto the legislaturedeleted text end
concerning the appropriateness of the support rates to achieve proper funding of the
retirement plans by the required funding dates. The actuary shall, as part of the quadrennial
experience study, include recommendations deleted text beginto the legislaturedeleted text end on the appropriateness of the
actuarial valuation assumptions required for evaluation in the study.

(e) If the actuarial gain and loss analysis in the actuarial valuation calculations
indicates a persistent pattern of sizable gains or losses, deleted text beginas directed by the joint retirement
systems or as requested by the chair of the Legislative Commission on Pensions and
Retirement,
deleted text end the new text begingoverning or managing board or administrative official shall direct the
new text endactuary deleted text beginshalldeleted text endnew text begin tonew text end prepare a special experience study for a plan listed in paragraph (b),
clause (3), (4), (5), (6), (8), (9), (10), (11), (12), or (13), in the manner provided for in the
standards for actuarial work adopted by the commission.

deleted text begin (f) The term of the contract between the joint retirement systems and the actuary
retained may not exceed five years. The joint retirement system administrative officers
shall establish procedures for the consideration and selection of contract bidders and
the requirements for the contents of an actuarial services contract under this section.
The procedures and requirements must be submitted to the Legislative Commission on
Pensions and Retirement for review and comment prior to final approval by the joint
administrators. The contract is subject to the procurement procedures under chapter 16C.
The consideration of bids and the selection of a consulting actuarial firm by the chief
administrative officers must occur at a meeting that is open to the public and reasonable
timely public notice of the date and the time of the meeting and its subject matter must
be given.
deleted text end

deleted text begin (g) The actuarial services contract may not limit the ability of the Minnesota
legislature and its standing committees and commissions to rely on the actuarial results
of the work prepared under the contract.
deleted text end

deleted text begin (h) The joint retirement systems shall designate one of the retirement system
executive directors as the actuarial services contract manager.
deleted text end

Sec. 8.

Minnesota Statutes 2006, section 356.214, subdivision 3, is amended to read:


Subd. 3.

Reporting to commission.

A copy of the actuarial valuationsdeleted text begin,deleted text end new text beginand
new text endexperience studiesdeleted text begin, and actuarial cost analysesdeleted text end prepared by the actuary retained deleted text beginby the
joint retirement systems
deleted text end under deleted text beginthedeleted text end new text begina new text endcontract provided for in this section must be filed with
the executive director of the Legislative Commission on Pensions and Retirement deleted text beginat the
same time that the document is transmitted to the actuarial services contract manager or
to any other document recipient
deleted text end.

Sec. 9.

Minnesota Statutes 2006, section 356.214, is amended by adding a subdivision
to read:


new text begin Subd. 4. new text end

new text begin Commission to contract with auditing actuary. new text end

new text begin (a) The Legislative
Commission on Pensions and Retirement may contract with an established actuarial
consulting firm to audit or review the actuarial valuations, experience studies, and actuarial
cost analyses prepared by the actuary retained by the governing or managing boards, or
administrative officials of each of the plans or funds listed in subdivision 1, paragraph
(b). The principal representative from the actuarial consulting firm so engaged must be an
approved actuary under section 356.215, subdivision 1, paragraph (c).
new text end

new text begin (b) Any actuarial consulting firm retained under paragraph (a) will, according to a
schedule determined under an agreement with the Legislative Commission on Pensions
and Retirement, audit the valuation reports submitted by the actuary retained by each
governing or managing board or administrative official, and provide an assessment of the
reasonableness, reliability, and areas of concern or potential improvement in the specific
reports reviewed, the procedures utilized by any particular reporting actuary, or general
modifications to standards, procedures, or assumptions that the commission may wish to
consider. Actuarial firms retained by the retirement funds must cooperate fully and make
available any data or other materials necessary for the commission-retained actuary to
conduct an adequate review and to render advice to the commission.
new text end

Sec. 10.

Minnesota Statutes 2006, section 356.215, subdivision 1, is amended to read:


Subdivision 1.

