352D.05 WITHDRAWAL OPTIONS.
Subdivision 1. Pretermination of employment.
No withdrawal of shares shall be permitted
prior to termination of covered employment.
Subd. 2.[Repealed, 1975 c 368 s 51
Subd. 3. Full or partial withdrawal.
After termination of covered employment or at any
time thereafter, a participant is entitled, upon application, to withdraw the cash value of the
participant's total shares or leave such shares on deposit with the supplemental retirement fund.
The account is valued at the end of the month in which application for withdrawal is made.
Shares not withdrawn remain on deposit with the supplemental retirement fund until the former
participant becomes at least 55 years old, and applies for an annuity under section
Subd. 4. Repayment of refund.
(a) A participant in the unclassified program may repay
regular refunds taken under section
, as provided in section
(b) A participant in the unclassified program or an employee covered by the general plan
who has withdrawn the value of the total shares may repay the refund taken and thereupon restore
the service credit, rights and benefits forfeited by paying into the fund the amount refunded plus
interest at an annual rate of 8.5 percent compounded annually from the date that the refund was
taken until the date that the refund is repaid. If the participant had withdrawn only the employee
shares as permitted under prior laws, repayment must be pro rata.
(c) Except as provided in section
, the repayment of a refund under this section
must be made in a lump sum.
Subd. 5.[Repealed, 1993 c 307 art 7 s 1
History: 1971 c 604 s 5; 1973 c 624 s 6; 1975 c 368 s 44; 1976 c 81 s 1; 1978 c 562 s 10;
1980 c 607 art 14 s 39,40; 1986 c 444; 1990 c 570 art 12 s 18; 1992 c 598 art 1 s 10; 1993 c 307
art 1 s 36,37; art 2 s 17; 2000 c 461 art 3 s 4; 1Sp2005 c 8 art 10 s 34