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MN HF403
Bill
Status
2/6/2013
Primary Sponsor
Mike Nelson
Click for details
AI Summary
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Increases member contributions from 10.40 percent to 12.4 percent before July 1, 2014; 13.4 percent through June 30, 2016; and 14.4 percent after June 30, 2016.
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Increases employer contributions from 15.60 percent to 18.6 percent before July 1, 2014; 20.1 percent through June 30, 2016; and 21.6 percent after June 30, 2016.
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Changes vesting requirement for new hires (after June 30, 2013) from 5 years to 10 years of allowable service; maintains 3-year requirement for those hired before July 1, 2013.
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Caps allowable service used to compute annuities at 33 years, except for members with at least 28 years of service before July 1, 2013; excess contributions are refunded.
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Reduces postretirement adjustments from 1.5 percent annually to 1.0 percent until the plan's funded ratio reaches 85 percent, then returns to 1.5 percent; changes the funding threshold from 90 percent to 85 percent.
Legislative Description
State Patrol retirement plan member and employer contributions increased, vesting increased to ten years for new hires, allowable services capped for computing annuities, and postretirement adjustments reduced.
Last Action
Introduction and first reading, referred to Government Operations
2/6/2013