as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am
A bill for an act
relating to retirement; specifying the cost for repayment of a refund; requiring
the Teachers Retirement Association to return any overpayments.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
new text begin
(a) The cost of repaying a refund taken from the Minneapolis Teachers Retirement
Fund Association is $3,341.82 for an eligible individual described in paragraph (b), for
refunds the eligible individual received with checks dated August 31, 1979; August 4,
1980; August 5, 1981; and August 8, 1983. If an eligible individual has made a refund
repayment before the effective date of this section that exceeds $3,341.82, the Teachers
Retirement Association, as successor to the Minneapolis Teachers Retirement Fund
Association, must pay the eligible individual the sum of:
new text end
new text begin
(1) the difference between the amount the individual paid and $3,341.82; and
new text end
new text begin
(2) interest on the amount under clause (1) at the rate of 8.5 percent, compounded
annually, from the time the individual made the payment and the time the Teachers
Retirement Association repays the individual.
new text end
new text begin
(b) For purposes of this section, an eligible individual is a person who:
new text end
new text begin
(1) was born on February 21, 1950;
new text end
new text begin
(2) last separated from Minneapolis Teachers Retirement Fund Association-covered
service on February 10, 1989; and
new text end
new text begin
(3) took refunds from the Minneapolis Teachers Retirement Fund Association with
checks dated August 31, 1979; August 4, 1980; August 5, 1981; and August 8, 1983; with
a combined refund from these checks totaling $3,341.82.
new text end
new text begin
Section 1 is effective the day following final enactment.
new text end