As another sign of the state’s financial cash crunch, state employees who have participated for at least 15 years in one of several state retirement plans could be eligible for their benefits or annuity.
Sponsored by Rep. Lyndon Carlson Sr. (DFL-Crystal) and Sen. Tom Bakk (DFL-Cook),
HF1893/
SF1679* lays out eligibility for state authorities to provide employees the option to take early retirement before July 15, 2011. Eligible for early retirement are those employed in the legislative, executive and judicial branches; and participants in the Public Employees Retirement Association, Minnesota State Retirement System, the Teachers Retirement Association, the Minnesota State Colleges and Universities System or the University of Minnesota.
The House Finance Committee approved the bill May 10 after incorporating the House language. It awaits action on the House floor.
As an incentive, eligible retiring employees could see their employer’s health insurance contribution partially or fully paid for up to 36 months. As a condition, the employee receiving the incentive cannot be employed or hired as a consultant by the eligible appointing authority for three years after termination.
The Senate passed the bill 44-19 on May 13, 2009.
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