MN HF3229

Allows a specific Hennepin County Medical Center employee born July 10, 1955, to purchase service credit from PERA's general employees retirement plan for the period May 30, 1986, to April 3, 1995, when they were not reported for retirement coverage.

Employee must pay back contributions that should have been deducted plus 8.5 percent annual compound interest from the date each deduction should have occurred until payment is made to PERA.

Hennepin County Medical Center must pay the remaining actuarial value of the service credit purchase within 15 days of the employee's payment, or face 0.71 percent monthly compound interest charges.

Purchase authority expires on June 30, 2015, or upon the employee's termination from public employment, whichever occurs first.

Section 356.551 of Minnesota Statutes applies to the purchase except as modified by the payment and interest provisions specified in this bill.