Bill Text: MN SF2606 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Minnesota state colleges and universities (MnSCU) nonfaculty employees retirement coverage options expansion
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-04-23 - Referred to State Government Innovation and Veterans [SF2606 Detail]
Download: Minnesota-2011-SF2606-Introduced.html
1.2relating to retirement; MnSCU employee retirement coverage options;
1.3adding certain coverage elections for nonfaculty employees of the Minnesota
1.4State Colleges and Universities system; amending Minnesota Statutes 2011
1.5Supplement, section 354B.21, subdivision 2.
1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.7 Section 1. Minnesota Statutes 2011 Supplement, section 354B.21, subdivision 2, is
1.8amended to read:
1.9 Subd. 2. Coverage; election. (a) An eligible person employed by the board has
1.10the default coverage specified in subdivision 3, or other subdivisions of this section,
1.11whichever is applicable, and retains that coverage for the period of covered employment
1.12unless a timely election to change that coverage is made as specified in this section.
1.13(b) An eligible person under subdivision 3, paragraph (b) or (c), is authorized to elect
1.14prospective Teachers Retirement Association plan coverage.
1.15(c) An eligible person under subdivision 3, paragraph (d), is authorized to elect
1.16prospective coverage by the plan established by this chapter.
1.17(d) The election under paragraph (a) must be made within one year of commencing
1.18eligible Minnesota State Colleges and Universities system employment. If an election
1.19is not made within the specified election period due to a termination of Minnesota State
1.20Colleges and Universities system employment, an election may be made within 90 days
1.21of returning to eligible Minnesota State Colleges and Universities system employment.
1.22Except as specified in paragraph (f), all elections are irrevocable.
1.23(e) Except as provided in paragraph (f) or (g), a purchase of service credit in the
1.24Teachers Retirement Association plan for any period or periods of Minnesota State
2.1Colleges and Universities system employment occurring before the election under this
2.2section is prohibited.
2.3(f) Notwithstanding other paragraphs in this subdivision, a faculty member who
2.4is a member of the individual retirement account plan may elect to transfer retirement
2.5coverage to the teachers retirement plan within one year of the faculty member first
2.6achieving tenure or its equivalent at a Minnesota state college or university.
2.7(g) Notwithstanding other paragraphs in this subdivision, athletic directors,
2.8athletic coaches, and athletic trainers in intercollegiate sports who complete their initial
2.9appointment after June 30, 2013, may elect to transfer retirement coverage under the
2.10Teachers Retirement Association plan within one year of the director, coach, or trainer
2.11being reappointed.
2.12The (h) A faculty member, athletic director, athletic coach, or athletic trainer electing
2.13Teachers Retirement Association coverage underthis paragraph (f) or (g) must purchase
2.14service credit in the Teachers Retirement Association for the entire period of time covered
2.15under the individual retirement account plan and the purchase payment amount must be
2.16determined under section356.551 . The Teachers Retirement Association may charge a
2.17faculty member person transferring coverage a reasonable fee to cover the costs associated
2.18with computing the actuarial cost of purchasing service credit and making the transfer.
2.19Afaculty member person transferring from the individual retirement account plan to the
2.20Teachers Retirement Association may use any balances to the credit of thefaculty member
2.21person in the individual retirement account plan, any balances to the credit of thefaculty
2.22member person in the higher education supplemental retirement plan established under
2.23chapter 354C, or any source specified in section356.441, subdivision 1 , to purchase the
2.24service credit in the Teachers Retirement Association. If the total amount of payments
2.25under this paragraph are less than the total purchase payment amount under section
2.26356.551
, the payment amounts must be refunded to the applicable source. The retirement
2.27coverage transfer and service credit purchase authority under this paragraph expires with
2.28respect to any Minnesota State Colleges and Universities System faculty member, athletic
2.29director, athletic coach, or athletic trainer initially hired after June 30, 2014.
2.30EFFECTIVE DATE.This section is effective July 1, 2013.
2.31 Sec. 2. SPECIAL COVERAGE ELECTION AUTHORITY.
2.32(a) Notwithstanding any provision of Minnesota Statutes, section 354B.21,
2.33subdivision 2, to the contrary, an athletic director, athletic coach, or athletic trainer who
2.34was employed by the Minnesota State Colleges and Universities system before July 1,
2.352008, and who is a member of the individual retirement account plan under Minnesota
3.1Statutes, chapter 354B, on the effective date of this section may elect prospective
3.2retirement plan coverage by the Teachers Retirement Association and, if electing a
3.3prospective retirement plan coverage change, must purchase past service credit in the
3.4Teachers Retirement Association under Minnesota Statutes, section 354B.21, subdivision
3.52, paragraph (h).
