1.1 	A bill for an act
1.2 	relating to retirement; legislators retirement plan; providing an option for the 
1.3 	payment of a partial benefit amount to alternative payees under a marriage 
1.4 	dissolution decree; proposing coding for new law in Minnesota Statutes, chapter 
1.5 	3A.
1.6 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.7 	Section 1. [3A.021] OPTIONAL DIVISION OF RETIREMENT ALLOWANCE.
1.8 		Subdivision 1.Election of division. Notwithstanding section 518.58, subdivision 4, 
1.9 	paragraph (a), clause (5), a former legislator or the former spouse of a former legislator, if 
1.10 	a portion of the former legislator's retirement allowance is awarded to the former spouse 
1.11 	under a marriage dissolution property division decree by a court of competent jurisdiction, 
1.12 	may elect to have payment of the portion of the legislator's retirement allowance 
1.13 	designated in the decree as payable to the former spouse beginning as of the first day of 
1.14 	the month next following the date on which the former legislator attains the age of 62, 
1.15 	even if the former legislator has not applied for the receipt of retirement allowance as of 
1.16 	that date. In all other respects, the optional retirement allowance division is governed 
1.17 	by section 518.58, subdivision 4.
1.18 		Subd. 2.Calculation of subsequent portion of the retirement allowance.
 1.19 	Upon the eventual application for a retirement allowance under this chapter by a former 
1.20 	legislator who elected or was affected by the election of a benefit under subdivision 1, 
1.21 	the subsequent retirement allowance must be adjusted to be the actuarial equivalent of 
1.22 	the balance of the present value of the retirement allowance of the former legislator upon 
1.23 	the effective date of the application remaining after a reduction equal to the present value 
1.24 	of the partial benefit previously paid and subsequently payable to the former spouse, 
1.25 	as calculated by the actuary retained under section 356.214 or as calculated under a 
2.1 	procedure specified by the actuary. The retirement allowance present value calculations 
2.2 	must include the effect of section 356.30.
2.3 		Subd. 3.Bounce back. If the former spouse predeceases the former legislator, the 
2.4 	retirement allowance of the former legislator must be recomputed as the full retirement 
2.5 	allowance, effective on the first of the month next following the death of the former spouse.
2.6 		Subd. 4.No optional annuity form. Section 3A.02, subdivision 5, does not apply 
2.7 	to a partial retirement allowance payable under subdivision 1.

2.8 	EFFECTIVE DATE. This section is effective the day following final enactment 
2.9 	and applies to any retirement allowance affected by a marriage dissolution decree rendered 
2.10 	after September 2003.