SF 2721

as introduced - 89th Legislature (2015 - 2016) Posted on 03/15/2016 11:24am

A bill for an act
relating to education finance; authorizing additional funding for school districts
to pay for higher teacher retirement employer contribution costs; amending
Minnesota Statutes 2014, section 126C.10, subdivision 37.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2014, section 126C.10, subdivision 37, is amended to
read:

Subd. 37.

Pension adjustment revenue.

A school district's pension adjustment
revenue equals the new text begin sum of:
new text end

new text begin (1) the product of:
new text end

new text begin (i) the difference between the teacher retirement fund employer contribution rate
established in section 354.42 or 354A.12 for the current fiscal year and the employer
contribution rate for fiscal year 2017; and
new text end

new text begin (ii) the salaries paid to employees who are members of the Teachers Retirement
Association or the St. Paul Teachers Retirement Association for the previous fiscal
year; and
new text end

new text begin (2) the new text end greater of zero or the product of:

deleted text begin (1) deleted text end new text begin (i) new text end the difference between the district's adjustment under Minnesota Statutes
2012, section 127A.50, subdivision 1, for fiscal year 2014 per adjusted pupil unit and the
state average adjustment under Minnesota Statutes 2012, section 127A.50, subdivision 1,
for fiscal year 2014 per adjusted pupil unit; and

deleted text begin (2) deleted text end new text begin (ii) new text end the district's adjusted pupil units for the fiscal year.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for fiscal year 2018 and later.
new text end