.................... moves to amend H.F. No. 3281, the first engrossment, as follows:
Page 12, line 13, delete "11.20
" and insert "12.40
Page 12, line 28, delete "16.80
" and insert "18.60
Page 12, delete lines 31 to 36
Page 13, lines 1 and 6, reinstate the stricken language and delete the new language
Page 59, line 4, delete "or
" and before "retirement" insert "or 1e,
Page 59, line 33, after "plans
" insert "other than the State Patrol retirement plan
Page 59, line 35, delete "the State Patrol retirement plan,
Page 60, line 15, delete "the State Patrol retirement plan,
Page 65, after line 14, insert:
"Sec. 80. Minnesota Statutes 2009 Supplement, section 356.415, is amended by adding
a subdivision to read:
1.13 Subd. 1e. Annual postretirement adjustments; State Patrol retirement plan.
1.14(a) Retirement annuity, disability benefit, or survivor benefit recipients of the State Patrol
1.15retirement plan are entitled to a postretirement adjustment annually on January 1, as
1.17(1) a postretirement increase of 1.5 percent must be applied each year, effective on
1.18January 1, to the monthly annuity or benefit of each annuitant or benefit recipient who
1.19has been receiving an annuity or a benefit for at least 18 full months before the January 1
1.21(2) for each annuitant or benefit recipient who has been receiving an annuity or a
1.22benefit for at least six full months, an annual postretirement increase of 1/12 of 1.5 percent
1.23for each month that the person has been receiving an annuity or benefit must be applied,
1.24effective January 1, following the calendar year in which the person has been retired for at
1.25least six months, but has been retired for less than 18 months.
1.26(b) The increases provided by this subdivision commence on January 1, 2011.
1.27Increases under this subdivision for the State Patrol retirement plan terminate on December
2.131 of the calendar year in which the actuarial valuation prepared by the approved actuary
2.2under sections 356.214 and 356.215 and the standards for actuarial work promulgated by
2.3the Legislative Commission on Pensions and Retirement indicates that the market value of
2.4assets of the retirement plan equals or exceeds 90 percent of the actuarial accrued liability
2.5of the retirement plan and increases under subdivision 1 recommence after that date.
2.6(c) An increase in annuity or benefit payments under this subdivision must be made
2.7automatically unless written notice is filed by the annuitant or benefit recipient with the
2.8executive director of the applicable covered retirement plan requesting that the increase
2.9not be made.
2.10EFFECTIVE DATE.This section is effective the day following final enactment.
Renumber the sections in sequence and correct the internal references
Amend the title accordingly