1997 Minnesota Statutes

     354.63 Participation in Minnesota postretirement 
  investment fund. 

    Subdivision 1.    Authorization.  The teachers 
 retirement association is hereby authorized to participate in 
 the Minnesota postretirement investment fund.  

    Subd. 2.    Valuation of assets; adjustment of benefits. 
  (1) The required reserves for retirement annuities as 
 determined in accordance with this chapter shall be transferred 
 to the Minnesota postretirement investment fund as of the last 
 business day of the month in which the retirement annuity 
 begins.  The required reserves shall be determined in accordance 
 with the appropriate annuity table of mortality adopted by the 
 board of trustees as provided in section 354.07, subdivision 1, 
 based on the experience of the fund as recommended by the 
 commission-retained actuary and using the interest assumption 
 specified in section 356.215, subdivision 4d.  

    (2) Annuity payments shall be adjusted in accordance with 
 the provisions of section 11A.18.  In making these adjustments, 
 members who retire effective July 1 shall be considered to have 
 retired effective the preceding June 30.  This section applies 
 to persons who retired effective July 1, 1982, or later.  

    (3) An increase in annuity payments pursuant to this 
 section will be made automatically unless written notice is 
 filed by the annuitant with the executive director of the 
 teachers retirement association requesting that the increase 
 shall not be made. 

    HIST: 1969 c 485 s 31; 1971 c 40 s 34; 1971 c 414 s 10; 1973 c 
 728 s 29; 1974 c 289 s 58; 1980 c 607 art 14 s 45 subd 2; s 46; 
 1983 c 148 s 5; 1987 c 259 s 45; 1995 c 141 art 3 s 20; 1996 c 
 305 art 1 s 84