2002 Minnesota Statutes

     354B.32 Transfer of funds to IRAP. 

    A participant in the individual retirement account plan 
 established in this chapter who has less than ten years of 
 allowable service under the teachers retirement association or 
 the teachers retirement fund association may elect to transfer 
 an amount equal to the participant's accumulated member 
 contributions to the teachers retirement association or the 
 teachers retirement fund association, plus compound interest at 
 the rate of six percent per annum, to the individual retirement 
 account plan.  The transfers are irrevocable fund to fund 
 transfers, and in no event may the participant receive direct 
 payment of the money transferred prior to retirement.  If a 
 participant elects the contribution transfer, all of the 
 participant's allowable and formula service credit in the 
 teachers retirement association or the teachers retirement fund 
 association associated with the transferred amount is forfeited. 

    The executive director of the teachers retirement 
 association and the chief administrative officers of the 
 teachers retirement fund associations, in cooperation with the 
 chancellor of the Minnesota state colleges and universities 
 system, shall notify participants who are eligible to transfer 
 of their right to transfer and the amount that they are eligible 
 to transfer, and shall, upon request, provide forms to implement 
 the transfer.  The chancellor of the Minnesota state colleges 
 and universities system shall assist the teachers retirement 
 association and the teachers retirement fund associations in 
 developing transfer forms and in implementing the transfers.  

    Authority to elect a transfer under this section expires on 
 July 1, 2004. 

    HIST: 1Sp2001 c 10 art 12 s 2