Minnesota Session Laws - 1992, Regular Session

  

                         Laws of Minnesota 1992 

                        CHAPTER 420-H.F.No. 1996 
           An act relating to retirement; permitting certain 
          persons to have employer contributions transferred 
          from the teachers retirement association to the 
          individual retirement account plan; amending Laws 
          1990, chapter 570, article 3, section 11. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
     Section 1.  Laws 1990, chapter 570, article 3, section 11, 
is amended to read: 
     Sec. 11.  [TRANSFERS IN CERTAIN CASES.] 
     Notwithstanding any provision of Minnesota Statutes, 
section 354B.03, to the contrary, a person in covered employment 
under Minnesota Statutes, chapter 354, who was first employed by 
the state university system board or the community college board 
after June 30, 1988, and before July 1, 1989, and who has no 
less than three years prior allowable service under chapter 354, 
and who elected, or elects before January 1, 1991, to have their 
employee contributions transferred under Minnesota Statutes, 
chapter 354B, shall have an amount equal to the employer 
contributions made on behalf of the person under Minnesota 
Statutes, section 354.42, subdivision 3, plus annual interest 
compounded annually at a rate of six percent, transferred by the 
executive director of the teachers retirement association from 
the teachers retirement fund to the individual retirement 
account plan under Minnesota Statutes, chapter 354B.  The 
election must be made on a form prescribed by the executive 
director and must be made by January 1, 1991. 
     Sec. 2.  [EFFECTIVE DATE.] 
     Section 1 is effective the day following final enactment, 
and applies retroactively to persons who elected a transfer 
under Laws 1990, chapter 570, article 3, section 11.  The amount 
to be transferred is the employer contribution described in that 
section, plus annual interest compounded annually at a rate of 
six percent until the date of transfer. 
    Presented to the governor April 6, 1992 
    Signed by the governor April 8, 1992, 4:22 p.m.