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MN HF628
Bill
Status
2/14/2013
Primary Sponsor
Mary Murphy
Click for details
AI Summary
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Clarifies and removes obsolete language from Minnesota State Retirement System statutes, including deferred annuity provisions and service credit transfer procedures effective immediately.
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Establishes automatic contribution rate adjustment procedures for MSRS general, correctional, and State Patrol plans based on actuarial valuations, with changes capped at 0.25-0.75 percent annually depending on funding status.
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Revises disability benefit administration by requiring applicants to provide detailed medical reports from licensed providers, adding new examination and vocational rehabilitation provisions, and requiring annual earnings reports from disability recipients.
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Merges the elected state officers retirement plan into the legislators retirement plan effective July 1, 2013, with constitutional officers receiving separate benefit calculations under new section 3A.17.
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Updates pension commission standards to require compliance with generally accepted accounting principles while allowing additional financial and valuation requirements, and modifies financial report content specifications for actuarial disclosures.
Legislative Description
Minnesota State Retirement System; language clarified and removed; outdated requirements, contribution rate revision procedures, disability standards and benefit administration procedures, pension commission standards, and pension plan financial report content provisions revised; and elected state officers retirement plan merged into the legislators retirement plan.
Last Action
Introduction and first reading, referred to Government Operations
2/14/2013