Minnesota Session Laws - 1994, Regular Session

                            CHAPTER 494-H.F.No. 2626 
                  An act relating to retirement; authorizing purchase of 
                  prior service credit from the teachers retirement 
                  association by a certain member. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  [SERVICE CREDIT PURCHASE.] 
           Subdivision 1.  [ELIGIBILITY.] Notwithstanding Minnesota 
        Statutes, sections 192.262 and 354.53, a person born on December 
        29, 1912, who served in the United States Merchant Marine 
        between December 7, 1941 and December 31, 1946, may purchase 
        allowable service credit in the teachers retirement association 
        for the portion of this period recognized as active military 
        service, other than a voluntary extension of active military 
        service.  The eligible person must provide any documentation 
        related to this prior service credit purchase as required by the 
        executive director of the teachers retirement association. 
           Subd. 2.  [MANNER AND TERMS OF PURCHASE.] To receive 
        service credit under subdivision 1, a person must pay to the 
        executive director of the teachers retirement association an 
        amount equal to the present value on the date of payment of the 
        amount of additional retirement annuity obtained by the purchase 
        of additional service credit.  Calculation of this amount must 
        be made by the executive director using the applicable 
        postretirement interest rate specified in Minnesota Statutes, 
        section 355.215, subdivision 4d, and the mortality table adopted 
        for the fund.  Payment must be made in a lump sum within 180 
        days of the effective date of this section. 
           Subd. 3.  [RECALCULATION OF ANNUITY.] Upon receipt of 
        payment from a retired employee under subdivision 2, the 
        executive director of the teachers retirement association must 
        recalculate the person's annuity, and begin paying the higher 
        annuity effective with the next monthly payment after receipt of 
        payment under subdivision 2.  The recalculated annuity must be 
        consistent with any optional annuity form previously selected. 
           Sec. 2.  [EFFECTIVE DATE.] 
           Section 1 is effective the day following final enactment. 
           Presented to the governor April 20, 1994 
           Signed by the governor April 21, 1994, 12:00 p.m.