3.6(b) Authority to make the elections and the prior service credit purchase under
3.7paragraph (a) expires on June 30, 2014.
3.8EFFECTIVE DATE.This section is effective July 1, 2013.
1.3adding certain coverage elections for nonfaculty employees of the Minnesota
1.4State Colleges and Universities system; amending Minnesota Statutes 2011
1.5Supplement, section 354B.21, subdivision 2.
1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.7 Section 1. Minnesota Statutes 2011 Supplement, section 354B.21, subdivision 2, is
1.8amended to read:
1.9 Subd. 2. Coverage; election. (a) An eligible person employed by the board has
1.10the default coverage specified in subdivision 3, or other subdivisions of this section,
1.11whichever is applicable, and retains that coverage for the period of covered employment
1.12unless a timely election to change that coverage is made as specified in this section.
1.13(b) An eligible person under subdivision 3, paragraph (b) or (c), is authorized to elect
1.14prospective Teachers Retirement Association plan coverage.
1.15(c) An eligible person under subdivision 3, paragraph (d), is authorized to elect
1.16prospective coverage by the plan established by this chapter.
1.17(d) The election under paragraph (a) must be made within one year of commencing
1.18eligible Minnesota State Colleges and Universities system employment. If an election
1.19is not made within the specified election period due to a termination of Minnesota State
1.20Colleges and Universities system employment, an election may be made within 90 days
1.21of returning to eligible Minnesota State Colleges and Universities system employment.
1.22Except as specified in paragraph (f), all elections are irrevocable.
1.23(e) Except as provided in paragraph (f) or (g), a purchase of service credit in the
1.24Teachers Retirement Association plan for any period or periods of Minnesota State
2.1Colleges and Universities system employment occurring before the election under this
2.2section is prohibited.
2.3(f) Notwithstanding other paragraphs in this subdivision, a faculty member who
2.4is a member of the individual retirement account plan may elect to transfer retirement
2.5coverage to the teachers retirement plan within one year of the faculty member first
2.6achieving tenure or its equivalent at a Minnesota state college or university.
2.7(g) Notwithstanding other paragraphs in this subdivision, athletic directors,
2.8athletic coaches, and athletic trainers in intercollegiate sports who complete their initial
2.9appointment after June 30, 2013, may elect to transfer retirement coverage under the
2.10Teachers Retirement Association plan within one year of the director, coach, or trainer
2.11being reappointed.
2.12
2.13Teachers Retirement Association coverage under
2.14service credit in the Teachers Retirement Association for the entire period of time covered
2.15under the individual retirement account plan and the purchase payment amount must be
2.16determined under section
2.17
2.18with computing the actuarial cost of purchasing service credit and making the transfer.
2.19A
2.20Teachers Retirement Association may use any balances to the credit of the
2.21person in the individual retirement account plan, any balances to the credit of the
2.22
2.23chapter 354C, or any source specified in section
2.24service credit in the Teachers Retirement Association. If the total amount of payments
2.25under this paragraph are less than the total purchase payment amount under section
2.27coverage transfer and service credit purchase authority under this paragraph expires with
2.28respect to any Minnesota State Colleges and Universities System faculty member, athletic
2.29director, athletic coach, or athletic trainer initially hired after June 30, 2014.
2.30EFFECTIVE DATE.This section is effective July 1, 2013.
2.31 Sec. 2. SPECIAL COVERAGE ELECTION AUTHORITY.
2.32(a) Notwithstanding any provision of Minnesota Statutes, section 354B.21,
2.33subdivision 2, to the contrary, an athletic director, athletic coach, or athletic trainer who
2.34was employed by the Minnesota State Colleges and Universities system before July 1,
2.352008, and who is a member of the individual retirement account plan under Minnesota
3.1Statutes, chapter 354B, on the effective date of this section may elect prospective
3.2retirement plan coverage by the Teachers Retirement Association and, if electing a
3.3prospective retirement plan coverage change, must purchase past service credit in the
3.4Teachers Retirement Association under Minnesota Statutes, section 354B.21, subdivision
3.52, paragraph (h).
3.6(b) Authority to make the elections and the prior service credit purchase under
3.7paragraph (a) expires on June 30, 2014.
3.8EFFECTIVE DATE.This section is effective July 1, 2013.
