2007 Minnesota Statutes

354B.32 TRANSFER OF FUNDS TO IRAP.
A participant in the individual retirement account plan established in this chapter who has
less than ten years of allowable service under the Teachers Retirement Association or a teachers
retirement fund association, whichever applies, may elect to transfer an amount equal to the
participant's accumulated member contributions to the Teachers Retirement Association or the
applicable teachers retirement fund association, plus compound interest at the rate of six percent
per annum, to the individual retirement account plan. The transfers are irrevocable fund-to-fund
transfers, and, in no event, may the participant receive direct payment of the money transferred
before the termination of employment. If a participant elects the contribution transfer, all of the
participant's allowable and formula service credit in the Teachers Retirement Association or the
teachers retirement fund association associated with the transferred amount is forfeited.
The executive director of the Teachers Retirement Association and the chief administrative
officers of the teachers retirement fund associations, in cooperation with the chancellor of the
Minnesota State Colleges and Universities system, shall notify participants who are eligible to
transfer of their right to transfer and the amount that they are eligible to transfer, and shall, upon
request, provide forms to implement the transfer. The chancellor of the Minnesota State Colleges
and Universities system shall assist the Teachers Retirement Association and the teachers
retirement fund associations in developing transfer forms and in implementing the transfers.
Authority to elect a transfer under this section expires on July 1, 2004.
History: 1Sp2001 c 10 art 12 s 2; 2004 c 267 art 5 s 4