MN HF3340

Modifies eligibility requirements for Minnesota state employees to accept a postretirement option position with reduced work schedule after termination of state or Metropolitan Council employment.

Requires terminated employees to have worked at least 1,044 hours per year for five years immediately preceding separation in a position covered by Minnesota State Retirement System or Public Employees Retirement Association.

Allows employees age 62 or older who meet age and service requirements for an unreduced retirement annuity to accept postretirement positions with at least a 25 percent reduction in previously regularly scheduled work hours, capped at 1,044 hours or less annually.

Defines unreduced retirement annuity as a retirement benefit computed under law provisions permitting retirement without earlier retirement reduction factors when age plus years of allowable service total at least 90.

Exempts Public Employees Retirement Association members age 62 and older from separation and termination of service requirement prohibitions that normally prevent return to work agreements under Minnesota Statutes section 353.01.