Definitions.

(a) For the purposes of sections 3.85 and 356.20 to
356.23, each of the terms in the following paragraphs has the meaning given.

(b) "Actuarial valuation" means a set of calculations prepared by deleted text beginthedeleted text end new text beginan new text endactuary
retained under section 356.214 if so required under section 3.85, or otherwise, by an
approved actuary, to determine the normal cost and the accrued actuarial liabilities of
a benefit plan, according to the entry age actuarial cost method and based upon stated
assumptions including, but not limited to rates of interest, mortality, salary increase,
disability, withdrawal, and retirement and to determine the payment necessary to amortize
over a stated period any unfunded accrued actuarial liability disclosed as a result of the
actuarial valuation of the benefit plan.

(c) "Approved actuary" means a person who is regularly engaged in the business
of providing actuarial services and who deleted text beginhas at least 15 years of service to major public
employee pension or retirement funds or who
deleted text end is a fellow in the Society of Actuaries.

(d) "Entry age actuarial cost method" means an actuarial cost method under which
the actuarial present value of the projected benefits of each individual currently covered
by the benefit plan and included in the actuarial valuation is allocated on a level basis over
the service of the individual, if the benefit plan is governed by section 69.773, or over the
earnings of the individual, if the benefit plan is governed by any other law, between the
entry age and the assumed exit age, with the portion of the actuarial present value which is
allocated to the valuation year to be the normal cost and the portion of the actuarial present
value not provided for at the valuation date by the actuarial present value of future normal
costs to be the actuarial accrued liability, with aggregation in the calculation process to be
the sum of the calculated result for each covered individual and with recognition given to
any different benefit formulas which may apply to various periods of service.

(e) "Experience study" means a report providing experience data and an actuarial
analysis of the adequacy of the actuarial assumptions on which actuarial valuations are
based.

(f) deleted text begin"Currentdeleted text end new text begin"Actuarial value of new text endassets" meansdeleted text begin:
deleted text end

deleted text begin (1) for the July 1, 2001, actuarial valuation, the market value of all assets as of
June 30, 2001, reduced by:
deleted text end

deleted text begin (i) 30 percent of the difference between the market value of all assets as of June 30,
1999, and the actuarial value of assets used in the July 1, 1999, actuarial valuation;
deleted text end

deleted text begin (ii) 60 percent of the difference between the actual net change in the market value of
assets between June 30, 1999, and June 30, 2000, and the computed increase in the market
value of assets between June 30, 1999, and June 30, 2000, if the assets had increased at
the percentage preretirement interest rate assumption used in the July 1, 1999, actuarial
valuation; and
deleted text end

deleted text begin (iii) 80 percent of the difference between the actual net change in the market value
of assets between June 30, 2000, and June 30, 2001, and the computed increase in
the market value of assets between June 30, 2000, and June 30, 2001, if the assets had
increased at the percentage preretirement interest rate assumption used in the July 1,
2000, actuarial valuation;
deleted text end

deleted text begin (2) for the July 1, 2002, actuarial valuation, the market value of all assets as of
June 30, 2002, reduced by:
deleted text end

deleted text begin (i) ten percent of the difference between the market value of all assets as of June 30,
1999, and the actuarial value of assets used in the July 1, 1999, actuarial valuation;
deleted text end

deleted text begin (ii) 40 percent of the difference between the actual net change in the market value of
assets between June 30, 1999, and June 30, 2000, and the computed increase in the market
value of assets between June 30, 1999, and June 30, 2000, if the assets had increased at
the percentage preretirement interest rate assumption used in the July 1, 1999, actuarial
valuation;
deleted text end

deleted text begin (iii) 60 percent of the difference between the actual net change in the market value
of assets between June 30, 2000, and June 30, 2001, and the computed increase in
the market value of assets between June 30, 2000, and June 30, 2001, if the assets had
increased at the percentage preretirement interest rate assumption used in the July 1, 2000,
actuarial valuation; and
deleted text end

