Transfer of service credit permission from the general employees retirement plan to the police and fire retirement plan for two employees of the Metropolitan Airports Commission
Impact
The bill will directly affect the retirement benefits of the designated employees, allowing them to shift their service credits to a more appropriate retirement plan that reflects their roles as public safety officers. This legislative act aims to rectify the past error in service credit allocation, ensuring that the affected individuals receive the correct benefits aligned with their employment in a police and fire capacity. The prospective transfer of assets and service credit is also significant in aligning the benefits with the duties performed by these employees.
Summary
SF2140 is a legislative proposal aimed at permitting the transfer of service credit from the general employees retirement plan to the police and fire retirement plan for specific employees of the Metropolitan Airports Commission. The bill addresses a correction for two individuals who were erroneously credited under the general plan instead of the appropriate police and fire retirement plan during a particular time frame from May to October 2005. This transfer is contingent upon certain payments made by the eligible employees and the Metropolitan Airports Commission.
Contention
While the discussions surrounding SF2140 may not present a high level of contention given its specific and corrective nature, there may be broader implications regarding the administration of retirement plans within public sector employment. Some stakeholders might raise concerns over the precedent it sets for similar cases or the responsibilities of employers in monitoring and correcting retirement plan contributions. Overall, the bill reflects a focused measure to ensure equitable treatment of employees, yet it may evoke discussions about employee rights and benefits oversight.
Similar To
Public Employees Retirement Association; transfer of service credit from general employees retirement plan to police and fire retirement plan permitted for two employees of Metropolitan Airports Commission.
Public Employees Retirement Association; transfer of service credit from general employees retirement plan to police and fire retirement plan permitted for two employees of Metropolitan Airports Commission.
Correctional state employees retirement plan; transfer of service credit from Minnesota State Retirement System general plan to Minnesota State Retirement System correctional plan upon payment by eligible member authorized.
General state employees retirement fund; foreign citizens employed by public employers on a H-1B, H-1B1, or E3 visa authorized to purchase service credit a for prior period of employment as an excluded employee.
Transfer of service credit authorization from the Minnesota State Retirement System general plan to the Minnesota State Retirement System correctional plan upon payment by an eligible member
Administrative changes made to the statutes governing the retirement plans administered by the Minnesota State Retirement System, the Public Employees Retirement Association, and the Teachers Retirement Association; and experience requirements modified for a Teachers Retirement Association executive director.
Public Employees Retirement Association general employees retirement plan and local government correctional service retirement plan; limitation on disability benefit payments modified by eliminating an offset for income received from workers' compensation, and reporting requirement eliminated.