2003 Minnesota Statutes

     422A.221 Authorization for repayment of refund in 
  certain instances. 

    Subdivision 1.    Entitlement.  Any person who was a 
 member of the Minneapolis Employees Retirement Fund by virtue of 
 the person's employment and was required to receive a refund of 
 accumulated member contributions and interest pursuant to 
 Minnesota Statutes 1957, section 422.09 shall be entitled to 
 repay to the Minneapolis Employees Retirement Fund any amounts 
 refunded and, when otherwise qualified, to receive a retirement 
 annuity from the fund calculated under the applicable law in 
 effect upon the termination of covered service.  

    Subd. 2.    Calculation of repayment.  The refund 
 repayment shall be an amount equal to the amount previously 
 refunded plus interest from the date of the refund until the 
 date of the repayment at the rate of six percent per annum, 
 compounded annually.  No service credit shall be credited prior 
 to the receipt of the amount refunded plus interest thereon.  

    HIST: 1981 c 68 s 30; 1981 c 298 s 11