Minnesota Session Laws - 1992, Regular Session

  

                         Laws of Minnesota 1992 

                        CHAPTER 448-S.F.No. 1558 
           An act relating to retirement; Duluth fire and police 
          pension plans; authorizing a joint consolidation 
          account in the event of the consolidation of the 
          Duluth fire department relief association with the 
          public employees police and fire fund. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  [DULUTH POLICE AND FIRE PENSION PLANS; JOINT 
CONSOLIDATION ACCOUNT.] 
    (a) Notwithstanding any provision of Minnesota Statutes, 
section 353A.09, subdivision 1, to the contrary, if the Duluth 
fire department relief association consolidates with the public 
employees police and fire fund under Minnesota Statutes, chapter 
353A, the executive director of the public employees retirement 
association shall establish a joint Duluth police and fire 
consolidation account for the consolidated Duluth police pension 
association and the consolidated Duluth fire department relief 
association. 
    (b) To that joint account must be credited the assets of 
the former Duluth police pension account and the assets of the 
former Duluth fire department relief association in existence 
upon the consolidation of the Duluth fire department relief 
association, plus member contributions received after that date 
under Minnesota Statutes, section 353A.09, subdivision 4, 
municipal contributions received after that date under Minnesota 
Statutes, section 353A.09, subdivision 5, and a proportionate 
share of investment income earned after that date by the public 
employees police and fire consolidation accounts. 
    (c) From that joint account must be transferred or paid the 
following: 
    (1) amounts for transfer to the Minnesota postretirement 
investment fund under Minnesota Statutes, section 353A.09, 
subdivisions 2 and 3, and Minnesota Statutes, section 353.271, 
subdivision 2, representing the required reserves for persons 
covered by the joint consolidation account who elect benefits 
calculated under the public employees police and fire fund 
benefit plan; 
    (2) pension and benefit amounts for persons covered by the 
joint consolidation account who elected coverage under the 
applicable relief association benefit plan under Minnesota 
Statutes, section 353A.08; 
    (3) benefit amounts not payable from the Minnesota 
postretirement investment fund for persons covered by the joint 
consolidation account who elected benefits calculated under the 
public employees police and fire fund benefit plan; and 
    (4) any direct administrative expenses of the public 
employees police and fire fund related to the special joint 
account and a proportional share of the general administrative 
expenses of the public employees retirement association. 
    (d) The executive director of the public employees 
retirement association shall maintain separate personnel data 
records in connection with each consolidated relief 
association.  The actuary retained by the legislative commission 
on pensions and retirement shall provide as part of the 
actuary's regular actuarial work for the consolidation accounts 
separate exhibits for each consolidated Duluth relief 
association. 
    (e) The executive director of the public employees 
retirement association shall adopt policies and procedures 
necessary for the administration of a joint consolidation 
account. 
    Sec. 2.  [EFFECTIVE DATE; LOCAL APPROVAL.] 
    Section 1 is effective upon approval by the city council of 
the city of Duluth and compliance with Minnesota Statutes, 
section 645.021. 
    Presented to the governor April 10, 1992 
    Signed by the governor April 13, 1992, 1:40 p.m.