353.34 RIGHTS UPON TERMINATION OF MEMBERSHIP.
Subdivision 1. Refund or deferred annuity.
(a) A former member is entitled to a refund of
accumulated employee deductions under subdivision 2, or to a deferred annuity under subdivision
3. Application for a refund may not be made before the date of termination of public service.
Except as specified in paragraph (b), a refund must be paid within 120 days following receipt
of the application unless the applicant has again become a public employee required to be
covered by the association.
(b) If an individual was placed on layoff under section
, subdivision 12 or 12c, a
refund is not payable before termination of service under section
(c) An individual who terminates public service covered by the Public Employees Retirement
Association general employees retirement plan, the Public Employees Retirement Association
police and fire retirement plan, or the public employees local government corrections service
retirement plan, and who is employed by a different employer and who becomes an active member
covered by one of the other two plans, may receive a refund of employee contributions plus six
percent interest compounded annually from the plan from which the member terminated service.
Subd. 2. Refund with interest.
Except as provided in subdivision 1, any person who ceases
to be a public employee shall receive a refund in an amount equal to accumulated deductions with
interest to the first day of the month in which the refund is processed at the rate of six percent
compounded annually based on fiscal year balances. If a person repays a refund and subsequently
applies for another refund, the repayment amount, including interest, is added to the fiscal year
balance in which the repayment was made.
Subd. 3. Deferred annuity; eligibility; computation.
A member with at least three years
of allowable service when termination of public service or termination of membership occurs
has the option of leaving the accumulated deductions in the fund and being entitled to a deferred
retirement annuity commencing at normal retirement age or to a deferred early retirement annuity
1a, 1b, 1c, or 5. The deferred annuity must be computed under
353.29, subdivision 3
, on the basis of the law in effect on the date of termination of
public service or termination of membership, whichever is earlier, and must be augmented as
provided in section
353.71, subdivision 2
. A former member qualified to apply for a deferred
retirement annuity may revoke this option at any time before the commencement of deferred
annuity payments by making application for a refund. The person is entitled to a refund of
accumulated member contributions within 30 days following date of receipt of the application
by the executive director.
Subd. 3a. Deferred annuity; certain hospital employees.
Any member employed by a
public hospital, as defined in section
355.01, subdivision 3k
, who has at least three years of
allowable service credit on the date the public hospital is taken over by a private corporation or
organization, may elect to receive a deferred annuity pursuant to subdivision 3 notwithstanding
the length of service requirement contained therein.
Subd. 3b.[Repealed, 1Sp2005 c 8 art 10 s 81
Subd. 4.[Repealed, 1971 c 106 s 40
Subd. 5. Refundment generally unlimited.
The right of refundment provided in this
chapter, and laws amendatory thereof, is not restricted as to time unless specifically provided and
the statute of limitation does not apply thereto.
Subd. 6. Additions to fund.
The board of trustees may credit to the fund any moneys
received in the form of contributions, donations, gifts, appropriations, bequests, or otherwise.
Subd. 7.[Repealed, 2007 c 134 art 2 s 50
History: 1957 c 935 s 14; 1959 c 650 s 22-24,49; 1963 c 641 s 26-29; 1969 c 940 s 11; 1971
c 106 s 31; 1971 c 412 s 1; 1973 c 753 s 57-59; 1975 c 102 s 6; 1976 c 329 s 26; 1978 c 796 s 36;
1979 c 216 s 15; 1981 c 224 s 89; 1983 c 58 s 1; 1983 c 73 s 8; 1984 c 564 s 27; 1984 c 574 s 10;
1985 c 261 s 4; 1986 c 444; 1987 c 284 art 5 s 10; 1987 c 372 art 9 s 17; 1988 c 709 art 5 s 20;
1989 c 319 art 3 s 17; art 13 s 40-42; 1991 c 341 s 20; 1992 c 432 art 2 s 16; 1993 c 307 art 4 s
27,28; 2000 c 461 art 3 s 18; 2005 c 10 art 5 s 2; 2006 c 271 art 3 s 28; 2007 c 134 art 2 s 30