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MN HF1330
Bill
Status
3/6/2013
Primary Sponsor
Mary Murphy
Click for details
AI Summary
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Increases Duluth Teachers Retirement Fund Association member contribution rates from 5.5% to 6.5% (before July 1, 2013), 6.0% to 7.0% (effective July 1, 2013), and 6.5% to 7.5% (effective July 1, 2014) for coordinated programs.
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Increases employer contribution rates for Duluth coordinated members from 5.79% to 6.79% (before July 1, 2013), 6.29% to 7.29% (effective July 1, 2013), and 6.79% to 7.50% (effective July 1, 2014).
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Creates new postretirement adjustment transition rules providing 2% annual adjustments until the plan's funded ratio reaches 90%, then transitions to cost-of-living adjustments capped at 5%.
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Increases benefit accrual rates for Duluth new law coordinated program service rendered after June 30, 2013 by referencing higher percentage schedules in section 356.315.
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All changes effective July 1, 2013, with postretirement adjustment provisions applying to payments issued on January 1, 2014.
Legislative Description
Duluth Teachers Retirement Fund Association member and employer contribution rates increased, post-July 1, 2013, benefit accrual rate increased, and 2010 postretirement adjustment reductions modified.
Last Action
Introduction and first reading, referred to Government Operations
3/6/2013