2005 Minnesota Statutes

     422A.22 Refunds. 

    Subdivision 1.    Retention; transfer.  (a) If an 
 employee to whom this chapter applies becomes absolutely 
 separated from active service before attaining the minimum 
 retirement age established in section 422A.13, the employee is 
 entitled to a refund of the net accumulated amount of deduction 
 from salary, pay, or compensation, made for the purpose of 
 accumulating a fund from which to pay retirement allowances, 
 with interest at the annual compound rate of six percent.  

    (b) Any contributing employee who separates from a 
 department, board or commission of the city whose employees are 
 covered by a fund organized under this chapter, and becomes an 
 employee of a department or board of the same city, whose 
 employees are covered by a retirement fund or relief association 
 by whatever name known, organized under any other law and 
 supported in whole or in part by taxes on the same city, has the 
 option of: 

    (1) retaining their membership in the fund organized under 
 this chapter, regardless of the provisions of any law, rule, 
 bylaw or other action requiring membership in any other 
 retirement fund or relief association however organized; or 

    (2) transferring to the fund or association covering the 
 employees of the department or board to which they are 
 transferring, providing they are eligible for membership therein.

    (c) Any contributing employee who elects to transfer to 
 another fund or association as provided in paragraph (b), clause 
 (2), must make such election within one year from the date of 
 separation from the city service covered by this fund.  If the 
 contributing employee elects to transfer to another fund, the 
 employee is entitled to a refund of the net accumulated 
 contributions made by such employee to the fund organized under 
 this chapter with interest at the annual compound rate of six 
 percent.  

    Subd. 2. Repealed, 1Sp2005 c 8 art 10 s 81 

    Subd. 3.    Limitation on eligibility.  No employee of 
 the city is eligible to be a member of, or receive benefits 
 from, more than one retirement plan or fund of the city for the 
 same period of service.  

    Subd. 4.    Death-while-active refund.  (a) Upon the 
 death of an active member before the employee's termination of 
 active service, the beneficiary or beneficiaries designated by 
 the member on a form specified by the executive director and 
 filed with the retirement board are entitled to receive the net 
 accumulated employee deductions from salary, pay, or 
 compensation, including interest under subdivision 1, paragraph 
 (a), compounded annually to the date of the member's death.  The 
 amount must not include any contributions made by the employee 
 or on the employee's behalf, or any interest or investment 
 earnings on those contributions, which were allocated to the 
 survivor benefit fund under section 422A.06, subdivision 6. 

    (b) If the employee fails to make a designation, or if the 
 beneficiary or beneficiaries designated by the employee 
 predeceases the employee, the deceased employee's estate is 
 entitled to the benefit specified in paragraph (a). 

    (c) A benefit payable under this subdivision is in addition 
 to any applicable survivor benefit under section 422A.23. 

    Subd. 5. Repealed, 1Sp2005 c 8 art 10 s 81 

    Subd. 6.    Refund; Minneapolis Employees Retirement Fund. 
  A person who has received a refund from the Minneapolis 
 Employees Retirement Fund, and who is a member of a public 
 retirement system included in section 422A.16, subdivision 8, 
 may repay such refund with interest at a compound annual rate of 
 8.5 percent to the Minneapolis Employees Retirement Fund.  If a 
 refund is repaid to the fund and if more than one refund has 
 been received from the fund, all refunds must be repaid.  
 Repayment must be made as provided in this chapter.  

    HIST: 1973 c 133 s 22; 1973 c 770 s 14; 1981 c 224 s 190; 1986 
 c 444; 1999 c 222 art 17 s 5,6; 1Sp2005 c 8 art 10 s 71-74