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    Subdivision 1. Application. This section applies to any strike period under section 354.05,
subdivision 13
, clause (9), and to any period of authorized leave of absence without pay under
sections 354.093, 354.094, 354.095, and 354.096 for which the teacher obtains credit for
allowable service by making payment as specified in this section to the Teachers Retirement
Association fund. Each year of an extended leave of absence under section 354.094 is considered
to be a separate leave for purposes of this section.
    Subd. 2. Purchase procedure. (a) A teacher may purchase credit for allowable and formula
service in the plan for a period specified in subdivision 1 if the teacher makes a payment as
specified in paragraph (b) or (c), whichever applies. The employing unit, at its option, may pay
the employer portion of the amount specified in paragraph (b) on behalf of its employees.
    (b) If payment is received by the executive director within one year from the end of the strike
period or authorized leave under section 354.093, 354.095, or 354.096, or after June 30 and
before the following June 30 for an extended leave of absence under section 354.094, the payment
must equal the total employee and employer contributions, including amortization contributions if
applicable, given the contribution rates in section 354.42, multiplied by the member's average
monthly salary rate on the commencement of the leave or period of strike, multiplied by the
months and portions of a month of the leave of absence or period of strike for which the teacher
seeks allowable service credit. Payments made under this paragraph must include compound
interest at a monthly rate of 0.71 percent from the last day of the leave period or strike period, or
from June 30 for an extended leave of absence under section 354.094, until the last day of the
month in which payment is received.
    (c) If payment is received by the executive director after the applicable last permitted date
under paragraph (b), the payment amount is the amount determined under section 356.551.
History: 2007 c 134 art 2 s 41

Official Publication of the State of Minnesota
Revisor of Statutes