352B.26 PARTICIPATION IN MINNESOTA POSTRETIREMENT INVESTMENT FUND.
Subdivision 1. Authorization.
The State Patrol retirement fund shall participate in the
Minnesota postretirement investment fund. Assets required by this section must be deposited in
the fund. Amounts shall be withdrawn from the fund only to pay annuities as provided. The
money is annually appropriated for this purpose.
Subd. 2.[Repealed, 1987 c 259 s 83
Subd. 3. Valuation of assets; adjustment of benefits.
(a) For former members beginning
receipt of annuities and qualified recipients of joint and survivor annuities and surviving spouse
benefits, the required reserves must be determined in accordance with the appropriate mortality
table adopted by the board of directors of the Minnesota State Retirement System based on
the experience of the fund as recommended by the actuary retained under section
using the interest assumption specified in section
356.215, subdivision 8
. Assets representing
the required reserves for these annuities must be transferred to the Minnesota postretirement
investment fund as of the last business day of the month in which the retirement annuity begins as
specified in section
(b) Annuity payments must be adjusted in accordance with section
(c) An increase in annuity payments under this section must be made automatically unless
written notice is filed by the annuitant with the executive director of the Minnesota State
Retirement System requesting that the increase not be made.
History: 1969 c 977 s 1; 1971 c 414 s 8; 1973 c 178 s 18; 1978 c 562 s 7,8; 1980 c 607 art
14 s 36,45 subd 2; s 46; 1981 c 37 s 2; 1981 c 224 s 64,65; 1Sp1985 c 7 s 35; 1987 c 229 art 7 s
1; art 11 s 1; 1987 c 259 s 24; 1996 c 305 art 1 s 76; 2002 c 392 art 11 s 52; 2006 c 271 art 3 s 47