Bill Text: MN HF2554 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Public Employees Retirement Association (PERA) police and fire plan modified.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-03-03 - Introduction and first reading, referred to Government Operations [HF2554 Detail]
Download: Minnesota-2013-HF2554-Introduced.html
1.2relating to retirement; modifying the Public Employees Retirement Association
1.3police and fire plan; former Minneapolis Police and Firefighters Relief
1.4Association;amending Minnesota Statutes 2012, sections 353.6511, subdivision
1.57; 353.6512, subdivision 7.
1.6BE 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
1.9and survivor benefits in force are entitled to be recomputed with the number of units
1.10specified in subdivision 2, subdivision 4, and subdivision 6. Optional annuities under
1.11Minnesota Statutes 2010, section 423C.05, subdivision 8, also are entitled to be recomputed
1.12as the actuarial equivalent of the service pensions and survivor benefits with the number of
1.13units specified in subdivision 2, subdivision 4, and subdivision 6. Retirement annuities,
1.14service pensions, disability benefits, and survivor benefits after December 31, 2015, are
1.15eligible for postretirement adjustments under section356.415, subdivision 1c . The unit
1.16value for the calculation of a retirement annuity first payable after December 31, 2015, is
1.17the calendar year 2015 unit value, plus any annual postretirement adjustment percentage
1.18amount payable after December 31, 2015, under section356.415, subdivision 1c , payable
1.19after December 31, 2015, and before the date of retirement paragraph (a), clause (1), or,
1.20when 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,
1.23disability benefits, and survivor benefits after December 31, 2015, are eligible for
1.24postretirement adjustments under section356.415, subdivision 1c . The unit value for the
2.1calculation of a retirement annuity first payable after December 31, 2015, is the calendar
2.2year 2015 unit value, plus any annual postretirement adjustment percentage amount
2.3payable after December 31, 2015, under section356.415, subdivision 1c , payable after
2.4December 31, 2015, and before the date of retirement paragraph (a), clause (1), or, when
2.5applicable, under section 356.415, subdivision 1c, paragraph (b), clause (1).
1.3police and fire plan; former Minneapolis Police and Firefighters Relief
1.4Association;amending Minnesota Statutes 2012, sections 353.6511, subdivision
1.57; 353.6512, subdivision 7.
1.6BE 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
1.9and survivor benefits in force are entitled to be recomputed with the number of units
1.10specified in subdivision 2, subdivision 4, and subdivision 6. Optional annuities under
1.11Minnesota Statutes 2010, section 423C.05, subdivision 8, also are entitled to be recomputed
1.12as the actuarial equivalent of the service pensions and survivor benefits with the number of
1.13units specified in subdivision 2, subdivision 4, and subdivision 6. Retirement annuities,
1.14service pensions, disability benefits, and survivor benefits after December 31, 2015, are
1.15eligible for postretirement adjustments under section
1.16value for the calculation of a retirement annuity first payable after December 31, 2015, is
1.17the calendar year 2015 unit value, plus any annual postretirement adjustment percentage
1.18amount payable after December 31, 2015, under section
1.19
1.20when 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,
1.23disability benefits, and survivor benefits after December 31, 2015, are eligible for
1.24postretirement adjustments under section
2.1calculation of a retirement annuity first payable after December 31, 2015, is the calendar
2.2year 2015 unit value, plus any annual postretirement adjustment percentage amount
2.3payable after December 31, 2015, under section
2.4
2.5applicable, under section 356.415, subdivision 1c, paragraph (b), clause (1).
