2007 Minnesota Statutes

127A.14 COMMISSIONER PURCHASE OF ANNUITY FOR EMPLOYEES.
    Subdivision 1. Purchase of annuity contract; allocation of portion of employee
compensation. At the request of an employee, the commissioner of education may negotiate and
purchase an individual annuity contract from a company licensed to do business in the state of
Minnesota for an employee for retirement or other purposes and may allocate a portion of the
compensation otherwise payable to the employee as salary 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 provision of
subsequent federal income tax law. The employee shall own such contract and the employee's
rights thereunder shall be nonforfeitable except for failure to pay premiums.
    Subd. 2. Annuity account; appropriation. All amounts so allocated shall be deposited in an
annuity account which is hereby established in the state treasury. There is annually appropriated
from the annuity account in the state treasury to the commissioner of education all moneys
deposited therein for the payment of annuity premiums when due or for other application in
accordance with the salary agreement entered into between the employee and the commissioner
of education. The moneys in the annuity account in the state treasury are not subject to the budget,
allotment, and incumbrance system provided for in chapter 16A and any act amendatory thereof.
History: 1969 c 751 s 1; 1977 c 410 s 12; 1986 c 444; 1998 c 397 art 4 s 51; 1998 c 398
art 5 s 55; 2003 c 130 s 12