353.271 PARTICIPATION IN MINNESOTA POSTRETIREMENT INVESTMENT FUND.
Subdivision 1. Authorization.
The general employees retirement plan of the Public
Employees Retirement Association, the public employees police and fire retirement plan, and
the local government correctional service retirement plan are authorized to participate in the
Minnesota postretirement investment fund. There is one general participation in the Minnesota
postretirement investment fund for each plan of the Public Employees Retirement Association.
Subd. 2. Valuation of assets; adjustment of benefits.
(a) The required reserves for
retirement annuities payable as provided in this chapter other than those payable from the
various local relief association consolidation accounts, as determined in accordance with the
appropriate mortality table adopted by the board of trustees based on the experience of the fund
as recommended by the actuary retained under section
, and approved under section
356.215, subdivision 18
, and using the postretirement 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 begins.
(b) Annuity payments must be adjusted in accordance with the provisions of section
(c) Increases in payments under this section must be made automatically unless the intended
recipient files written notice with the executive director of the Public Employees Retirement
Association requesting that the increase not be made.
History: 1969 c 399 s 1; 1969 c 999 s 4; 1971 c 414 s 9; 1973 c 753 s 34,35; 1980 c 607 art
14 s 45 subd 2; s 46; 1Sp1985 c 7 s 14; 1987 c 259 s 27; 1987 c 296 s 4; 1996 c 305 art 1 s 77;
2002 c 392 art 11 s 52; 1Sp2005 c 8 art 10 s 48