deleted text begin (iv) 80 percent of the difference between the actual net change in the market value of
assets between June 30, 2001, and June 30, 2002, and the computed increase in the market
value of assets between June 30, 2001, and June 30, 2002, if the assets had increased at
the percentage preretirement interest rate assumption used in the July 1, 2001, actuarial
valuation; or
deleted text end

deleted text begin (3) for any actuarial valuation after July 1, 2002,deleted text end the market value of all assets
as of the preceding June 30, reduced by:

deleted text begin (i)deleted text end new text begin(1) new text end20 percent of the difference between the actual net change in the market value
of assets between the June 30 that occurred three years earlier and the June 30 that occurred
four years earlier and the computed increase in the market value of assets over that
fiscal year period if the assets had increased at the percentage preretirement interest rate
assumption used in the actuarial valuation for the July 1 that occurred four years earlier;

deleted text begin (ii)deleted text end new text begin(2) new text end40 percent of the difference between the actual net change in the market value
of assets between the June 30 that occurred two years earlier and the June 30 that occurred
three years earlier and the computed increase in the market value of assets over that
fiscal year period if the assets had increased at the percentage preretirement interest rate
assumption used in the actuarial valuation for the July 1 that occurred three years earlier;

deleted text begin (iii)deleted text end new text begin(3) new text end60 percent of the difference between the actual net change in the market
value of assets between the June 30 that occurred one year earlier and the June 30 that
occurred two years earlier and the computed increase in the market value of assets over
that fiscal year period if the assets had increased at the percentage preretirement interest
rate assumption used in the actuarial valuation for the July 1 that occurred two years
earlier; and

deleted text begin (iv)deleted text end new text begin(4) new text end80 percent of the difference between the actual net change in the market
value of assets between the immediately prior June 30 and the June 30 that occurred one
year earlier and the computed increase in the market value of assets over that fiscal year
period if the assets had increased at the percentage preretirement interest rate assumption
used in the actuarial valuation for the July 1 that occurred one year earlier.

(g) "Unfunded actuarial accrued liability" means the total current and expected
future benefit obligations, reduced by the sum of deleted text begincurrentdeleted text end new text beginthe actuarial value of new text endassets and
the present value of future normal costs.

(h) "Pension benefit obligation" means the actuarial present value of credited
projected benefits, determined as the actuarial present value of benefits estimated to be
payable in the future as a result of employee service attributing an equal benefit amount,
including the effect of projected salary increases and any step rate benefit accrual rate
differences, to each year of credited and expected future employee service.

Sec. 11.

Minnesota Statutes 2006, section 356.215, subdivision 2, is amended to read:


Subd. 2.

Requirements.

(a) It is the policy of the legislature that it is necessary
and appropriate to determine annually the financial status of tax supported retirement and
pension plans for public employees. To achieve this goaldeleted text begin:deleted text endnew text begin,
new text end

deleted text begin (1)deleted text end the actuary retained under section 356.214 shall prepare annual actuarial
valuations of the retirement plans enumerated in section 356.214, subdivision 1, paragraph
(b), and quadrennial experience studies of the retirement plans enumerated in section
356.214, subdivision 1, paragraph (b), clauses (1), (2), and (7)deleted text begin; anddeleted text endnew text begin.
new text end

deleted text begin (2) the commissioner of finance may have prepared by the actuary retained by the
commission, two years after each set of quadrennial experience studies, quadrennial
projection valuations of at least one of the retirement plans enumerated in section 6,
subdivision 1, paragraph (b), for which the commissioner determines that the analysis
may be beneficial.
deleted text end

(b) The governing or managing board or administrative officials of each public
pension and retirement deleted text beginfund ordeleted text end plan enumerated in section 356.20, subdivision 2, clauses
(9), deleted text begin(10)deleted text endnew text begin (11)new text end, and (12), shall have prepared by an approved actuary annual actuarial
valuations of their respective funds as provided in this section. This requirement also
applies to any deleted text beginfund ordeleted text end plan that is the successor to any organization enumerated in section
356.20, subdivision 2, or to the governing or managing board or administrative officials
of any newly formed retirement fund, plan, or association operating under the control or
supervision of any public employee group, governmental unit, or institution receiving a
portion of its support through legislative appropriations, and any local police or fire deleted text beginfunddeleted text end
new text begin relief association new text endto which section 356.216 applies.

