MN HF3558

Reduce state government workforce and associated costs by at least 15 percent by June 30, 2015, using early retirement, furloughs, layoffs, hiring freeze, wage freeze, or pension restructuring.

Employees may receive unreduced normal retirement annuities if they have at least 8 years of service credit, are at least 50 years old, and have age plus service credit equal to or greater than 70.

Employees may purchase up to 5 years of additional service credit in one-month increments by making extra pension contributions equal to the employee contribution rate multiplied by monthly salary.

Commissioner of Management and Budget must conduct actuarial analysis to determine minimum and maximum number of early retirees allowed and transfer a percentage of cost savings to applicable pension funds over time.

State appointing authorities may not fill positions vacated by early retirement participants unless the position is mandated by law, and employees receiving early retirement benefits cannot be reemployed by the state or work as consultants for five years.