352B.30 COVERAGE BY MORE THAN ONE RETIREMENT SYSTEM OR
Subdivision 1. Entitlement to annuity.
Any person who has been an employee covered
by the Minnesota State Retirement System, or a member of the Public Employees Retirement
Association including the Public Employees Retirement Association Police and Fire Fund, or
the Teachers Retirement Association, or the State Patrol retirement fund, or any other public
employee retirement system in Minnesota having a like provision but excluding all other funds
providing benefits for police or firefighters is entitled when qualified to an annuity from each fund
if total allowable service in all funds or in any two of these funds totals three or more years. No
part of the allowable service upon which the retirement annuity from one fund is based may again
be used in the computation for benefits from another fund. The member must not have taken a
refund from any one of these funds since service entitling the member to coverage under the
system or membership in any of the associations last terminated. The annuity from each fund
must be determined by the appropriate law except that the requirement that a person must have
at least three years allowable service in the respective system or association does not apply for
the purposes of this section if the combined service in two or more of these funds equals three
or more years.
Subd. 2. Computation of deferred annuity.
Deferred annuities must be computed according
to this chapter on the basis of allowable service before termination of service and augmented
as provided in this chapter. The required reserves applicable to a deferred annuity must be
augmented by interest compounded annually from the first day of the month following the month
in which the member terminated service, or July 1, 1971, whichever is later, to the first day of the
month in which the annuity begins to accrue. The rates of interest used for this purpose shall be
five percent per year compounded annually until January 1, 1981, and after that date three percent
per year compounded annually if the employee became an employee before July 1, 2006, and at
2.5 percent compounded annually if the employee becomes an employee after June 30, 2006.
The mortality table and interest assumption used to compute the annuity shall be those in effect
when the member files application for annuity.
Subd. 3. Refund repayment.
A person who has received a refund from the State Patrol
retirement fund who is a member of a public retirement system included in subdivision 1, may
repay the refund with interest to the State Patrol retirement fund as provided in section
Subd. 4. 1997 postretirement fund interest changes.
The retirement annuity or disability
benefit of, or the survivor benefit payable on behalf of, a former member who terminated service
before July 1, 1997, which is not first payable until after June 30, 1997, must be increased on
an actuarial equivalent basis to reflect the change in the postretirement interest rate actuarial
assumption under section
356.215, subdivision 8
, from five percent to six percent under a
calculation procedure and tables adopted by the board and approved by the actuary retained
History: 1975 c 368 s 40; 1977 c 429 s 63; 1978 c 796 s 11; 1981 c 37 s 2; 1981 c 224 s
274; 1983 c 128 s 31; 1986 c 444; 1987 c 229 art 7 s 1; 1987 c 372 art 9 s 9; 1989 c 319 art
13 s 28; 1990 c 426 art 1 s 43; 1997 c 233 art 1 s 34; 2002 c 392 art 11 s 52; 2006 c 271 art 3
s 47; 2006 c 277 art 2 s 3