.................... moves to amend H.F. No. 2952, the first engrossment, as follows:
Page 10, line 33, delete "11.20
" and insert "12.40
Page 11, line 15, delete "16.80
" and insert "18.60
Page 11, delete lines 18 to 23
Page 11, lines 24 and 29, reinstate the stricken language and delete the new language
Page 57, line 17, delete "or
" and before "retirement" insert "or 1e,
Page 58, line 14, after "plans
" insert "other than the State Patrol retirement plan
Page 58, lines 16 and 31, delete "the State Patrol retirement plan,
Page 63, after line 30, insert:
"Sec. 80. Minnesota Statutes 2009 Supplement, section 356.415, is amended by adding
a subdivision to read:
1.12 Subd. 1e. Annual postretirement adjustments; State Patrol retirement plan.
1.13(a) Retirement annuity, disability benefit, or survivor benefit recipients of the State Patrol
1.14retirement plan are entitled to a postretirement adjustment annually on January 1, as
1.16(1) a postretirement increase of 1.5 percent must be applied each year, effective on
1.17January 1, to the monthly annuity or benefit of each annuitant or benefit recipient who
1.18has been receiving an annuity or a benefit for at least 18 full months before the January 1
1.20(2) for each annuitant or benefit recipient who has been receiving an annuity or a
1.21benefit for at least six full months, an annual postretirement increase of 1/12 of 1.5 percent
1.22for each month that the person has been receiving an annuity or benefit must be applied,
1.23effective January 1, following the calendar year in which the person has been retired for at
1.24least six months, but has been retired for less than 18 months.
1.25(b) The increases provided by this subdivision commence on January 1, 2011.
1.26Increases under this subdivision for the State Patrol retirement plan terminate on December
1.2731 of the calendar year in which the actuarial valuation prepared by the approved actuary
2.1under sections 356.214 and 356.215 and the standards for actuarial work promulgated by
2.2the Legislative Commission on Pensions and Retirement indicates that the market value of
2.3assets of the retirement plan equals or exceeds 90 percent of the actuarial accrued liability
2.4of the retirement plan and increases under subdivision 1 recommence after that date.
2.5(c) An increase in annuity or benefit payments under this subdivision must be made
2.6automatically unless written notice is filed by the annuitant or benefit recipient with the
2.7executive director of the applicable covered retirement plan requesting that the increase
2.8not be made.
2.9EFFECTIVE DATE.This section is effective the day following final enactment.
Renumber the sections in sequence and correct the internal references
Amend the title accordingly