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MN HF2952
Bill
Status
2/15/2010
Primary Sponsor
Mary Murphy
Click for details
AI Summary
HF 2952 Summary
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Modifies Minnesota State Retirement System plans and Public Employees Retirement Association plans by adjusting contribution rates, vesting requirements, and benefit accrual rates for employees hired before and after July 1, 2010 and June 30, 2010 respectively.
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Reduces refund interest rates from 6% to 4% after June 30, 2011 for certain plans and reduces augmentation rates on deferred annuities to 2% after December 31, 2011.
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Changes early retirement reduction rates and increases certain vesting requirements, with graduated vesting schedules for police and fire plan members hired after June 30, 2010.
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Modifies postretirement adjustment provisions including 2.5% annual increases that commence January 1, 2010 for most plans, with contingencies based on plan funding ratios.
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Requires study of local retirement fund investment authorities and authorizes bylaw amendments for the Duluth Teachers Retirement Fund Association to implement the act's provisions.
Legislative Description
State employees retirement plan contribution rates increased, adjustment provisions changed, refund interest rates reduced, augmentation rates reduced, interest eliminated, vesting requirements and early retirement reduction rates increased, rates reduced, amortization periods extended, study required, and bylaw amendments authorized.
Last Action
House: Division action, to pass as amended and return to Finance
4/8/2010