Purpose of the Bill

The purpose of this bill is to update and clarify the statutes governing retirement plans administered by the Public Employees Retirement Association (PERA) in Minnesota.

Main Provisions

• Salary Threshold for Coverage: The bill clarifies that public employees whose monthly salary is expected to exceed $425 must be enrolled in the relevant retirement plan from their first day of employment, provided they are not excluded.
• Election Timing for Officials: Public officials who are elected or appointed and wish to choose coverage by the general employees retirement plan must adhere to specific procedures and timeframes for filing their election forms.
• 60-Day Filing Requirement: The bill imposes a 60-day deadline for filing an election with the association regarding retirement plan membership.
• Disability Benefit Multiplier: Updates the rules for the application of the increased benefit multiplier for members of the local government correctional retirement plan who qualify for a duty disability benefit.

Significant Changes to Existing Law

• The bill amends existing Minnesota Statutes to include clear instructions for when an employee must begin retirement plan participation based on salary expectations.
• It further defines which public positions are automatically included in these retirement systems, such as specific county and city roles.
• Elected officials and certain employees previously covered under different retirement plans (e.g., Minneapolis Employees Retirement Fund) are addressed to ensure continued membership.

Relevant Terms

• Retirement Plans
• Public Employees Retirement Association (PERA)
• Salary Threshold
• Elected Officials
• Duty Disability Benefit
• Membership Election
• General Employees Retirement Plan
• Public Employees Police and Fire Plan