352F.04 AUGMENTATION INTEREST RATES FOR TERMINATED PRIVATIZED
Subdivision 1. Enhanced augmentation rates.
(a) The deferred annuity of a terminated
hospital employee who attained that status before June 2, 2006, is subject to augmentation under
Minnesota Statutes 1994, section
352.72, subdivision 2
, except that the rate of augmentation is
5.5 percent compounded annually until January 1 following the year in which the person attains
age 55. From that date to the effective date of retirement, the augmentation rate is 7.5 percent
(b) If a terminated hospital employee attained that status on or after June 2, 2006, the
augmentation rate is four percent compounded annually until January 1, following the year
in which the person attains age 55. From that date to the effective date of retirement, the
augmentation rate is six percent compounded annually.
Subd. 2. Exceptions.
The increased augmentation rates specified in subdivision 1 do not
apply if the terminated employee:
(1) becomes covered again by a retirement plan enumerated in section
(2) begins receipt of a retirement annuity while employed by the employer which assumed
operations of the medical facility or other public employing unit or purchased the medical facility
or other public employing unit.
History: 1996 c 460 art 1 s 4; 1997 c 241 art 7 s 7; 2006 c 271 art 5 s 1