Minnesota SF 1122: Small business technology transfer licensing agreement creation and corporate tax exemption establishment

Bill Text

1.1 A bill for an act​
1.2 relating to retirement; public employees police and fire retirement plan; state patrol​
1.3 retirement plan; increasing postretirement adjustments; decreasing the waiting​
1.4 period for a postretirement adjustment for the public employees police and fire​
1.5 retirement plan; amending Minnesota Statutes 2024, section 356.415, subdivisions​
1.6 1c, 1e.​
1.7 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:​
1.8 Section 1. Minnesota Statutes 2024, section 356.415, subdivision 1c, is amended to read:​
1.9 Subd. 1c.Annual postretirement adjustments; PERA-police public employees police​
1.10 and fire retirement plan.(a) Retirement annuity, disability benefit, or survivor benefit​
1.11 recipients of the public employees police and fire retirement plan are entitled to an annual​
1.12 postretirement adjustment, effective as of each January 1, as follows: equal to the percentage​
1.13 of increase determined under this subdivision. The increase to the annuity or benefit must​
1.14 be determined by multiplying the monthly amount of the annuity or benefit by the percentage​
1.15 of increase specified in paragraph (b), after taking into account any reduction to the​
1.16 percentage of increase required under paragraph (c).​
1.17 (b) The percentage of increase must be one percent unless the federal Social Security​
1.18 Administration has announced a cost-of-living adjustment pursuant to United States Code,​
1.19 title 42, section 415(i), in the last quarter of the preceding calendar year that is greater than​
1.20 two percent. If the cost-of-living adjustment announced by the federal Social Security​
1.21 Administration is greater than two percent, the percentage of increase must be 50 percent​
1.22 of the cost-of-living adjustment announced by the federal Social Security Administration,​
1.23 except the percentage of increase must not exceed 1.5 percent.​
1​Section 1.​
25-01679 as introduced​01/21/25 REVISOR VH/KR​
SENATE​
STATE OF MINNESOTA​
S.F. No. 1122​NINETY-FOURTH SESSION​
(SENATE AUTHORS: FRENTZ, Howe, Latz, Seeberger and Maye Quade)​
OFFICIAL STATUS​D-PG​DATE​
Introduction and first reading​313​02/06/2025​
Referred to State and Local Government​
Author added Maye Quade​10379​05/11/2026​

2.1 (c)(1) for each annuitant or benefit If the recipient who will have of an annuity, a disability​
2.2 benefit, or a survivor's benefit has been receiving an the annuity or benefit for at least 36​
2.3 12 full months as of the immediate preceding June 30, a postretirement of the calendar year​
2.4 immediately before the effective date of the increase, there is no reduction in the percentage​
2.5 of increase of one percent must be applied each year to the amount of the monthly annuity​
2.6 or benefit of the annuitant or benefit recipient; or.​
2.7 (2) for each annuitant or benefit If the recipient who of an annuity, a disability benefit,​
2.8 or a survivor's benefit has been receiving the annuity or benefit for at least 25 full months​
2.9 one full month, but less than 36 12 full months as of the immediate preceding June 30, a​
2.10 postretirement increase of 1/12 of one percent for each full month that the person has been​
2.11 receiving an of the calendar year immediately before the effective date of the increase, the​
2.12 percentage of the increase is multiplied by a fraction, the numerator of which is the number​
2.13 of months the annuity or benefit during was received as of June 30 of the fiscal preceding​
2.14 calendar year in which the annuity or benefit was effective must be applied each year to the​
2.15 amount of the monthly annuity or benefit of the annuitant or benefit recipient and the​
2.16 denominator of which is 12.​
2.17 (b) (d) An increase in annuity or benefit payments under this section subdivision must​
2.18 be made automatically unless written notice is filed by the annuitant or benefit recipient​
2.19 with the executive director of the Public Employees Retirement Association requesting that​
2.20 the increase not be made.​
2.21 EFFECTIVE DATE.This section is effective for postretirement adjustments beginning​
2.22 on or after January 1, 2026.​
2.23 Sec. 2. Minnesota Statutes 2024, section 356.415, subdivision 1e, is amended to read:​
2.24 Subd. 1e.Annual postretirement adjustments; State Patrol retirement plan.(a)​
2.25 Retirement annuity, disability benefit, or survivor benefit recipients of the State Patrol​
2.26 retirement plan are entitled to an annual postretirement adjustment, effective as of each​
2.27 January 1, as follows:​
2.28 (1) a postretirement increase of one 1.5 percent must be applied each year to the monthly​
2.29 annuity or benefit of each annuitant or benefit recipient who has been receiving an annuity​
2.30 or a benefit for at least 12 full months as of the June 30 of the calendar year immediately​
2.31 before the adjustment; and​
2.32 (2) for each annuitant or benefit recipient who has been receiving an annuity or a benefit​
2.33 for at least