as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am
|Introduction||Posted on 12/15/2009|
1.1 A bill for an act 1.2 relating to retirement; various plans; providing for a 1.3 benefit bounce-back if a marriage dissolution decree 1.4 provides for a waiver of rights to the second half of 1.5 a joint and survivor annuity; proposing coding for new 1.6 law in Minnesota Statutes, chapter 356. 1.7 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.8 Section 1. [356.411] [ANNUITY BOUNCE-BACK DUE TO MARRIAGE 1.9 DISSOLUTION DECREE.] 1.10 Subdivision 1. [ELIGIBILITY.] This section applies to a 1.11 person: 1.12 (1) who is a retired or disabled member of a pension plan 1.13 included in subdivision 7; 1.14 (2) who selected a joint and survivor annuity form and 1.15 commenced receipt of that annuity; 1.16 (3) whose marriage with the joint annuitant has been 1.17 dissolved; 1.18 (4) whose marriage dissolution decree provided for a 1.19 voiding of rights to payment under the second half of the joint 1.20 and survivor annuity; and 1.21 (5) who has submitted, with the joint annuitant, a 1.22 certified copy of the marriage dissolution decree to the chief 1.23 administrative officer of the applicable plan and complied with 1.24 all other requirements of this section. 1.25 Subd. 2. [SUBMISSION OF DOCUMENTATION.] To receive the 1.26 treatment provided in this section, an eligible retiree or 2.1 disabilitant under subdivision 1 must provide, to the chief 2.2 administrative officer of the applicable pension plan, a 2.3 certified copy of the marriage dissolution decree. The retiree 2.4 or disabilitant and the joint annuitant must also submit a form, 2.5 prescribed by the chief administrative officer of the applicable 2.6 pension plan and signed by both individuals, requesting the 2.7 annuity bounce-back as provided in subdivision 3. The 2.8 individuals shall also provide any other documentation the chief 2.9 administrative officer may request. 2.10 Subd. 3. [TREATMENT.] (a) If all requirements of this 2.11 section are satisfied, the eligible retiree or disabilitant 2.12 under subdivision 1 shall receive a prospective single-life 2.13 annuity in lieu of continuation of the joint and survivor 2.14 annuity. The revised retirement annuity must have the same 2.15 actuarial present value as the joint and survivor annuity on the 2.16 date the revised annuity commences under subdivision 4. 2.17 (b) No reduction may be made in a person's annuity to 2.18 provide for establishing the prospective single-life annuity due 2.19 to a divorce decree voiding payment of the second half of a 2.20 joint and survivor annuity. 2.21 Subd. 4. [COMMENCEMENT DATE.] Payment of the revised 2.22 annuity commences on the first day of the first month following 2.23 receipt by the chief administrative officer of the applicable 2.24 pension plan of all required documentation under subdivision 2. 2.25 Subd. 5. [EXCLUSION.] This section does not apply if more 2.26 than one surviving individual was named to share in the second 2.27 half of the joint and survivor annuity. 2.28 Subd. 6. [APPLICATION.] This section applies to retirees 2.29 and disabilitants from a plan specified in subdivision 7 whether 2.30 the annuity commenced before, on, or after the effective date of 2.31 this section. 2.32 Subd. 7. [COVERED RETIREMENT PLANS.] The provisions of 2.33 this section apply to the following retirement plans: 2.34 (1) the legislators retirement plan of the Minnesota State 2.35 Retirement System, governed by chapter 3A; 2.36 (2) the general state employees retirement plan of the 3.1 Minnesota State Retirement System, governed by chapter 352; 3.2 (3) the correctional state employees retirement plan of the 3.3 Minnesota State Retirement System, governed by chapter 352; 3.4 (4) the state patrol retirement plan of the Minnesota State 3.5 Retirement System, governed by chapter 352B; 3.6 (5) the elective state officers retirement plan of the 3.7 Minnesota State Retirement System, governed by chapter 352C; 3.8 (6) the general employees retirement plan of the Public 3.9 Employees Retirement Association, governed by chapter 353; 3.10 (7) the public employees police and fire plan of the Public 3.11 Employees Retirement Association, governed by chapter 353; 3.12 (8) the local governmental correctional service retirement 3.13 plan of the Public Employees Retirement Association, governed by 3.14 chapter 353E; 3.15 (9) the Teachers Retirement Association, governed by 3.16 chapter 354; 3.17 (10) the Duluth Teachers Retirement Fund Association, 3.18 governed by chapter 354A; 3.19 (11) the Minneapolis Teachers Retirement Fund Association, 3.20 governed by chapter 354A; 3.21 (12) the St. Paul Teachers Retirement Fund Association, 3.22 governed by chapter 354A; 3.23 (13) the Minneapolis Employees Retirement Fund, governed by 3.24 chapter 422A; 3.25 (14) the Minneapolis Police Relief Association, governed by 3.26 chapter 423B; 3.27 (15) the Minneapolis Firefighters Relief Association, 3.28 governed by chapter 423C; and 3.29 (16) the judges retirement plan, governed by chapter 490. 3.30 Sec. 2. [EFFECTIVE DATE; LOCAL APPROVAL.] 3.31 Section 1 is effective for the plans specified in section 3.32 1, subdivision 7, clauses (13) to (15), on the day after the 3.33 date on which the Minneapolis City Council and the chief 3.34 clerical officer of the city of Minneapolis complete in a timely 3.35 manner their compliance with Minnesota Statutes, section 3.36 645.021, subdivisions 2 and 3. 4.1 Sec. 3. [EFFECTIVE DATE.] 4.2 Section 1, for plans specified in subdivision 7, clauses (1) 4.3 to (12) and (16), are effective on the day following final 4.4 enactment.