2002 Minnesota Statutes

     354.539 Use of college supplemental retirement funds to 
  purchase service credit. 

    (a) Unless prohibited by or subject to a penalty under 
 federal law, a teacher who is a participant in the college 
 supplemental retirement plan established under chapter 354C may 
 utilize the teacher's supplemental plan account to purchase 
 service credit under sections 354.53, 354.533, 354.534, 354.535, 
 354.536, 354.537, 354.538, 354.541, and 354.542 or to repay a 
 refund under section 354.50. 

    (b) At the request of a member, if determined by the 
 executive director to be eligible to purchase service credit, 
 the executive director shall notify the board of the Minnesota 
 state colleges and universities system of the cost of the 
 purchase and shall request the transfer of funds from the 
 member's college supplemental retirement account to the teachers 
 retirement association.  Upon receipt of the full prior service 
 credit purchase payment amount, the teachers retirement 
 association shall grant the requested allowable and formula 
 service credit. 

    HIST: 2000 c 461 art 12 s 5; 1Sp2001 c 10 art 6 s 7 

*   NOTE:  This section, as added by Laws 2000, chapter 461, 
*article 12, section 5, expires May 16, 2003.  Laws 2000, chapter 
*461, article 2, section 20, paragraph (c), as amended by Laws 
*2002, chapter 392, article 7, section 2.