356.32 Proportionate annuity at age 65.
Subdivision 1. Proportionate retirement annuity. Notwithstanding any provision to the contrary of the laws governing any of the retirement funds referred to in subdivision 2, any person who is an active member of any applicable fund, who has credit for at least one year but less than ten years of allowable service in one or more of the applicable funds, and who terminates active service pursuant to a mandatory retirement law or policy or at age 65 or older, or the normal retirement age if this age is not age 65, for any reason shall be entitled upon making written application on the form prescribed by executive director or executive secretary of the fund to a proportionate retirement annuity from each applicable fund in which the person has allowable service credit. The proportionate annuity shall be calculated under the applicable laws governing annuities based upon allowable service credit at the time of retirement and the person's average salary for the highest five successive years of allowable service or the average salary for the entire period of allowable service if less than five years. Nothing in this section shall prevent the imposition of the appropriate early retirement reduction of an annuity which commences prior to normal retirement age.
Subd. 2. Covered funds. The provisions of this section shall apply to the following retirement funds:
(1) state employees retirement fund, established pursuant to chapter 352;
(2) correctional employees retirement program, established pursuant to chapter 352;
(3) state patrol retirement fund, established pursuant to chapter 352B;
(4) public employees retirement fund, established pursuant to chapter 353;
(5) public employees police and fire fund, established pursuant to chapter 353;
(6) teachers retirement association, established pursuant to chapter 354;
(7) Minneapolis employees retirement fund, established pursuant to chapter 422A;
(8) Duluth teachers retirement fund association, established pursuant to chapter 354A;
(9) Minneapolis teachers retirement fund association, established pursuant to chapter 354A; and
(10) St. Paul teachers retirement fund association, established pursuant to chapter 354A.
HIST: 1975 c 183 s 2; 1976 c 130 s 1; 1978 c 649 s 3; 1978 c 796 s 44; 1979 c 40 s 10; 1979 c 217 s 27; 1980 c 342 s 15; 1981 c 37 s 2; 1981 c 224 s 174; 1981 c 298 s 11; 1987 c 372 art 1 s 21; 1989 c 319 art 13 s 93; 1995 c 141 art 3 s 20; 1997 c 233 art 1 s 63