MN HF3606

Allows an eligible Department of Corrections retiree born June 11, 1960, to transfer service credit from the general state employees retirement plan to the correctional state employees retirement plan for the period June 1, 1986, to August 31, 1989.

Eligible person must make payment to the correctional retirement fund by July 1, 2017, equal to the difference in employee contribution rates between the two plans, plus eight percent annual interest compounded from June 30, 1999.

Department of Corrections must pay the actuarial present value of additional benefits resulting from the transferred service credit within 30 days after the eligible person's payment is received.

Upon receipt of both payments, assets equal to benefits earned under the general plan (minus payments already received) are transferred to the correctional retirement fund within 15 days.

The eligible person's retirement annuity is adjusted retroactively from January 28, 2015, to reflect the transferred service credit.