1.1                          A bill for an act 
  1.2             relating to retirement; public employees retirement 
  1.3             association; permitting a onetime second chance 
  1.4             actuarial equivalent optional retirement annuity 
  1.5             election; amending Minnesota Statutes 2002, section 
  1.6             353.30, by adding a subdivision. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2002, section 353.30, is 
  1.9   amended by adding a subdivision to read: 
  1.10     Subd. 3d.  [ONETIME SECOND CHANCE OPTIONAL RETIREMENT 
  1.11  ANNUITY ELECTION.] (a) On July 1, 2004, or on the fifth 
  1.12  anniversary of commencing receipt of a single life retirement 
  1.13  annuity under this chapter or chapter 353E, whichever is later, 
  1.14  each recipient of a single life retirement annuity may elect to 
  1.15  convert that single life retirement annuity into a 50 percent 
  1.16  joint and survivor optional retirement annuity designating the 
  1.17  person's spouse as the second covered life on the optional 
  1.18  annuity.  The optional retirement annuity under this subdivision 
  1.19  must be the actuarial equivalent of the single life annuity 
  1.20  payable to the recipient on the effective date of the annuity 
  1.21  conversion.  The joint and survivor optional annuity under this 
  1.22  subdivision must include a restoration of the normal single life 
  1.23  annuity in the event of the death of the designated second 
  1.24  covered life before the death of the original annuity recipient. 
  1.25     (b) The second chance optional retirement annuity election 
  1.26  must be made on a form prescribed by the executive director of 
  2.1   the public employees retirement association.  The election must 
  2.2   be filed at least 30 days before the second chance election 
  2.3   eligibility date under paragraph (a).  The application and 
  2.4   notification requirements of section 356.46 apply to this 
  2.5   election. 
  2.6      (c) The second chance election under this subdivision is 
  2.7   irrevocable. 
  2.8      Sec. 2.  [EFFECTIVE DATE.] 
  2.9      Section 1 is effective the day following final enactment.