Legislative Session number- 87

Bill Name: SF1692

Relating to retirement

ARTICLE 1 - ADMINISTRATIVE REVISIONS

Making certain
changes of an administrative nature; modifying the title of corrections program
therapist under covered correctional service personnel; modifying actuarial
valuation interest and salary assumptions for public pension plans, excluding
the Duluth teachers retirement plan; revising teachers retirement association
(TRA) post-retirement adjustment initial eligibility procedure; modifying
certain limitations on public employee salaries for pension purposes

ARTICLE
2 - AID PROVISION RECODIFICATION; ADDING SHORTAGE RECOVERY
PROCEDURE

Recodifying certain teachers retirement association (TRA) aid
provisions; creating new teachers retirement association contribution and aid
payment deficiency recovery procedures; requiring special school district #1,
Minneapolis, and the city of Minneapolis to make additional employer
contributions to the teachers retirement association; requiring independent
school district #625, St. Paul to make additional contributions to the St. Paul
teachers retirement fund association for reallocation of amortization and
supplementary amortization state aid purposes; authorizing the teachers
retirement association to obtain recovery of certain prior deficiencies from the
city of Minneapolis; revising federal code compliance provisions applicable to
all plans; repealing certain provisions relating to aid rededication and to
contributions by employee and employer special direct state matching aid to
teachers retirement association
(je)