Legislative Session number- 84

Bill Name: SF1519

Consolidating the Minneapolis teachers retirement fund association coordinated
program with the statewide teachers retirement association; authorizing and
providing for special school district #1, Minneapolis to finance the current and
future unfunded pension liability of the Minneapolis teachers retirement fund
association through the issuance without election of pension obligation bonds
under certain conditions, providing for use of the proceeds and for payment of
the bonds and of debt service; specifying certain investment requirements of the
state board of investment and certain certification requirements of the district
superintendent; providing an aid reduction for repayment under certain
deficiency conditions; expanding the definition of teacher under the provisions
regulating the TRA to coordinated member employees of the Minneapolis TRA and
the definition of allowable service to certain service rendered by the member
employees before a certain date; providing for employee and employer
contributions, for the transfer of membership, service credit, liability,
records and assets of the Minneapolis TRA to the TRA and for the calculation of
benefits; rededicating a certain prior appropriation to the Minneapolis
employees retirement fund to the Minneapolis TRA to offset the current and
future unfunded pension liability of the Minneapolis TRA upon satisfaction of
the financial requirements of MERF; making mandatory certain contributions by
special school district #1 and the city of Minneapolis to the Minneapolis TRA
for matching aid; providing for postconsolidation funding and eliminating a
certain additional amortization state aid contingency; designating special
school district #1, Minneapolis as the successor to the Minneapolis TRA for
certain state aid payments; establishing a date for full funding of the
Minneapolis teachers retirement fund; providing job protection for employees of
the Minneapolis TRA; specifying certain reference substitution instructions to
the revisor of statutes; repealing a certain Minneapolis TRA postretirement
adjustments provision
(mk)