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MN SF4068
Bill
Status
3/5/2020
Primary Sponsor
Julie Rosen
Click for details
AI Summary
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Extends the grandfather provision for Minnesota State Retirement System (MSRS) unclassified plan participants who retire between July 1, 2017 and July 1, 2020, removing the previous "before July 1, 2020" deadline language.
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Allows eligible participants retiring on or after July 1, 2017 who are at least age 63 or have at least 26 years of covered service to use actuarial assumptions in effect on June 30, 2016 to calculate their annuity payments.
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Other participants not meeting the grandfather criteria must use the actuarial assumptions in effect on their actual accrual date to determine monthly annuity amounts.
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Amends Minnesota Statutes 2018, section 352D.06, subdivision 1 and becomes effective the day following final enactment.
Legislative Description
Minnesota state retirement system (MSRS) unclassified plan grandfather provision regarding actuarial assumptions used to compute an annuity extension
Last Action
Referred to State Government Finance and Policy and Elections
3/5/2020