352.119 PARTICIPATION IN POSTRETIREMENT INVESTMENT FUND.
Subdivision 1.[Repealed, 1Sp2005 c 8 art 10 s 81
Subd. 2. Valuation of assets; adjustment of benefits.
(a) The required reserves for
retirement annuities or disability benefits under this chapter as determined in accordance with the
appropriate mortality table adopted by the board of directors based on experience of the fund as
recommended by the actuary retained under section 356.214 and using the interest assumption
specified in section
356.215, subdivision 8
, must be transferred to the Minnesota postretirement
investment fund as of the last business day of the month in which the retirement annuity or
disability benefit begins.
(b) Annuity and benefit payments must be adjusted in accordance with section
Subd. 3. Increases made automatically.
, increases in
benefit payments under this section will be made automatically unless the intended recipient files
written notice with the system requesting that the increase not be made.
Subd. 4. Determining applicable law.
The annuity is computed under the law in effect
as of the last day for which the employee receives pay, or if on medical leave, the day the
leave terminates. However, if the employee has returned to covered employment following a
termination, the employee must have earned at least six months of allowable service following
their return to qualify for improved benefits resulting from any law change enacted subsequent
to that termination.
History: 1969 c 893 s 9; 1971 c 12 s 5; 1971 c 414 s 7; 1973 c 653 s 33; 1980 c 607 art 14 s
45 subd 2; s 46; 1987 c 229 art 6 s 1; art 11 s 1; 1987 c 259 s 17; 1994 c 465 art 2 s 19; 1994 c
528 art 1 s 6; 2002 c 392 art 11 s 52; 2006 c 271 art 3 s 47