as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
A bill for an act
relating to retirement; authorizing purchase of
service credit in the Minnesota State Retirement
System.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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(a) An eligible person described in paragraph (b) is
entitled to purchase service credit from the Minnesota State
Retirement System for the period of time served as a driver
under contract with the Department of Administration from March
16, 1988, to February 4, 1997.
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(b) An eligible person for purposes of paragraph (a) is a
person who:
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(1) was born on December 12, 1944;
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(2) served as a driver for the Department of Administration
from March 16, 1988, to February 4, 1997;
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(3) is currently employed by the Department of Employment
and Economic Development; and
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(4) did not contribute to the Minnesota State Retirement
System while a driver under contract with the Department of
Administration.
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(c) The eligible person must pay, on or before December 31,
2005, an amount equal to the employee contribution rate in
effect during the period of service applied to the actual salary
rates in effect during the service being purchased, plus annual
compound interest at the rate of 8.5 percent from the date on
which the contributions would have been made during the actual
time earned. The Department of Administration must pay the
employer contributions plus annual compound interest at the rate
of 8.5 percent from the date on which the contributions would
have been made.
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(d) A person purchasing service credit under this section
must provide sufficient documentation of eligibility to the
executive director of the Minnesota State Retirement System.
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This section is effective the day
following final enactment.
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