Session Year 2011, Special Session 1

Bill Name: SF0007

Relating to retirement

ARTICLE 1 - PUBLIC EMPLOYEES RETIREMENT
ASSOCIATION

Including employees of the Red Wing port authority in the general
employees retirement plan of the public employees retirement association (PERA),
validating retroactive retirement coverage for employees of the Red Wing port
authority; correcting erroneous employees deductions, employer contributions,
and adjusting overpaid benefits for city of Duluth and Duluth airport
authority

ARTICLE 2 - TEACHER RETIREMENT COVERAGE

Defining vesting,
specifying years of service credit to qualify for an annuity or benefit for
certain members; specifying vesting requirements for qualified part-time teacher
program participation; revising certain postretirement adjustment procedures for
the St. Paul teachers retirement fund association; reducing the deferred annuity
augmentation rate and the refund interest rate; terminating interest payments on
reemployed annuitant savings accounts; modifying certain vesting requirements
and clarifying coverage for the Duluth teacher retirement fund association, and
St. Paul teachers retirement fund association; revising the default retirement
plan coverage determination for Minnesota state colleges and universities
(MnSCU) employees; repealing the St. Paul teachers retirement fund association
postretirement adjustment, the election of teachers retirement association
coverage in certain instances, and a certain contribution transfer
provision

ARTICLE 3 - ACTUARIAL ASSUMPTION UPDATE

Replacing and updating
the public pension plan current salary scale and payroll growth actuarial
assumptions; specifying the effective dates for the general state employees
retirement plan of the Minnesota state retirement system, the general employees
retirement plan of the public employees retirement association, the teachers
retirement plan, and the public employees police and fire retirement
plan

ARTICLE 4 - VOLUNTEER FIREFIGHTER RELIEF ASSOCIATIONS

Extending the
deadline for certain volunteer firefighter relief associations 2009 financial
reporting to the state auditor; allowing a certain prepared actuarial document
to be a qualifying actuarial valuation of the White Bear Lake volunteer fire
department relief association special fund for financial requirements and
minimum municipal obligations determination purposes

ARTICLE 5 - SMALL GROUP
RETIREMENT PROVISIONS

Authorizing purchase of service and salary credit for
certain former employees of Babbitt and Buhl for eligible unreported employment
under the public employees retirement association (PERA) general employees
retirement plan; authorizing a salary credit purchase by a certain part-time
teaching program participant in independent school district #270, Hopkins, under
the teachers retirement association

ARTICLE 6 - VOLUNTARY CONSOLIDATION OF
THE MINNEAPOLIS FIREFIGHTERS RELIEF ASSOCIATION

Providing for a voluntary
consolidation of the Minneapolis firefighters relief association with the public
employees police and fire retirement plan (PERA-P&F), requiring local approval;
establishing alternative retirement benefit coverage for certain employees
affiliated with the Minneapolis firefighters relief association; defining unit
value and expanding the definition of allowable service; modifying certain
provisions relating to allowable service, limits and computation, additional
duties of the executive director, contributions, retirement annuity upon
separation from public service, disability benefits, survivor benefits, and
additional amortization state aid for the duration of the agreement; providing
for a special actuarial valuation pending consolidation; regulating termination
of the relief association; repealing statutes governing the Minneapolis
firefighters relief association

ARTICLE 7 - VOLUNTARY CONSOLIDATION OF THE
MINNEAPOLIS POLICE RELIEF
ASSOCIATION

Providing for a voluntary
consolidation of the Minneapolis police relief association with the public
employees police and fire retirement plan (PERA-P&F), requiring local approval;
establishing alternative retirement benefit coverage for certain employees
affiliated with the Minneapolis police relief association; defining unit value
and expanding the definition of allowable service; modifying certain provisions
relating to allowable service, limits and computation, additional duties of the
executive director, contributions, disability benefits, survivor benefits, and
additional amortization state aid for the duration of the agreement; providing
for a
special actuarial valuation pending consolidation; regulating termination
of the relief association; repealing statutes governing the Minneapolis police
relief association

ARTICLE 8 - CONFORMING CHANGES

Updating, clarifying and
making conforming amendments to certain statutory
provisions
(je)