Subdivision 1. For purposes of sections 422A.01 to 422A.25 the terms defined in this section shall have the following meanings.
Subd. 2. "City" means the city of Minneapolis.
Subd. 3. "Retirement allowance" means either a service allowance to which an employee may be entitled who retires from the city service after having attained the minimum established age for retirement or a "disability allowance" to which an employee may be entitled who retires from the city service as a result of disability before having attained the minimum age for retirement.
Subd. 4. "Annuity" means payments for life derived from contributions made by an employee, as provided in sections 422A.01 to 422A.25.
Subd. 5. "Pension" means payments for life derived from credits allowed and appropriations made by the city, as provided in sections 422A.01 to 422A.25.
Subd. 6. Present value. "Present worth" or "present value" means that the present amount of money if increased at the applicable postretirement or preretirement interest rate assumption specified in section 356.215, subdivision 4d, and based on the mortality table adopted by the board of trustees based on the experience of the fund as recommended by the actuary retained by the legislative commission on pensions and retirement will at retirement equal the actuarial accrued liability of the annuity already earned.
Subd. 7. Actuarial equivalent. "Actuarial equivalent" means the condition of one annuity or benefit having an equal present worth or present value as another annuity or benefit.
Subd. 8. "Established age" means the minimum age for retirement on a service allowance as specified by or pursuant to sections 422A.01 to 422A.25.
Subd. 9. "Public corporation" includes metropolitan airports commission, metropolitan council and municipal employees retirement fund.
Subd. 10. Unfunded actuarial accrued liability. "Unfunded actuarial accrued liability" means the difference between the actuarial accrued liability to date and the corresponding assets valued under section 356.215, subdivision 1, clause (6).
Subd. 11. "Employee" means any person not exempted from the contributing class pursuant to section 422A.09, subdivision 3, who is employed by and paid, in whole or in part, by the city or any of its boards, departments, or commissions, operated as a department of city government or independently if financed in whole or in part by city funds, including any person employed by a public corporation as herein defined, and including any person employed by special school district No. 1, who is not a member of any other retirement system, and also including any person who is employed by the county of Hennepin, who was entitled by law to elect and has elected to retain membership in the municipal employees retirement fund and who makes any required member contributions to the fund.
Subd. 12. "Dependent" means a spouse, child, or any person actually dependent upon and receiving over 50 percent of support from such employee.
Subd. 13. "Postretirement investment fund annuity" means all retirement and disability payments made by the fund under the terms of sections 422A.01 to 422A.25 as adjusted from time to time. This does not include payments, if any, from sources other than participation in the Minnesota postretirement investment fund.
Subd. 14. Repealed, 1981 c 224 s 276
Subd. 15. Repealed, 1981 c 224 s 276
Subd. 16. Repealed, 1981 c 224 s 276
Subd. 17. Firefighter. "Firefighter," for purposes of section 422A.151, means an employee of the metropolitan airports commission who was employed by the commission before June 30, 1978, and whose employment duties include, at a minimum, full-time service as an employee of a designated fire company who is engaged primarily in fire suppression and related duties, or as a person who is in charge of a designated fire company or companies and who is engaged in the hazards of fire fighting.
Subd. 18. Licensed peace officer. "Licensed peace officer," for purposes of section 422A.151, means an employee of the metropolitan airports commission who was employed by the commission before June 30, 1978, and whose employment duties include, at a minimum, full-time service as an officer whose primary job it is to enforce the law, who is licensed by the Minnesota board of peace officer standards and training under sections 626.84 to 626.863, who is engaged in the hazards of protecting the safety and property of others, and who has the power to arrest by warrant.
HIST: 1973 c 133 s 1; 1974 c 422 art 2 s 7; 1977 c 399 s 9-11; 1980 c 607 art 14 s 45 subd 2; 1981 c 224 s 179,274; 1986 c 444; 1987 c 259 s 61-63; 1992 c 596 s 4,5; 1994 c 628 art 3 s 33; 1997 c 7 art 1 s 138
Official Publication of the State of Minnesota
Revisor of Statutes