1.1 	A bill for an act
1.2 	relating to retirement; modifying the Public Employees Retirement Association 
1.3 	police and fire plan; former Minneapolis Police and Firefighters Relief 
1.4 	Association;amending Minnesota Statutes 2012, sections 353.6511, subdivision 
1.5 	7; 353.6512, subdivision 7.
1.6 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.7 	Section 1. Minnesota Statutes 2012, section 353.6511, subdivision 7, is amended to read:
1.8 		Subd. 7.Postretirement adjustments.  Effective January 1, 2012, service pensions 
1.9 	and survivor benefits in force are entitled to be recomputed with the number of units 
1.10 	specified in subdivision 2, subdivision 4, and subdivision 6. Optional annuities under 
1.11 	Minnesota Statutes 2010, section 423C.05, subdivision 8, also are entitled to be recomputed 
1.12 	as the actuarial equivalent of the service pensions and survivor benefits with the number of 
1.13 	units specified in subdivision 2, subdivision 4, and subdivision 6. Retirement annuities, 
1.14 	service pensions, disability benefits, and survivor benefits after December 31, 2015, are 
1.15 	eligible for postretirement adjustments under section 356.415, subdivision 1c. The unit 
1.16 	value for the calculation of a retirement annuity first payable after December 31, 2015, is 
1.17 	the calendar year 2015 unit value, plus any annual postretirement adjustment percentage 
1.18 	amount payable after December 31, 2015, under section 356.415, subdivision 1c, payable 
1.19 	after December 31, 2015, and before the date of retirement paragraph (a), clause (1), or, 
1.20 	when applicable, under section 356.415, subdivision 1c, paragraph (b), clause (1).

1.21 	Sec. 2. Minnesota Statutes 2012, section 353.6512, subdivision 7, is amended to read:
1.22 		Subd. 7.Postretirement adjustments. Retirement annuities, service pensions, 
1.23 	disability benefits, and survivor benefits after December 31, 2015, are eligible for 
1.24 	postretirement adjustments under section 356.415, subdivision 1c. The unit value for the 
2.1 	calculation of a retirement annuity first payable after December 31, 2015, is the calendar 
2.2 	year 2015 unit value, plus any annual postretirement adjustment percentage amount 
2.3 	payable after December 31, 2015, under section 356.415, subdivision 1c, payable after 
2.4 	December 31, 2015, and before the date of retirement paragraph (a), clause (1), or, when 
2.5 	applicable, under section 356.415, subdivision 1c, paragraph (b), clause (1).