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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

A bill for an act
relating to public pensions; modifying pension aids; providing pension funding;
appropriating money.

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

Section 1. PENSION AID, APPROPRIATION.

(a) $22,999,900 is appropriated from the general fund in the 2014-15 biennium, and
each biennium thereafter, to the commissioner of revenue for the purposes of pension
aid to be distributed as follows:

Statewide Volunteer Fire Plan
$137,990
Volunteer Firefighter Relief Associations
$5,412,010
Paid Firefighter Municipalities
$649,350
Public Employees Retirement Association-Police and Fire
$1,300,650
Public Employees Retirement Association-Police and
Fire Employers
$4,645,300
Departments of Public Safety and Natural Resources
$516,150
State Patrol Retirement Plan
$1,033,800
Public Employees Retirement Association-Police and Fire
$9,304,650

(b) The appropriation in paragraph (a) ends on (i) December 31, 2020, or (ii), if
earlier, on the December 31 next following the actuarial valuation date on which the
assets of the retirement plan on a market value equals or exceeds 90 percent of the total
actuarial accrued liabilities of the retirement plan as disclosed in an actuarial valuation
prepared under Minnesota Statutes, section 356.215, and the Standards for Actuarial Work
promulgated by the Legislative Commission on Pensions and Retirement, for the State
Patrol retirement plan or the public employees police and fire retirement plan, whichever
occurs last.

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