Minnesota Session Laws - 1983, Regular Session

  

                         Laws of Minnesota 1983 

                         CHAPTER 49--H.F.No. 624
           An act relating to retirement; highway patrol; 
          restating the definition of average monthly salary; 
          amending Minnesota Statutes 1982, section 352B.08, 
          subdivision 2. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1982, section 352B.08, 
subdivision 2, is amended to read:  
    Subd. 2.  The annuity shall be paid in monthly installments 
equal to that portion of the average monthly salary of the 
member multiplied by 2-1/2 percent for each year and pro rata 
for completed months of service not exceeding 25 years and two 
percent for each year and pro rata for completed months of 
service in excess of 25 years.  "Average monthly salary" shall 
mean the average of the monthly salaries for the five highest 
successive high years of service as a member.  The monthly 
salary for the period prior to July 2, 1969 shall be deemed to 
be $600.  The term "average monthly salary" shall not include 
any reduced salary paid during the period the person is entitled 
to benefit payments from the workers' compensation court of 
appeals for temporary disability.  In lieu of the single life 
annuity herein provided, the member or former member with ten 
years or more of service may elect a joint and survivor annuity, 
payable to a designated beneficiary for life, adjusted to the 
actuarial equivalent value of the single life annuity.  The 
joint and survivor annuity elected by a member may also provide 
that the elected annuity be reinstated to the single life 
annuity herein provided, if after drawing the elected joint and 
survivor annuity, the designated beneficiary dies prior to the 
death of the member.  This reinstatement shall not be 
retroactive but shall be in effect for the first full month 
subsequent to the death of the designated beneficiary.  This 
additional joint and survivor option with reinstatement clause 
shall be adjusted to the actuarial equivalent value of a regular 
single life annuity. 
     Sec. 2.  [EFFECTIVE DATE.] 
     Section 1 is effective retroactively to May 19, 1981. 
    Approved April 21, 1983