HF 2626

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; Minneapolis Employees 
  1.3             Retirement Fund; permitting a service credit purchase 
  1.4             for prior city employment as a permit employee. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [MERF; PRIOR SERVICE CREDIT PURCHASE FOR 
  1.7   EMPLOYMENT AS A PERMIT EMPLOYEE.] 
  1.8      (a) An eligible person described in paragraph (b) is 
  1.9   entitled to purchase allowable service credit from the 
  1.10  Minneapolis Employees Retirement Fund for the period or periods 
  1.11  of employment as a permit employee specified in paragraph (c) by 
  1.12  making the payment required under Minnesota Statutes, section 
  1.13  356.55 or 356.551, whichever is applicable. 
  1.14     (b) An eligible person is a person who: 
  1.15     (1) was born on March 20, 1956; 
  1.16     (2) was hired by the city of Minneapolis as a permanent 
  1.17  employee on May 2, 1977, and was covered by the Minneapolis 
  1.18  Employees Retirement Fund for that employment; and 
  1.19     (3) is currently employed by the city of Minneapolis, 
  1.20  covered by the Minneapolis Employees Retirement Association. 
  1.21     (c) The periods for allowable service credit purchase are 
  1.22  periods during 1975 and 1976 during which the eligible person 
  1.23  was employed by the city of Minneapolis as a permit employee. 
  1.24     (d) An eligible person must apply to the executive director 
  1.25  of the Minneapolis Employees Retirement Fund to make a service 
  2.1   credit purchase under this section.  The application must be in 
  2.2   writing and must include any relevant documentation related to 
  2.3   eligibility to make this service credit purchase that the 
  2.4   executive director of the Minneapolis Employees Retirement Fund 
  2.5   may require. 
  2.6      (e) Allowable service credit for the purchase period or 
  2.7   periods must be granted by the Minneapolis Employees Retirement 
  2.8   Fund to the account of the eligible person upon receipt of the 
  2.9   prior service credit purchase payment amount.  To receive the 
  2.10  service credit, the service credit purchase must be received by 
  2.11  the Minneapolis Employees Retirement Fund by October 1, 2004, or 
  2.12  prior to retirement, whichever is earlier. 
  2.13     (f) Notwithstanding Minnesota Statutes, sections 356.55 and 
  2.14  356.551, all costs for determining the full actuarial value 
  2.15  service credit purchase price must be added to the prior service 
  2.16  credit purchase payment amount under paragraph (e). 
  2.17     Sec. 2.  [EFFECTIVE DATE.] 
  2.18     Section 1 is effective the day following final enactment.