471.615 INDIVIDUAL ANNUITY FOR PUBLIC OFFICER, EMPLOYEE.
At the request of an officer or employee and as part of a compensation arrangement, the
governing body of any city, town, county, school district, public corporation, public authority,
special district or other political subdivision, or the commissioner of administration of the state of
Minnesota may negotiate and purchase an individual annuity contract from a company licensed to
do business in the state of Minnesota for an officer or employee for retirement or other purposes
and may make payroll allocations in accordance with such arrangement for the purpose of paying
the entire premium due or to become due under such contract. The allocation shall be made in a
manner which will qualify the annuity premiums, or a portion thereof, for the benefit afforded
under Section 403(b) of the current Federal Internal Revenue Code or any equivalent provisions
of subsequent federal income tax law. The officer or employee shall own such contract and
have rights thereunder that shall be nonforfeitable except for failure to pay premiums. This
section shall be applied in a nondiscriminatory manner to officers and employees of the political
subdivisions herein named.
History: 1971 c 266 s 1; 1973 c 123 art 5 s 7; 1986 c 444