2002 Minnesota Statutes

     352D.06 Annuities. 

    Subdivision 1.    Annuity; reserves.  When a participant 
 attains at least age 55, terminates from covered service, and 
 applies for a retirement annuity, the cash value of the 
 participant's shares shall be transferred to the Minnesota 
 postretirement investment fund and used to provide an annuity 
 for the retired employee based upon the participant's age when 
 the benefit begins to accrue according to the reserve basis used 
 by the general state employees retirement plan in determining 
 pensions and reserves.  

    Subd. 2.    Partial value annuity.  A participant has 
 the option in an application for an annuity to apply for and 
 receive a partial value of the total shares and thereafter 
 receive an annuity, as provided in subdivision 1, based on the 
 remaining value of the total shares.  

    Subd. 3.    Accrual date.  An annuity under this section 
 accrues the first day of the first full month after an 
 application is received or after termination of state service, 
 whichever is later.  Upon the former employee's request, the 
 annuity may begin to accrue up to six months before redemption 
 of shares, but not prior to the termination date from covered 
 service, and must be based on the account value at redemption 
 and upon the age of the former employee at the date annuity 
 accrual starts.  The account must be valued and redeemed on the 
 later of the end of the month of termination of covered 
 employment, or the end of the month of receipt of the annuity 
 application for the purpose of computing the annuity. 

    HIST: 1971 c 604 s 6; 1973 c 624 s 7; 1975 c 368 s 45,46; 1980 
 c 607 art 14 s 45 subd 2; 1986 c 444; 1986 c 458 s 8; 1989 c 319 
 art 1 s 14; 2000 c 461 art 3 s 5