Sec. 12.

Minnesota Statutes 2006, section 356.215, subdivision 3, is amended to read:


Subd. 3.

Reports.

(a) The actuarial valuations required annually must be made as of
the beginning of each fiscal year.

(b) Two copies of the new text begincompleted new text endvaluation must be delivered to the executive
director of the Legislative Commission on Pensions and Retirement, to the commissioner
of financenew text begin,new text end and to the Legislative Reference Librarydeleted text begin, not later than the first day of the sixth
month occurring after the end of the previous fiscal year
deleted text end.

(c) Two copies of a quadrennial experience study must be filed with the
executive director of the Legislative Commission on Pensions and Retirement, with the
commissioner of finance, and with the Legislative Reference Library, not later than the
first day of the 11th month occurring after the end of the last fiscal year of the four-year
period which the experience study covers.

(d) For actuarial valuations and experience studies prepared at the direction of the
Legislative Commission on Pensions and Retirement, two copies of the document must be
delivered to the governing or managing board or administrative officials of the applicable
public pension and retirement fund or plan.

Sec. 13.

Minnesota Statutes 2006, section 356.215, subdivision 8, is amended to read:


Subd. 8.

Interest and salary assumptions.

(a) The actuarial valuation must use
the applicable following preretirement interest assumption and the applicable following
postretirement interest assumption:

preretirement
postretirement
interest rate
interest rate
plan
assumption
assumption
general state employees retirement plan
8.5%
6.0%
correctional state employees retirement
plan
8.5
6.0
State Patrol retirement plan
8.5
6.0
legislators retirement plan
8.5
6.0
elective state officers retirement plan
8.5
6.0
judges retirement plan
8.5
6.0
general public employees retirement
plan
8.5
6.0
public employees police and fire
retirement plan
8.5
6.0
local government correctional service
retirement plan
8.5
6.0
teachers retirement plan
8.5
6.0
Minneapolis employees retirement plan
6.0
5.0
Duluth teachers retirement plan
8.5
8.5
St. Paul teachers retirement plan
8.5
8.5
Minneapolis Police Relief Association
6.0
6.0
Fairmont Police Relief Association
5.0
5.0
Minneapolis Fire Department Relief
Association
6.0
6.0
Virginia Fire Department Relief
Association
5.0
5.0
Bloomington Fire Department Relief
Association
6.0
6.0
local monthly benefit volunteer
firefighters relief associations
5.0
5.0

(b) new text beginBefore July 1, 2010, new text endthe actuarial valuation must use the applicable following
single rate future salary increase assumption, the applicable following modified single
rate future salary increase assumption, or the applicable following graded rate future
salary increase assumption:

(1) single rate future salary increase assumption

future salary
plan
increase assumption
legislators retirement plan
5.0%
deleted text begin elective state officers retirement plan
deleted text end
deleted text begin 5.0
deleted text end
judges retirement plan
deleted text begin 5.0deleted text end
new text begin 4.0new text end
Minneapolis Police Relief Association
4.0
Fairmont Police Relief Association
3.5
Minneapolis Fire Department Relief
Association
4.0
Virginia Fire Department Relief Association
3.5
Bloomington Fire Department Relief
Association
4.0

(2) modified single rate future salary increase assumption

future salary
plan
increase assumption
Minneapolis employees
retirement plan
the prior calendar year amount
increased first by 1.0198 percent to
prior fiscal year date and then increased
by 4.0 percent annually for each future
year

