2007 Minnesota Statutes

352B.08 BENEFITS.
    Subdivision 1. Eligibility; when to apply; accrual. Every member who is credited with
three or more years of allowable service is entitled to separate from state service and upon
becoming 50 years old, is entitled to receive a life annuity, upon separation from state service.
Members shall apply for an annuity in a form and manner prescribed by the executive director. No
application may be made more than 90 days before the date the member is eligible to retire by
reason of both age and service requirements. An annuity begins to accrue no earlier than 180 days
before the date the application is filed with the executive director.
    Subd. 2. Normal retirement annuity. The annuity must be paid in monthly installments.
The annuity shall be equal to the amount determined by multiplying the average monthly salary
of the member by the percent specified in section 356.315, subdivision 6, for each year and pro
rata for completed months of service.
    Subd. 2a. Early retirement. Any member who has become at least 50 years old and who
has at least three years of allowable service is entitled upon application to a reduced retirement
annuity equal to the annuity calculated under subdivision 2, reduced by one-tenth of one percent
for each month that the member is under age 55 at the time of retirement.
    Subd. 3. Optional annuity forms. In lieu of the single life annuity provided in subdivision
2, the member or former member may elect an optional annuity form. The board of the Minnesota
state retirement system shall establish a joint and survivor annuity, payable to a designated
beneficiary for life, adjusted to the actuarial equivalent value of the single life annuity. The
board shall also establish an additional optional annuity with an actuarial equivalent value of the
single life annuity in the form of a joint and survivor annuity which provides that the elected
annuity be reinstated to the single life annuity provided in subdivision 2, if after commencing
the elected joint and survivor annuity, the designated beneficiary dies before the member, which
reinstatement is not retroactive but takes effect for the first full month occurring after the death of
the designated beneficiary. The board may also establish other actuarial equivalent value optional
annuity forms. In establishing actuarial equivalent value optional annuity forms, each optional
annuity form shall have the same present value as a regular single life annuity using the mortality
table adopted by the board and the interest assumption specified in section 356.215, subdivision
8 , and the board shall obtain the written recommendation of the actuary retained under section
356.214. These recommendations shall be a part of the permanent records of the board.
History: 1943 c 637 s 7; 1947 c 577 s 2; 1949 c 627 s 1; 1953 c 453 s 1-3; 1957 c 869 s 2-5;
1959 c 642 s 2-4; 1961 c 493 s 2; 1965 c 889 s 2,3; 1967 c 244 s 2; 1969 c 693 s 2; 1971 c 278 s
1; 1973 c 178 s 10; 1973 c 755 s 2; 1977 c 429 s 15; 1978 c 562 s 4; 1980 c 600 s 6; 1981 c 224 s
62; 1982 c 397 s 2; 1983 c 49 s 1; 1983 c 128 s 25; 1983 c 286 s 4; 1986 c 444; 1987 c 229 art 7 s
1; art 11 s 1; 1987 c 259 s 23; 1987 c 372 art 9 s 7; 1989 c 319 art 1 s 10; art 13 s 25; art 17 s
6,7; 1990 c 570 art 12 s 13,14; 1993 c 307 art 1 s 24,25; 1994 c 528 art 1 s 10; 1995 c 262 art 3 s
2; 1997 c 233 art 1 s 31,32; 1999 c 222 art 14 s 1; 2002 c 392 art 11 s 52; 2006 c 271 art 3 s 47