S.F. ____ ( ); H.F. 1693 (Entenza) requires the Minnesota State Retirement System (MSRS), on behalf of an existing retiree, to recompute the individual’s retirement benefit after shifting approximately ten years of service credit from MSRS General to MSRS Correctional. MSRS must credit service credit earned by the individual (as a department of corrections agent from January 1, 1975 to September 28, 1978, and as an assistant group supervisor from January 17, 1990 to October 15, 1996) to the MSRS Correctional Plan, rather than to the MSRS General Plan. To receive this change in service credit, the individual must pay to the state retirement system the difference between the employee contributions that were made to the MSRS General Plan for the periods in question and the employee contributions that would have been made to the Correctional Plan. This difference is payable with 8.5 percent interest. Upon receipt of the payments, MSRS must recompute the annuity, including retroactive benefits back to the individual’s retirement date, October 31, 1998, with 8.5 percent interest

LCPR01-116 redrafts H.F. 1693 in a manner similar to recent transfers of coverage situations between MSRS-General and MSRS-Correctional.