(3) select and ultimate future salary increase assumption or graded rate future salary
increase assumption

future salary
plan
increase assumption
general state employees
retirement plan
select calculation and assumption A
correctional state employees
retirement plan
assumption deleted text beginGdeleted text endnew text beginH
new text end
State Patrol retirement plan
assumption G
general public employees
retirement plan
select calculation and assumption B
public employees police and fire
fund retirement plan
assumption C
local government correctional
service retirement plan
assumption G
teachers retirement plan
assumption D
Duluth teachers retirement plan
assumption E
St. Paul teachers retirement plan
assumption F

The select calculation is: during the deleted text beginten-yeardeleted text end
new text begin designated new text endselect period, a designated
deleted text begin percentdeleted text end new text beginpercentage rate new text endis multiplied by the
result of deleted text begintendeleted text end new text beginthe designated integer new text endminus T,
where T is the number of completed years
of service, and is added to the applicable
future salary increase assumption. new text beginThe
designated select period is five years and
the designated integer is five for the general
state employees retirement plan and the
general public employees retirement plan.
The designated select period is ten years and
the designated integer is ten for all other
retirement plans covered by this clause.
new text endThe
designated deleted text beginpercentdeleted text end new text beginpercentage rate new text endis new text begin(1) new text end0.2
percent for the correctional state employees
retirement plan, the State Patrol retirement
plan, the public employees police and fire
plan, and the local government correctional
service plan; deleted text beginand 0.3deleted text end new text begin(2) 0.6 new text endpercent for
the general state employees retirement
plandeleted text begin,deleted text end new text beginand new text endthe general public employees
retirement plandeleted text begin,deleted text endnew text begin; and (3) 0.3 percent for new text endthe
teachers retirement plan, the Duluth Teachers
Retirement Fund Association, and the St.
Paul Teachers Retirement Fund Association.new text begin
The select calculation for the Duluth Teachers
Retirement Fund Association is 8.00 percent
per year for service years one through seven,
7.25 percent per year for service years seven
and eight, and 6.50 percent per year for
service years eight and nine.
new text end

The ultimate future salary increase assumption is:

