HF 1795

Introduction - 83rd Legislature (2003 - 2004)

Posted on 12/15/2009 12:00 a.m.

  1.1                          A bill for an act 
  1.2             relating to retirement; general employees retirement 
  1.3             plan of the Public Employees Retirement Association; 
  1.4             authorizing certain retirees to change a joint and 
  1.5             survivor optional annuity survivor designation 
  1.6             following a marriage dissolution. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [PERA-GENERAL; AUTHORIZATION OF OPTIONAL 
  1.9   ANNUITY FORM SURVIVOR DESIGNATION.] 
  1.10     (a) Notwithstanding any provisions of Minnesota Statutes, 
  1.11  chapter 353, or other relevant law to the contrary, an eligible 
  1.12  person described in paragraph (b) may change the designated 
  1.13  survivor from the former spouse to the current spouse as 
  1.14  provided in paragraph (c). 
  1.15     (b) An eligible person for purposes of paragraph (a) is a 
  1.16  person who: 
  1.17     (1) was born on March 18, 1927; 
  1.18     (2) was employed by the city of Mankato from November 1, 
  1.19  1956, to June 9, 1983; 
  1.20     (3) retired from the basic program of the general employees 
  1.21  retirement plan of the Public Employees Retirement Association; 
  1.22  and 
  1.23     (4) deferred retirement until April 1, 1985. 
  1.24     (c) On the first day of the month next following the date 
  1.25  on which the eligible person applies in writing for the survivor 
  1.26  designation change, the eligible person is entitled to elect to 
  2.1   change from the person's ex-spouse to the person's current 
  2.2   spouse as the survivor on the person's optional annuity form.  
  2.3   The amount of the subsequent optional annuity must be equal to 
  2.4   the remaining actuarial present value of the joint and survivor 
  2.5   optional annuity in effect on the date of the change election, 
  2.6   computed under the postretirement interest assumption and the 
  2.7   mortality table applicable to the general employees retirement 
  2.8   plan of the Public Employees Retirement Association. 
  2.9      (d) The survivor designation change must be in writing on a 
  2.10  form prescribed by the executive director of the Public 
  2.11  Employees Retirement Association. 
  2.12     (e) This section expires on May 1, 2005. 
  2.13     Sec. 2.  [EFFECTIVE DATE.] 
  2.14     Section 1 is effective the day following final enactment.