2002 Minnesota Statutes

     356.405 Combined payment of retirement annuities. 

    (a) The public employees retirement association and the 
 Minnesota state retirement system are permitted to combine 
 payments to retirees.  The total payment must be equal to the 
 amount that is payable if payments were kept separate.  The 
 retiree must agree, in writing, to have the payment combined. 

    (b) Each plan must calculate the benefit amounts under the 
 laws governing the plan and the required reserves and future 
 mortality losses or gains must be paid or accrued to the plan 
 from which the service was earned.  Each plan must account for 
 its portion of the payment separately, and there may be no 
 additional actuarial liabilities realized by either plan. 

    (c) The plan making the payment would be responsible for 
 issuing one payment and making address changes, tax withholding 
 changes, and other administrative functions needed to process 
 the payment. 

    HIST: 2002 c 392 art 11 s 26