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MN HF2512
Bill
Status
3/14/2019
Primary Sponsor
Jamie Long
Click for details
AI Summary
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Changes the employer supplemental contribution period from July 1, 2015 through December 31, 2031 to July 1, 2019 through December 31, 2031 for former Minneapolis Employees Retirement Fund members.
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Reduces the annual employer supplemental contribution from $31,000,000 to $21,000,000 starting in 2019, while maintaining $21,000,000 for calendar years 2017 and 2018.
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Modifies employer supplemental contribution payment schedule to invoice on January 31 annually with two installments due July 31 and December 15, rather than a single September 30 payment.
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Increases state contributions to the former MERF division from $6,000,000 to $16,000,000 annually beginning September 15, 2019, while maintaining $16,000,000 payments for September 15, 2017 and September 15, 2018.
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All employer supplemental and state contributions to the former MERF division terminate on December 31, 2031 and September 15, 2031 respectively.
Legislative Description
Public Employees Retirement Association employer supplemental and state contributions related to the former MERF division revised.
Last Action
Introduction and first reading, referred to Government Operations
3/14/2019