1.1                          A bill for an act 
  1.2             relating to retirement; public employees retirement 
  1.3             association police and fire fund; changing early 
  1.4             retirement reduction factors; amending Minnesota 
  1.5             Statutes 1994, section 353.651, subdivision 4. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1994, section 353.651, 
  1.8   subdivision 4, is amended to read: 
  1.9      Subd. 4.  [EARLY RETIREMENT.] Any police officer or 
  1.10  firefighter member who has become at least 50 years old and who 
  1.11  has at least three years of allowable service is entitled upon 
  1.12  application to a retirement annuity equal to the normal annuity 
  1.13  calculated under subdivision 3, reduced so that the reduced 
  1.14  annuity is the actuarial equivalent of the annuity that would be 
  1.15  payable to the member if the member deferred receipt of the 
  1.16  annuity from the day the annuity begins to accrue until the 
  1.17  member attains age 55 by two-tenths of one percent for each 
  1.18  month that the member is under age 55 at the time of retirement. 
  1.19     Sec. 2.  [EFFECTIVE DATE.] 
  1.20     Section 1 is effective July 1, 1995.