1.1 	A bill for an act
1.2 	relating to retirement; authorizing purchase of
1.3 	service credit from the public employees police and
1.4 	fire fund.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. PURCHASE OF SERVICE CREDIT.
 1.7 		Subdivision 1.Eligibility. An eligible person may
1.8 	purchase allowable service credit from the public employees
1.9 	police and fire fund for the period from November 23, 1984, to
1.10 	March 16, 1985.  An eligible person is a person who:
1.11 	(1) is currently a member of the public employees police
1.12 	and fire fund; and 
1.13 	(2) was employed by the city of Faribault as a firefighter
1.14 	since November 23, 1984, but was not covered by the public
1.15 	employees police and fire fund from November 23, 1984, until
1.16 	March 16, 1985, due to a mistake made by the city of Faribault.
1.17 		Subd. 2.Purchase requirements. An eligible person must
1.18 	apply to the executive director of the Public Employees
1.19 	Retirement Association to make the service credit purchase
1.20 	authorized in this section.  The application must be in writing
1.21 	and must contain documentation required by the executive
1.22 	director.
1.23 		Subd. 3.Payment. If an eligible person meets the
1.24 	requirements to purchase service credit under this section, the
1.25 	public employees police and fire fund must be paid the amount
2.1 	determined under Minnesota Statutes, section 356.551.  Of this
2.2 	amount:
2.3 	(1) the eligible person must pay an amount equal to the
2.4 	employee contribution rate during the period of service to be
2.5 	purchased, applied to the actual salary in effect during that
2.6 	period, plus interest at the rate of 8.5 percent per year
2.7 	compounded annually from the date on which the contributions
2.8 	should have been made to the date on which payment is made under
2.9 	this section; and 
2.10 	(2) the city of Faribault must pay the remainder of the
2.11 	amount determined under Minnesota Statutes, section 356.551.

2.12 	Sec. 2. EFFECTIVE DATE.
 2.13 	Section 1 is effective the day following final enactment.