356.431 Conversion of lump-sum postretirement and supplemental payment to an increased monthly annuity.
Subdivision 1. Lump-sum postretirement payment conversion. For benefits paid after December 31, 2001, to eligible persons under sections 356.42 and 356.43, the amount of the most recent lump-sum benefit payable to an eligible recipient under sections 356.86 and 356.865 must be divided by 12. The result must be added to the monthly annuity or benefit otherwise payable to an eligible recipient, must become a permanent part of the benefit recipient's pension, and must be included in any pension benefit subject to future increases.
Subd. 2. Transfer of required reserves to Minnesota postretirement investment fund. Public employee retirement funds participating in the State Board of Investment postretirement investment fund shall transfer the required reserves for the postretirement conversion under subdivision 1 to the postretirement investment fund by January 31, 2002.
HIST: 2002 c 392 art 11 s 32