MN SF2886

Authorizes 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 from May 30, 1986 to April 3, 1995 when they were not reported for retirement coverage.

The employee must pay contributions that should have been made plus 8.5 percent annual compound interest from the date each deduction should have occurred.

Hennepin County Medical Center must pay the remaining balance of the full actuarial value of the service credit purchase by the 15th of the month following the employee's payment, with 0.71 percent monthly compound interest if payment is late.

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

Effective the day following final enactment.