1.1 	A bill for an act
1.2 	relating to retirement; Teachers Retirement
1.3 	Association and the individual retirement account
1.4 	plan; correcting a plan election problem; authorizing
1.5 	eligible Minnesota State Colleges and Universities
1.6 	system employees to elect Teachers Retirement
1.7 	Association coverage and receive retroactive coverage.
1.8 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.9 	Section 1. TEACHERS RETIREMENT ASSOCIATION; PROSPECTIVE
1.10 	TEACHERS RETIREMENT ASSOCIATION COVERAGE; PURCHASE OF PAST
1.11 	SERVICE CREDIT.
 1.12 	(a) An eligible person described in paragraph (b) is
1.13 	authorized to become a coordinated member of the Teachers
1.14 	Retirement Association, and to purchase service and salary
1.15 	credit in the Teachers Retirement Association coordinated plan
1.16 	retroactive from January 1, 1995, upon making an election under
1.17 	paragraph (c) and upon making the required payment under
1.18 	paragraph (d).
1.19 	(b) An eligible person is a person who:
1.20 	(1) was born on September 10, 1958;
1.21 	(2) has prior employment covered by the Public Employees
1.22 	Retirement Association general plan;
1.23 	(3) is the director of student support services at North
1.24 	Hennepin Community College;
1.25 	(4) began working at North Hennepin Community College on
1.26 	February 3, 1992, with coverage for that service by the higher
2.1 	education individual retirement account plan; and 
2.2 	(5) was not offered an election of Teachers Retirement
2.3 	Association coverage, as required under Laws 1994, chapter 508,
2.4 	article 1, section 10.
2.5 	(c)(1) To be eligible for coverage by the Teachers
2.6 	Retirement Association, an eligible person must submit a written
2.7 	application to the executive director of the Teachers Retirement
2.8 	Association on a form provided by the Teachers Retirement
2.9 	Association.  The application must include all documentation of
2.10 	the applicability of this section and any other relevant
2.11 	information that the executive director may require.  Following
2.12 	receipt by the executive director of the written application
2.13 	specified in this paragraph and receipt of the payment specified
2.14 	in paragraph (d):
2.15 	(i) Teachers Retirement Association plan membership
2.16 	commences as of January 1, 2006;
2.17 	(ii) individual retirement account plan coverage terminates
2.18 	for the applicable eligible person; and 
2.19 	(iii) past salary and service credit is granted from
2.20 	January 1, 1995, as specified in this section.
2.21 	(2) The authority granted by this section is voided if the
2.22 	applicable eligible individual terminates from Minnesota State
2.23 	Colleges and Universities system employment prior to receipt by
2.24 	the executive director of the Teachers Retirement Association of
2.25 	the application specified in this paragraph and the amount
2.26 	specified in paragraph (d).
2.27 	(d) To receive the treatment specified in this section, an
2.28 	eligible person shall make payment of the amount determined
2.29 	under Minnesota Statutes, section 356.551, to the executive
2.30 	director of the Teachers Retirement Association for the period
2.31 	from January 1, 1995.  The individual is authorized to cover the
2.32 	payment using assets transferred from the eligible individual's
2.33 	individual retirement account plan account, or from any other
2.34 	sources permitted by law.  The total amount to be paid under
2.35 	this paragraph shall be determined by the executive director of
2.36 	the Teachers Retirement Association.  Written notification of
3.1 	the amount required under this paragraph should be transmitted
3.2 	to the eligible individual.  The Teachers Retirement Association
3.3 	is authorized to utilize the actuary jointly retained under
3.4 	Minnesota Statutes, section 356.214, to make the computations
3.5 	required under this paragraph.  The Teachers Retirement
3.6 	Association shall allocate the amount received under this
3.7 	paragraph between the Teachers Retirement Association and the
3.8 	Public Employees Retirement Association, or other applicable
3.9 	pension fund, as indicated by the full actuarial cost
3.10 	determination required under this paragraph.

3.11 	Sec. 2. EFFECTIVE DATE.
 3.12 	Section 1 is effective the day following final enactment.