.................... moves to amend S.F. No. ....; H.F. No. ...., as follows:
Page .., after line .., insert:
"Sec. ... TEACHERS RETIREMENT ASSOCIATION; SECOND CHANCE
1.4RETIREMENT COVERAGE AUTHORITY FOR IRAP MEMBER.
1.5(a) Notwithstanding any provision of Minnesota Statutes, chapter 352, 353, or
1.6354B or section 356.551 to the contrary, an eligible person described in paragraph (b) is
1.7entitled to elect retirement coverage for Minnesota State Colleges and Universities System
1.8employment by the Teachers Retirement Association under Minnesota Statutes, section
1.9354B.21, subdivisions 2 and 3, despite the time limitation on the election.
1.10(b) An eligible person is a person who:
1.11(1) was born on July 19, 1948;
1.12(2) was employed by Mankato State University in 1969, with retirement coverage in
1.13the general state employees retirement plan of the Minnesota State Retirement System, for
1.14which a refund of member contributions and interest was taken before 2007;
1.15(3) was employed by the city of Austin in the early 1980s, with retirement coverage
1.16in the general employees retirement plan of the Public Employees Retirement Association,
1.17for which a refund of member contributions and interest was taken before 2007;
1.18(4) is employed by the Minnesota State Colleges and Universities System at
1.19Riverland Community College; and
1.20(5) had the person's employment position upgraded by the Minnesota State Colleges
1.21and Universities System on September 9, 2007, and had retirement coverage transferred
1.22by operation of law to the higher education individual retirement account plan.
1.23(c) An election to change retirement coverage from the Minnesota State Colleges
1.24and Universities System individual retirement account plan to the Teachers Retirement
1.25Association must be made by July 1, 2010, and is retroactive to September 9, 2007. If
1.26the election is made, Minnesota Statutes, section 356.551, applies to the purchase of
1.27past service except for subdivision 1, paragraph (c), of that provision, which requires
1.28all refunds to be paid before the service credit purchase. The eligible person's account
1.29in the individual retirement account plan must be liquidated by transfer to the Teachers
1.30Retirement Association fund by August 1, 2010, and used to cover part of the service
1.31credit purchase payment amount. Any remaining payment amount must be paid in a lump
1.32sum to the executive director of the Teachers Retirement Association for deposit in the
1.33Teachers Retirement Association fund by September 1, 2010. Retroactive service credit
1.34in the Teachers Retirement Association must be granted to the eligible person once the
1.35transfers and payments required under this paragraph have been made.
2.1(d) If an eligible person under paragraph (b) elects Teachers Retirement Association
2.2coverage but fails to make the full payment required under paragraph (c), the election of
2.3Teachers Retirement Association coverage is voided and the individual retains coverage
2.4by the Minnesota State Colleges and Universities System individual retirement account
2.5plan. If amounts were transferred under paragraph (c) from the individual retirement
2.6account plan, those amounts must be returned to the individual's account or accounts
2.7under that plan.
2.8EFFECTIVE DATE.This section is effective the day following final enactment.
Renumber the sections in sequence and correct the internal references
Amend the title accordingly