2006 Minnesota Statutes

353F.04 AUGMENTATION INTEREST RATES FOR TERMINATED MEDICAL OR
OTHER PUBLIC EMPLOYING UNIT FACILITY EMPLOYEES.
    Subdivision 1. Enhanced augmentation rates. (a) The deferred annuity of a terminated
medical facility or other public employing unit employee is subject to augmentation under section
353.71, subdivision 2, of the edition of Minnesota Statutes published in the year in which the
privatization occurred, except that the rate of augmentation is as specified in paragraph (b) or
(c), whichever is applicable.
(b) This paragraph applies if the legislation adding the medical facility or other employing
unit to section 353F.02, subdivision 4 or 5, as applicable, was enacted before July 26, 2005,
and became effective before January 1, 2007. For a terminated medical facility or other public
employing unit employee, the augmentation rate 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 compounded annually.
(c) If paragraph (b) is not applicable, 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 medical facility or other public employing unit employee:
(1) becomes covered again by a retirement plan enumerated in section 356.30, subdivision
3 ; or
(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: 1999 c 222 art 1 s 4; 2006 c 271 art 5 s 3