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MN HF1433
Bill
Status
3/11/2013
Primary Sponsor
Mike Nelson
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AI Summary
HF1433 Summary
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Increases state aid to St. Paul Teachers Retirement Fund Association by up to $10,000,000 annually, with aid reduced by $500,000 for every 1% return exceeding the preretirement interest rate assumption, with a minimum annual aid floor of $3,000,000.
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Raises employee contribution rates for St. Paul Teachers Retirement Fund Association to 9.5% (basic program) and 10.0% (basic program) by June 30, 2016, and 7.0% to 7.5% (coordinated program) by June 30, 2016.
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Requires school districts to make regular and additional employer contributions on behalf of reemployed annuitants and establishes a mandatory 180-day separation requirement from any employment with Independent School District No. 625 to qualify for a retirement annuity.
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Provides that St. Paul Teachers Retirement Fund Association members who retire after June 30, 2013, must forfeit (rather than defer) portions of annuity payments when reemployed earnings exceed $46,000.
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Revises early retirement reduction factors for St. Paul Teachers Retirement Fund Association members retiring before normal retirement age and appropriates $12,954,000 to Teachers Retirement Association for the former Minneapolis Teachers Retirement Fund Association.
Legislative Description
St. Paul Teachers Retirement Association; state aid increased by up to $10 million annually, employee and employer contributions increased, employer contributions required for reemployed annuitants, 180-day separation required to qualify for retirement annuity, other reemployed annuitant provisions modified, early retirement factors revised, funding provided, and money appropriated.
Last Action
Introduction and first reading, referred to Government Operations
3/11/2013