Legislative Session number- 84

Bill Name: SF1057

4E Relating to retirement

ARTICLE 1 - MINNESOTA POSTRETIREMENT INVESTMENT FUND
CHANGES

Limiting the full postretirement adjustment percentage certified to
participating public pension plans or funds under the Minnesota postretirement
investment fund; excepting the Minneapolis employees retirement fund (MERF) from
adjustment applicability; limiting the St. Paul teachers retirement fund
association from paying a postretirement adjustment

ARTICLE 2 - DEFERRED
ANNUITY AUGMENTATION RATE CHANGE

Defining eligibility for augmentation of
deferred annuities paid to certain new members of the Minnesota state retirement
system (MSRS), the state troopers retirement plan, the public employees
retirement association (PERA), the local government correctional service
retirement plan and the teachers retirement associations (TRA); specifying
calculation

ARTICLE 3 - TEACHERS RETIREMENT ASSOCIATION COVERAGE AND BENEFIT
RESTRUCTURING

Increasing aid adjustment to special school district #1,
Minneapolis, clarifying continuity on tenure, pensions, and retirement;
consolidating the Minneapolis teachers retirement fund association (MTRFA)
coordinated program with the statewide teachers retirement association;
requiring previous state aid paid to the Minneapolis teachers retirement fund
association (MTRFA) to be paid to the teachers retirement association (TRA);
expanding the definition of allowable service under provisions regulating the
statewide TRA to certain service rendered before a certain date by teacher
employees of special school district #1, Minneapolis or by employees of the
Minneapolis TRA not yet receiving retirement benefits or receiving a refund;
increasing employee and employer contributions to the TRA for coordinated and
basic members; providing for the computation of retirement benefits, for the
transfer of membership, service credit, liability, records and assets of the
Minneapolis TRA to the TRA and for the calculation of postretirement
adjustments; terminating the Minneapolis teacher retirement fund association
(MTRFA), repealing the articles of incorporation and bylaws; making conforming
amendments to certain teachers retirement association, first class cities
teachers retirement fund association and general retirement provisions;
specifying a full funding date for the teachers retirement association; making
mandatory certain contributions by special school district #1 and the city of
Minneapolis to the TRA for matching aid and modifying the match requirement;
increasing the applicable benefit accrual rate for coordinated plan and program
members; specifying a termination date for Minneapolis teachers retirement fund
association (MTRFA) members and start and end dates for membership in the
teachers retirement association (TRA); requiring the commissioner of employee
relations (DOER) after a certain date to place the former members of the
Minneapolis teachers retirement fund association (MTRF) into state service in
proper classifications at current wage levels, exception from examination
requirement; specifying requirements for vacation leave balances and length of
service dispositions, requiring enrollment in state employee group insurance
program (SEGIP) after a certain date, requiring the commissioner of employee
relations (DOER) to offer open enrollment and the opportunity to purchase
optional life and disability insurance; repealing the articles of incorporation
and bylaws of the Minneapolis teachers retirement fund association (MTRFA),
specifying remaining application, restricting application of annuity adjustment
or increase under the articles of incorporation after a certain date

ARTICLE 4
- STATE BOARD OF INVESTMENT

Reducing appropriations to the state board of
investment; regulating state board of investment expenses; requiring the
executive director to prepare and submit biennial and annual budgets to the
board and the department of finance; modifying certain requirements for
apportionment of expenses

ARTICLE 5 - BUDGET PRESENTATION OF EMPLOYER PENSION
CONTRIBUTIONS

Requiring the commissioner of the department of employee
relations (DOER) to include in total compensation reporting the number of
employees by agency or department, separated by retirement plan membership, and
retirement plan contributions

ARTICLE 6 - INVESTMENT PERFORMANCE
REPORTING

Classifying data relating to retirement systems received by the state
auditor as public; authorizing the state auditor to charge fees; requiring the
state auditor to provide an analysis on pension plan rates of return

ARTICLE 7
- STUDY OF COMPARATIVE PUBLIC RETIREMENT PLAN PROVISIONS

Requiring the
legislative commission on pensions and retirement to study the structure and
implications of procedures used by the Minnesota state retirement system (MSRS),
the public employees retirement association (PERA), the teachers retirement
association (TRA), the Minneapolis employees retirement fund (MERF), the first
class city teacher retirement fund associations, and the Minneapolis police and
fire relief associations for purposes of providing investment performance based
postretirement increase to plan benefit recipients, requiring a report and
proposed legislation and requiring the report filed with certain legislative
committees by a certain date

ARTICLE 8 - STUDY OF STATEWIDE RETIREMENT PLAN
STRUCTURE

Requiring the legislative commission on pensions and retirement to
study the structure of the combined investment funds and the Minnesota
postretirement investment fund, requiring a report and proposed legislation and
requiring the report filed with certain legislative committees by a certain
date
(rt)