Minnesota Session Laws - 1992, Regular Session

  

                         Laws of Minnesota 1992 

                        CHAPTER 392-H.F.No. 2769 
           An act relating to retirement; providing for the 
          calculation of pension increases for the Virginia 
          police relief association. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  [VIRGINIA POLICE PENSION INCREASES.] 
    Notwithstanding any other provisions of law to the 
contrary, but subject to Minnesota Statutes, section 69.77, 
subdivision 1, the Virginia police relief association may amend 
its bylaws to provide the following method for the calculation 
of postretirement benefit increases:  
    Each year, the administrator of the fund shall certify the 
amount of the "net average increase" for licensed police 
officers in the Virginia police department.  The "net average 
increase" must be determined as follows: 
    (1) identify all licensed police officers holding the same 
rank on January 31 of the current year and on September 30 of 
the previous year or the continuing roster; then 
    (2) divide the total annual base salary for the continuing 
roster for the current year by the total annual base salary for 
the continuing roster for the previous year; then 
    (3) convert this figure to a percentage.  The pensions of 
all benefit recipients must be multiplied by this percentage and 
the result added to their previous pension.  For deferred 
service pensioners, the percentage must be applied to the 
initially calculated deferred service pension amount, plus any 
prior percentage increases granted since the date on which the 
deferred service pensioner terminated active service.  The 
increase also must be granted to the three benefit recipients 
who had no automatic postretirement adjustments payable as of 
December 31, 1991. 
    Sec. 2.  [LOCAL APPROVAL.] 
    Section 1 is effective upon approval by the Virginia city 
council and compliance with Minnesota Statutes, section 645.021. 
    Presented to the governor April 2, 1992 
    Signed by the governor April 3, 1992, 3:52 p.m.