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SF 935

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

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

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Current Version - 1st Engrossment

1.1A bill for an act
1.2relating to public pensions; modifying pension aids; providing pension funding;
1.3appropriating money.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5    Section 1. PENSION AID, APPROPRIATION.
1.6(a) $22,999,900 is appropriated from the general fund in the 2014-15 biennium, and
1.7each biennium thereafter, to the commissioner of revenue for the purposes of pension
1.8aid to be distributed as follows:
1.9
Statewide Volunteer Fire Plan
$137,990
1.10
Volunteer Firefighter Relief Associations
$5,412,010
1.11
Paid Firefighter Municipalities
$649,350
1.12
Public Employees Retirement Association-Police and Fire
$1,300,650
1.13
1.14
Public Employees Retirement Association-Police and
Fire Employers
$4,645,300
1.15
Departments of Public Safety and Natural Resources
$516,150
1.16
State Patrol Retirement Plan
$1,033,800
1.17
Public Employees Retirement Association-Police and Fire
$9,304,650
1.18(b) The appropriation in paragraph (a) ends on (i) December 31, 2020, or (ii), if
1.19earlier, on the December 31 next following the actuarial valuation date on which the
1.20assets of the retirement plan on a market value equals or exceeds 90 percent of the total
1.21actuarial accrued liabilities of the retirement plan as disclosed in an actuarial valuation
1.22prepared under Minnesota Statutes, section 356.215, and the Standards for Actuarial Work
1.23promulgated by the Legislative Commission on Pensions and Retirement, for the State
1.24Patrol retirement plan or the public employees police and fire retirement plan, whichever
1.25occurs last.

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