deleted text begin age
deleted text end
deleted text begin A
deleted text end
deleted text begin B
deleted text end
deleted text begin C
deleted text end
deleted text begin D
deleted text end
deleted text begin E
deleted text end
deleted text begin F
deleted text end
deleted text begin G
deleted text end
deleted text begin 16
deleted text end
deleted text begin 6.95%
deleted text end
deleted text begin 6.95%
deleted text end
deleted text begin 11.50%
deleted text end
deleted text begin 8.20%
deleted text end
deleted text begin 8.00%
deleted text end
deleted text begin 6.90%
deleted text end
deleted text begin 7.7500%
deleted text end
deleted text begin 17
deleted text end
deleted text begin 6.90
deleted text end
deleted text begin 6.90
deleted text end
deleted text begin 11.50
deleted text end
deleted text begin 8.15
deleted text end
deleted text begin 8.00
deleted text end
deleted text begin 6.90
deleted text end
deleted text begin 7.7500
deleted text end
deleted text begin 18
deleted text end
deleted text begin 6.85
deleted text end
deleted text begin 6.85
deleted text end
deleted text begin 11.50
deleted text end
deleted text begin 8.10
deleted text end
deleted text begin 8.00
deleted text end
deleted text begin 6.90
deleted text end
deleted text begin 7.7500
deleted text end
deleted text begin 19
deleted text end
deleted text begin 6.80
deleted text end
deleted text begin 6.80
deleted text end
deleted text begin 11.50
deleted text end
deleted text begin 8.05
deleted text end
deleted text begin 8.00
deleted text end
deleted text begin 6.90
deleted text end
deleted text begin 7.7500
deleted text end
deleted text begin 20
deleted text end
deleted text begin 6.75
deleted text end
deleted text begin 6.40
deleted text end
deleted text begin 11.50
deleted text end
deleted text begin 6.00
deleted text end
deleted text begin 6.90
deleted text end
deleted text begin 6.90
deleted text end
deleted text begin 7.7500
deleted text end
deleted text begin 21
deleted text end
deleted text begin 6.75
deleted text end
deleted text begin 6.40
deleted text end
deleted text begin 11.50
deleted text end
deleted text begin 6.00
deleted text end
deleted text begin 6.90
deleted text end
deleted text begin 6.90
deleted text end
deleted text begin 7.1454
deleted text end
deleted text begin 22
deleted text end
deleted text begin 6.75
deleted text end
deleted text begin 6.40
deleted text end
deleted text begin 11.00
deleted text end
deleted text begin 6.00
deleted text end
deleted text begin 6.90
deleted text end
deleted text begin 6.90
deleted text end
deleted text begin 7.0725
deleted text end
deleted text begin 23
deleted text end
deleted text begin 6.75
deleted text end
deleted text begin 6.40
deleted text end
deleted text begin 10.50
deleted text end
deleted text begin 6.00
deleted text end
deleted text begin 6.85
deleted text end
deleted text begin 6.85
deleted text end
deleted text begin 7.0544
deleted text end
deleted text begin 24
deleted text end
deleted text begin 6.75
deleted text end
deleted text begin 6.40
deleted text end
deleted text begin 10.00
deleted text end
deleted text begin 6.00
deleted text end
deleted text begin 6.80
deleted text end
deleted text begin 6.80
deleted text end
deleted text begin 7.0363
deleted text end
deleted text begin 25
deleted text end
deleted text begin 6.75
deleted text end
deleted text begin 6.40
deleted text end
deleted text begin 9.50
deleted text end
deleted text begin 6.00
deleted text end
deleted text begin 6.75
deleted text end
deleted text begin 6.75
deleted text end
deleted text begin 7.0000
deleted text end
deleted text begin 26
deleted text end
deleted text begin 6.75
deleted text end
deleted text begin 6.36
deleted text end
deleted text begin 9.20
deleted text end
deleted text begin 6.00
deleted text end
deleted text begin 6.70
deleted text end
deleted text begin 6.70
deleted text end
deleted text begin 7.0000
deleted text end
deleted text begin 27
deleted text end
deleted text begin 6.75
deleted text end
deleted text begin 6.32
deleted text end
deleted text begin 8.90
deleted text end
deleted text begin 6.00
deleted text end
deleted text begin 6.65
deleted text end
deleted text begin 6.65
deleted text end
deleted text begin 7.0000
deleted text end
deleted text begin 28
deleted text end
deleted text begin 6.75
deleted text end
deleted text begin 6.28
deleted text end
deleted text begin 8.60
deleted text end
deleted text begin 6.00
deleted text end
deleted text begin 6.60
deleted text end
deleted text begin 6.60
deleted text end
deleted text begin 7.0000
deleted text end
deleted text begin 29
deleted text end
deleted text begin 6.75
deleted text end
deleted text begin 6.24
deleted text end
deleted text begin 8.30
deleted text end
deleted text begin 6.00
deleted text end
deleted text begin 6.55
deleted text end
deleted text begin 6.55
deleted text end
deleted text begin 7.0000
deleted text end
deleted text begin 30
deleted text end
deleted text begin 6.75
deleted text end
deleted text begin 6.20
deleted text end
deleted text begin 8.00
deleted text end
deleted text begin 6.00
deleted text end
deleted text begin 6.50
deleted text end
deleted text begin 6.50
deleted text end
deleted text begin 7.0000
deleted text end
deleted text begin 31
deleted text end
deleted text begin 6.75
deleted text end
deleted text begin 6.16
deleted text end
deleted text begin 7.80
deleted text end
deleted text begin 6.00
deleted text end
deleted text begin 6.45
deleted text end
deleted text begin 6.45
deleted text end
deleted text begin 7.0000
deleted text end
deleted text begin 32
deleted text end
deleted text begin 6.75
deleted text end
deleted text begin 6.12
deleted text end
deleted text begin 7.60
deleted text end
deleted text begin 6.00
deleted text end
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