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HF 2514

as introduced - 92nd Legislature (2021 - 2022) Posted on 04/12/2021 01:43pm

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

Bill Text Versions

Engrossments
Introduction Posted on 04/12/2021

Current Version - as introduced

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A bill for an act
relating to retirement; Minnesota State Retirement System unclassified plan;
temporarily extending the grandfather provision regarding actuarial assumptions
used to compute an annuity; amending Minnesota Statutes 2020, section 352D.06,
subdivision 1.

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

Section 1.

Minnesota Statutes 2020, section 352D.06, subdivision 1, is amended to read:


Subdivision 1.

Annuity; reserves.

(a) When a participant attains at least age 55,
terminates from covered service, and applies for a retirement annuity, the cash value of the
participant's shares must be transferred to the general state employees retirement fund and
be used to provide an annuity for the participant based upon the participant's age when the
benefit begins to accrue.

(b) Except for participants described in paragraph (c), the monthly amount of the annuity
must be determined using the actuarial assumptions in effect for the general state employees
retirement plan under section 356.215 on the accrual date.

deleted text begin (c) For any participant who retires on or after July 1, 2017, and before July 1, 2020,
when the participant is at least age 63 or has had at least 26 years of covered service, the
monthly amount of the annuity must be determined using the actuarial assumptions in effect
for the general state employees retirement plan under section 356.215 on June 30, 2016.
deleted text end

deleted text begin (d)deleted text endnew text begin (c)new text end For any participant who terminates employment on or after July 1, 2020, and
before deleted text beginJuly 1, 2021deleted text endnew text begin .......new text end, if the participant was at least age 63 or had at least 26 years of
covered service as of June 30, 2020, the monthly amount of the annuity must be determined
using the actuarial assumptions in effect for the general state employees retirement plan
under section 356.215 on June 30, 2016.

new text begin EFFECTIVE DATE. new text end

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