| Exhibit C |
| S.F. No. 543/S.F. No.838, H.F. 914 as introduced 84th Legislative Session (2005-2006) 1.1 A bill for an act 1.2 relating to retirement; providing an additional 1.3 benefit for certain teachers; proposing coding for new 1.4 law in Minnesota Statutes, chapter 354. 1.5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.6 Section 1. [354.551] [ADDITIONAL BENEFIT FOR TEACHERS 1.7 PREVIOUSLY COVERED BY MONEY PURCHASE PROGRAM.] 1.8 Subdivision 1. [ADDITIONAL BENEFIT ENTITLEMENT.] Eligible 1.9 retired teachers as defined in subdivision 2 are entitled to 1.10 receive the additional benefit amount determined under 1.11 subdivision 3 unless the applicable person files a written 1.12 notification with the executive director of the Teachers 1.13 Retirement Association that the additional benefit not be paid. 1.14 Subd. 2. [ELIGIBILITY.] An eligible person for purposes of 1.15 this section is a person who: 1.16 (1) was a teacher as defined in section 354.05, subdivision 1.17 2; 1.18 (2) rendered teaching service as defined in section 354.05, 1.19 subdivision 3, either during the 1968-1969 school year, but was 1.20 not covered by the improved money purchase program savings 1.21 clause in section 354.55, subdivision 17, or before the 1.22 1968-1969 school year, did not take a refund of member 1.23 contributions upon the termination of teacher service, and was 1.24 eligible to make an election under Minnesota Statutes 1971, 1.25 section 354.55, subdivision 8. 2.1 Subd. 3. [DETERMINATION OF ADDITIONAL BENEFIT AMOUNT.] (a) 2.2 By July 1, 2005, the executive director of the Teachers 2.3 Retirement Association shall determine which active or retired 2.4 teachers are eligible to receive an additional benefit amount 2.5 under this section and the amount of each person's additional 2.6 benefit amount. 2.7 The increase amount is 45 percent of the difference, if a 2.8 positive number, obtained by subtracting the single life annuity 2.9 amount initially payable upon retirement under section 354.44, 2.10 subdivision 6, from a comparable single life annuity amount 2.11 computed as of the same date under section 354.44, subdivision 2. 2.12 (b) The additional retirement annuity is payable beginning 2.13 July 1, 2005, for persons who were receiving a retirement 2.14 annuity on June 1, 2005, or with the initial retirement annuity 2.15 payment for persons who were active, deferred, or inactive 2.16 members on June 1, 2005. The additional retirement annuity must 2.17 be included in the base for any postretirement adjustment 2.18 payable under section 11A.18. The applicable required reserves 2.19 amount must be transferred on July 1, 2005, for persons who were 2.20 receiving a retirement annuity on June 1, 2005, or on the date 2.21 of retirement for persons who were active, deferred, or inactive 2.22 members on June 1, 2005. 2.23 Subd. 4. [DURATION OF ADDITIONAL BENEFIT.] The additional 2.24 benefit amount is payable for life or for the duration of the 2.25 selected optional annuity form, whichever applies. 2.26 Subd. 5. [NO PAYMENT TO ESTATE; NO RETROACTIVITY.] (a) 2.27 Nothing in this section authorizes the payment of an additional 2.28 benefit amount under this section to an estate or to a survivor 2.29 or beneficiary other than under an optional annuity form. 2.30 (b) Nothing in this section authorizes the payment of an 2.31 additional benefit amount for any period before July 1, 2005. 2.32 (c) Nothing in this section authorizes the payment of an 2.33 additional benefit amount to a person who was or is entitled to 2.34 have their retirement annuity calculated under section 354.44, 2.35 subdivision 2. 2.36 [EFFECTIVE DATE.] This section is effective the day 3.1 following final enactment. |
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