Bill Text: MN HF1626 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Unclassified employees retirement program transfer of coverage provision clarified.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2011-05-02 - Introduction and first reading, referred to Government Operations and Elections [HF1626 Detail]
Download: Minnesota-2011-HF1626-Introduced.html
1.2relating to retirement; unclassified employees retirement program; clarifying
1.3transfer of coverage provision;amending Minnesota Statutes 2010, section
1.4352D.02, subdivision 3.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 352D.02, subdivision 3, is amended to
1.7read:
1.8 Subd. 3. Transfer to general employees retirement plan. (a) An employee
1.9referred to in subdivision 1, paragraph (c), clauses (2) to (4), (6) to (14), and (16) to (18),
1.10who is credited with shares in the unclassified program, and who has credit for allowable
1.11service, not later than one month following the termination of covered employment, may
1.12elect to terminate participation in the unclassified program and be covered by the general
1.13employees retirement plan by filing a written election with the executive director if the
1.14employee was employed before July 1, 2010, and has at least ten years of allowable
1.15service as of the date of the election or if the employee was first employed after June 30,
1.162010, and has no more than seven years of allowable service as of the date of the election.
1.17(b) If the transfer election is made, the executive director shall then redeem the
1.18employee's total shares and shall credit to the employee's account in the general employees
1.19retirement plan the amount of contributions that would have been so credited had the
1.20employee been covered by the general employees retirement plan during the employee's
1.21entire covered employment or elective state service. The balance of money so redeemed
1.22and not credited to the employee's account must be transferred to the general employees
1.23retirement plan, except that (1) the employee contribution paid to the unclassified program
1.24must be compared to (2) the employee contributions that would have been paid to the
2.1general employees retirement plan for the comparable period, if the individual had been
2.2covered by that plan. If clause (1) is greater than clause (2), the difference must be
2.3refunded to the employee as provided in section352.22 . If clause (2) is greater than
2.4clause (1), the difference must be paid by the employee within six months of electing
2.5general employees retirement plan coverage or before the effective date of the annuity,
2.6whichever is sooner.
2.7 (c) An election under paragraph (a) to transfer coverage to the general employees
2.8retirement plan is irrevocable during any period of covered employment.
2.9(d) A person referenced in subdivision 1, paragraph (c), clause (1), (5), or (15), who
2.10is credited with employee shares in the unclassified program is not permitted to terminate
2.11participation in the unclassified program and be covered by the general employees
2.12retirement plan.
2.13EFFECTIVE DATE.This section is effective the day following final enactment.
1.3transfer of coverage provision;amending Minnesota Statutes 2010, section
1.4352D.02, subdivision 3.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 352D.02, subdivision 3, is amended to
1.7read:
1.8 Subd. 3. Transfer to general employees retirement plan. (a) An employee
1.9referred to in subdivision 1, paragraph (c), clauses (2) to (4), (6) to (14), and (16) to (18),
1.10who is credited with shares in the unclassified program, and who has credit for allowable
1.11service, not later than one month following the termination of covered employment, may
1.12elect to terminate participation in the unclassified program and be covered by the general
1.13employees retirement plan by filing a written election with the executive director if the
1.14employee was employed before July 1, 2010, and has at least ten years of allowable
1.15service as of the date of the election or if the employee was first employed after June 30,
1.162010, and has no more than seven years of allowable service as of the date of the election.
1.17(b) If the transfer election is made, the executive director shall then redeem the
1.18employee's total shares and shall credit to the employee's account in the general employees
1.19retirement plan the amount of contributions that would have been so credited had the
1.20employee been covered by the general employees retirement plan during the employee's
1.21entire covered employment or elective state service. The balance of money so redeemed
1.22and not credited to the employee's account must be transferred to the general employees
1.23retirement plan, except that (1) the employee contribution paid to the unclassified program
1.24must be compared to (2) the employee contributions that would have been paid to the
2.1general employees retirement plan for the comparable period, if the individual had been
2.2covered by that plan. If clause (1) is greater than clause (2), the difference must be
2.3refunded to the employee as provided in section
2.4clause (1), the difference must be paid by the employee within six months of electing
2.5general employees retirement plan coverage or before the effective date of the annuity,
2.6whichever is sooner.
2.7 (c) An election under paragraph (a) to transfer coverage to the general employees
2.8retirement plan is irrevocable during any period of covered employment.
2.9(d) A person referenced in subdivision 1, paragraph (c), clause (1), (5), or (15), who
2.10is credited with employee shares in the unclassified program is not permitted to terminate
2.11participation in the unclassified program and be covered by the general employees
2.12retirement plan.
2.13EFFECTIVE DATE.This section is effective the day following final enactment.
