Minnesota Session Laws - 1993, Regular Session

  
    Laws of Minnesota 1993 

                         CHAPTER 160-H.F.No. 55 
           An act relating to retirement; authorizing a benefit 
          increase for certain retired police officers, 
          firefighters, and surviving spouses in the city of 
          Eveleth; amending Laws 1977, chapter 61, section 6, as 
          amended. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
     Section 1.  Laws 1977, chapter 61, section 6, as amended by 
Laws 1981, chapter 68, section 39, is amended to read: 
    Sec. 6.  [FINANCIAL REQUIREMENTS OF THE TRUST FUND.] 
    Commencing January 1, 1978, the city of Eveleth shall 
provide by annual levy an amount sufficient to pay the greater 
of either (a) an amount which when added to the investment 
income of the trust fund is sufficient to pay the benefits 
provided under the trust fund for the succeeding year as 
certified by the board of trustees of the trust fund; or (b) an 
amount equal to the level annual dollar amount sufficient to 
amortize the unfunded actuarial accrued liability of the trust 
fund by December 31, 1991 1998, as determined by a qualified 
actuary in accordance with Minnesota Statutes, Sections 69.77, 
356.215 and 356.216, in the latest actuarial valuation.  The 
city of Eveleth may, at its cost, utilize the services of the 
actuary retained by the legislative commission on pensions and 
retirement to determine the trust unfunded actuarial accrued 
liability and amortization requirement. 
    The annual levy under this section shall not be included in 
any limitation as to rate or amount set by charter and shall be 
a special levy for purposes of Minnesota Statutes, Section 
275.50, Subdivision 5.  All revenues generated by the levy 
required under this section shall be transferred to the trust 
fund. 
    Sec. 2.  [EVELETH POLICE AND FIREFIGHTERS; BENEFIT 
INCREASE.] 
    Notwithstanding any general or special law to the contrary, 
in addition to the current pensions and other retirement 
benefits payable, the pensions and retirement benefits payable 
to retired police officers and firefighters and their surviving 
spouses by the Eveleth police and fire trust fund are increased 
by $100 a month.  Increases are retroactive to January 1, 1993. 
    Sec. 3.  [LOCAL APPROVAL.] 
    Sections 1 and 2 are effective on approval by the Eveleth 
city council and compliance with Minnesota Statutes, section 
645.021. 
    Presented to the governor May 11, 1993 
    Signed by the governor May 14, 1993, 9:08 a.m.