1.1                          A bill for an act 
  1.2             relating to retirement; modifying the method of 
  1.3             calculating deferred annuities for certain higher 
  1.4             education faculty; proposing coding for new law in 
  1.5             Minnesota Statutes, chapter 354B. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [354B.31] [CALCULATION OF DEFERRED ANNUITY.] 
  1.8      This section applies to a person who: (1) is covered by the 
  1.9   individual retirement account plan under this chapter; (2) had 
  1.10  been employed by the Minnesota state colleges and universities 
  1.11  or a predecessor institution for at least three years at the 
  1.12  time of electing coverage under the individual retirement 
  1.13  account plan; and (3) is entitled to a deferred annuity and 
  1.14  augmentation under section 354.55, subdivision 11.  The annuity 
  1.15  of that person from the teachers retirement association shall be 
  1.16  computed by using the formulas in effect on the day the member 
  1.17  retires from employment covered by this chapter. 
  1.18     Sec. 2.  [EFFECTIVE DATE.] 
  1.19     Section 1 is effective the day following final enactment, 
  1.20  and applies to a person who retires on or after that date.