The bill amends Minnesota Statutes 2024, section 356.30, subdivision 1, to modify the requirements for a combined service annuity. It allows individuals who have allowable service in two or more covered retirement plans to receive retirement annuities from each plan, provided they meet specific criteria. These criteria include having at least one-half year of allowable service in each plan, total allowable service that meets the vesting requirements, and not having begun to receive an annuity from any covered plan. The bill also introduces a new provision that allows members qualifying for early retirement benefits under one section to be considered qualified under another section, enabling them to elect an unreduced annuity as if they had been employed in public service prior to a specified date.

Additionally, the bill clarifies the computation of annuities, ensuring that the annuity amount is based on allowable service, accrual rates, and average salary in the applicable plans. It specifies that the annuity amount for any allowable service under a nonformula plan will not be affected, and it establishes guidelines for the augmentation of deferred annuities. The effective date of the changes will be the day following final enactment.

Statutes affected:
Introduction: 356.30