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MN HF2827
Bill
Status
3/6/2014
Primary Sponsor
Mary Murphy
Click for details
AI Summary
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Sets joint and survivor annuity computation interest rate at 6.5 percent for Minnesota State Retirement System plans (legislators, correctional employees, general employees, State Patrol, unclassified employees, and judges) effective July 1, 2014.
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Revises postretirement adjustment trigger procedures by requiring two consecutive actuarial valuations instead of one to determine when adjustments terminate and resume for multiple retirement plans.
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Reduces annuity application time period from 90 days to 60 days before a state employee or former employee becomes eligible to collect retirement benefits, effective July 1, 2014.
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Requires annuity payments to continue to former spouses of reemployed annuitants whose benefits are suspended under Social Security earnings limits, effective retroactively from January 1, 2014.
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Expands Teachers Retirement Association medical advisor selection to include accredited independent disability determination organizations and licensed physicians, and clarifies definition of teaching service income for reemployed retirees to include consultant and third-party supplier work.
Legislative Description
Minnesota State Retirement System and Teachers Retirement Association; interest rate specified for computing joint-and-survivor annuities; postretirement adjustment trigger procedures, annuity application time period, and reemployed annuitant benefit withholding procedures revised; Teachers Retirement Association medical adviser selection and resumption of teaching provision expanded and clarified; and technical revision made in a federal compliance provision.
Last Action
Introduction and first reading, referred to Government Operations
3/6/2014