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Office of the Revisor of Statutes

    Subdivision 1. Repayment of refund. When any member accepts a refund provided in
section 354.49, all existing service credits to which the member was entitled before accepting the
refund terminate and are not restored until the former member acquires not less than two years
allowable service credit after taking the last refund. In that event the former member may repay
the refund. If more than one refund has been taken, all refunds must be repaid. Teaching service
covered under the provisions of chapter 354B may be used to fulfill the two-year requirement
of this subdivision.
    Subd. 2. Interest charge. If a member desires to repay the refunds, payment shall include
interest at an annual rate of 8.5 percent compounded annually from date of withdrawal to the date
payment is made and shall be credited to the fund.
    Subd. 3.[Repealed, 1974 c 289 s 59]
    Subd. 4. Repayment of refund. Any person who has received a refund from the Teachers
Retirement Association and who is a member of any public retirement fund referred to in
section 354.60 may repay such refund with interest to the Teachers Retirement Association.
Repayment of the refunds under the provisions of this subdivision will be in accordance with all
the provisions of this section.
    Subd. 5. Refund of variable account accumulations. A member who received a refund of
variable account accumulations may repay this refund to the member's formula account under
this section.
History: Ex1957 c 16 s 12; Ex1961 c 17 s 14; Ex1967 c 6 s 4; 1969 c 485 s 25; 1971 c 40 s
23,24; 1973 c 728 s 22; 1974 c 289 s 39-41; 1977 c 67 s 10; 1981 c 224 s 115; 1986 c 444; 1989 c
319 art 9 s 2; 1990 c 570 art 12 s 39; 1991 c 340 s 27; 1992 c 598 art 3 s 3