1.2relating to retirement; increasing the size of the board of trustees of the Teachers
1.3Retirement Association by adding an additional elected retired member;
1.4amending Minnesota Statutes 2012, section 354.06, subdivision 1.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6    Section 1. Minnesota Statutes 2012, section 354.06, subdivision 1, is amended to read:
1.7    Subdivision 1. Board. (a) The management of the association is vested in a board of
1.8eight nine trustees known as the board of trustees of the Teachers Retirement Association.
1.9It is composed of the following persons: the commissioner of education, the commissioner
1.10of management and budget, a representative of the Minnesota School Boards Association,
1.11four members of the association elected by the members of the association, and one retiree
1.12 two retirees elected by the retirees of the association.
1.13(b) The five six elected members of the board of trustees must be chosen by ballot in
1.14a manner fixed by the board of trustees of the association. In every odd-numbered year
1.15there shall be elected two members of the association and one retiree to the board of
1.16trustees for terms of four years commencing on the first of July 1 next succeeding their
1.17election. In every other odd-numbered year one retiree of the association must be elected
1.18to the board of trustees for a term of four years commencing on the first of July next
1.19succeeding the election. Each election must be completed by June 1.
1.20(c) The filing of candidacy for a retiree election must include a petition of endorsement
1.21signed by at least ten retirees of the association. Each election must be completed by June
1.22first of each succeeding odd-numbered year. In the case of elective members,
1.23(d) For elected positions, any vacancy must be filled by appointment by the
1.24remainder of the board, and the appointee shall serve until the members or retirees of the
2.1association at the next regular election have elected a trustee to serve for the unexpired term
2.2caused by the vacancy. No member or retiree may be appointed by the board, or elected
2.3by the members or retirees of the association as a trustee, if the person is not a member or
2.4retiree of the association in good standing at the time of the appointment or election.
2.5EFFECTIVE DATE.This section is effective June 30, 2015. The term of the new
2.6retiree board member position authorized by this section begins July 1, 2015.