1.1                          A bill for an act 
  1.2             relating to retirement; Minnesota state retirement 
  1.3             system; providing for a refund of employee 
  1.4             contributions with interest for state employees who 
  1.5             terminated service at any time in the past; amending 
  1.6             Minnesota Statutes 2000, section 352.22, subdivision 2.
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2000, section 352.22, 
  1.9   subdivision 2, is amended to read: 
  1.10     Subd. 2.  [AMOUNT OF REFUND.] Except as provided in 
  1.11  subdivision 3, the refund payable to a person who at any time in 
  1.12  the past ceased to be a state employee by reason of termination 
  1.13  of state service is in an amount equal to employee accumulated 
  1.14  contributions plus interest at the rate of six percent per year 
  1.15  compounded annually.  Included with the refund is any interest 
  1.16  paid as part of repayment of a past refund, plus interest 
  1.17  thereon from the date of repayment.  Interest must be computed 
  1.18  to the first day of the month in which the refund is processed 
  1.19  and must be based on fiscal year or monthly balances, whichever 
  1.20  applies. 
  1.21     Sec. 2.  [EFFECTIVE DATE.] 
  1.22     Section 1 is effective the day following final enactment.