2002 Minnesota Statutes

     353F.04 Augmentation interest rate for terminated 
  medical facility employees. 

    The deferred annuity of a terminated medical facility or 
 other public employing unit employee is subject to augmentation 
 in accordance with section 353.71, subdivision 2, of the edition 
 of Minnesota Statutes published in the year in which the 
 privatization occurred, except that the rate of interest for 
 this purpose is 5.5 percent compounded annually until January 1 
 following the year in which such person attains age 55.  From 
 that date to the effective date of retirement, the rate is 7.5 
 percent.  These increased augmentation rates are no longer 
 applicable for any time after the terminated medical facility or 
 other public employing unit employee becomes covered again by a 
 retirement fund enumerated in section 356.30, subdivision 3.  
 These increased deferred annuity augmentation rates do not apply 
 to a terminated transferred medical facility or other public 
 employing unit employee who begins receipt of a retirement 
 annuity while employed by the employer which assumed operations 
 of the medical facility or other public employing unit or 
 purchased the medical facility or other public employing unit. 

    HIST: 1999 c 222 art 1 s 4