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Unless an eligible employee enumerated in section 352D.02, subdivision 1, has elected
coverage under the individual retirement account plan under chapter 354B, a sum of money
representing the assets credited to each employee exercising the option contained in section
352D.02, plus an equal employer contribution together with interest for the employment period at
the applicable preretirement interest actuarial assumption rate during this period, compounded
annually, must be used for the purchase of shares on behalf of each employee in the accounts of
the supplemental retirement fund established by section 11A.17.
History: 1971 c 604 s 3; 1973 c 35 s 54; 1973 c 624 s 4; 1974 c 152 s 12; 1980 c 607 art 14
s 46; 1992 c 446 s 5; 1Sp2005 c 8 art 10 s 33