HF 1783

Section 1. new text begin TEACHERS RETIREMENT ASSOCIATION; SABBATICAL LEAVE
SALARY CREDIT PURCHASE.
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new text begin (a) Notwithstanding any provisions to the contrary of Minnesota Statutes, chapter
354 or 354A, an eligible person described in paragraph (b) is entitled to purchase credit
for the salary amount specified in paragraph (c) by making the payment required by
paragraph (d).
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new text begin (b) An eligible person is a person who:
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new text begin (1) was born on August 2, 1948;
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new text begin (2) has 2.95 years of service credit from the Teachers Retirement Association for
teaching service rendered in the early 1970s;
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new text begin (3) has 26 years of service credit from the former Minneapolis Teachers Retirement
Fund Association transferred to the Teachers Retirement Association under Laws 2006,
chapter 277, article 3, sections 5 and 9, subdivision 3;
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new text begin (4) took a sabbatical leave from Special School District No. 1, Minneapolis, for the
2004-2005 school year;
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new text begin (5) obtained full salary credit from the former Minneapolis Teachers Retirement
Fund Association for the 2004-2005 school year under the applicable law and benefit
plan provisions; and
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new text begin (6) has uncredited full-time equivalent salary from the 2005-2006 school year based
on a reduced salary figure related to the sabbatical leave arrangement.
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new text begin (c) The salary amount is an amount equal to the difference between the salary credit
the eligible person received from the former Minneapolis Teachers Retirement Fund
Association for the 2005-2006 school year and the full-time equivalent salary of the
eligible person for the 2005-2006 school year.
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new text begin (d) The required payment amount is an amount equal to 13.64 percent of the salary
amount determined under paragraph (c), plus interest at an 8.5 percent compound rate
from the date on which the contribution amounts would have been made if made in a
timely fashion and the date on which the amount is actually paid. The amount is payable
only in a lump sum.
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new text begin (e) The eligible person shall provide any relevant documentation related to the
eligibility to make this purchase that is required by the executive director of the Teachers
Retirement Association.
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new text begin (f) Authority for an eligible person to make the purchase under this section expires
June 30, 2008.
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