2003 Minnesota Statutes

     354A.106 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 354A.097, 354A.098, 354A.099, 
 354A.101, 354A.102, 354A.103, 354A.104, 354A.109, and 354A.1095, 
 or to repay a refund under section 354A.38. 

    (b) At the request of a member, if determined by the 
 executive director of the applicable teachers retirement fund 
 association 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 applicable teachers 
 retirement fund association.  Upon receipt of the full prior 
 service credit purchase payment amount, the applicable teachers 
 retirement fund association shall grant the requested allowable 
 and formula service credit. 

    HIST: 2000 c 461 art 12 s 11; 1Sp2001 c 10 art 6 s 13 

*   NOTE:  This section, as added by Laws 2000, chapter 461, 
*article 12, section 11, expires May 16, 2003.  Laws 2000, 
*chapter 461, article 12, section 20, paragraph (c), as amended 
*by Laws 2002, chapter 392, article 7, section 2.