1997 Minnesota Statutes

     352D.12 Transfer of prior service contributions. 

    An employee who is a participant in the unclassified 
 program and who has prior service credit in a covered plan under 
 chapters 352, 353, 354, 354A, and 422A may, within the time 
 limits in this section, elect to transfer to the unclassified 
 program accumulated employee and equal employer contributions 
 with interest at an annual rate of 8.5 percent compounded 
 annually, based on fiscal year balances.  

    If a participant has taken a refund from a fund listed in 
 this section, the participant may repay the refund to that fund, 
 notwithstanding any restrictions on repayment to that fund, plus 
 8.5 percent interest compounded annually and have the 
 accumulated employee and equal employer contributions 
 transferred to the unclassified program with interest at an 
 annual rate of 8.5 percent compounded annually based on fiscal 
 year balances.  If a person repays a refund and subsequently 
 elects to have the money transferred to the unclassified 
 program, the repayment amount, including interest, is added to 
 the fiscal year balance in the year which the repayment was made.

    A participant electing to transfer prior service 
 contributions under this section must complete the application 
 for the transfer and repay any refund within one year of July 1, 
 1985 or the commencement of the employee's participation in the 
 unclassified program, whichever is later. 

    HIST: 1Sp1985 c 7 s 9; 1992 c 432 art 2 s 1; 1992 c 598 art 1 
 s 12