2007 Minnesota Statutes

354A.38 EFFECT OF REFUND; REPAYMENT OF REFUND.
    Subdivision 1. Effect of refund; termination of service credit. If a coordinated member
or former coordinated member applies for and accepts a refund pursuant to section 354A.37, all
allowable service which was credited to the member or former member shall be terminated.
    Subd. 2. Repayment of refund. A coordinated member with at least two years of allowable
service credited subsequent to the member's last application for and acceptance of a refund
pursuant to section 354A.37 shall be entitled to repay the refund. The amount of the refund
repayment shall be calculated pursuant to subdivision 3. If the member has previously applied
for and accepted more than one refund, and the previous refund or refunds have not been repaid,
then the member shall be entitled only to repay all outstanding refunds and shall not be entitled to
repay only the most recent refund.
    Subd. 3. Computation of refund repayment amount. If the coordinated member elects
to repay a refund under subdivision 2, the repayment to the fund must be in an amount equal to
refunds the member has accepted plus interest at the rate of 8.5 percent compounded annually
from the date that the refund was accepted to the date that the refund is repaid.
History: 1979 c 217 s 23; 1980 c 509 s 141; 1992 c 598 art 6 s 17