Minnesota HF4957 modifies combined service annuity requirements for retirement plans.

Minnesota HF4957 amends the eligibility and computation of annuities for retirement plans. It allows individuals to receive a retirement annuity from multiple covered plans if they meet specific service requirements. The bill sets accrual rate limits for different plans and specifies how service credits are calculated and combined. It also addresses the augmentation of deferred annuities and the calculation of annuity amounts based on allowable service and average salary. The changes apply to individuals who terminated public service after May 1, 1975.

Minnesota HF4957 modifies combined service annuity requirements for retirement plans.

Minnesota HF4957 amends the eligibility and computation of annuities for retirement plans. It allows individuals to receive a retirement annuity from multiple covered plans if they meet specific service requirements. The bill sets accrual rate limits for different plans and specifies how service credits are calculated and combined. It also addresses the augmentation of deferred annuities and the calculation of annuity amounts based on allowable service and average salary. The changes apply to individuals who terminated public service after May 1, 1975.