2001 Minnesota Statutes

     354A.107 Payment acceptance allowed. 

    The payment for the purchase of allowable service credit, 
 or the repayment of a prior refund, or the payment of equivalent 
 contributions for an eligible leave of absence, as permitted by 
 law, by a member of the Minneapolis teachers retirement fund 
 association, the St. Paul teachers retirement fund association, 
 or the Duluth teachers retirement fund association, may be made 
 with amounts transferred from a plan qualified under section 
 401(a), 401(k), 403(a), 403(b), or 457(b) of the federal 
 Internal Revenue Code of 1986, as amended from time to time, or 
 amounts transferred from an individual retirement account if 
 done solely in a manner that is eligible for treatment as a 
 nontaxable rollover under the applicable federal law.  The 
 rollover must be separately accounted for as member 
 contributions that were not previously taxed.  Before accepting 
 any transfers to which this section applies, the executive 
 secretary or director must require the member to provide written 
 documentation that the amounts to be transferred are eligible 
 for tax-free rollover and qualify for that treatment under the 
 federal Internal Revenue Code of 1986, as amended. 

    HIST: 1Sp2001 c 10 art 3 s 20