356.431 CONVERSION OF LUMP-SUM POSTRETIREMENT AND SUPPLEMENTAL
PAYMENT TO AN INCREASED MONTHLY ANNUITY.
Subdivision 1. Lump-sum postretirement payment conversion.
For benefits paid after
December 31, 2001, to eligible persons under sections
, the amount of the most
recent lump-sum benefit payable to an eligible recipient under sections
be divided by 12. The result must be added to the monthly annuity or benefit otherwise payable to
an eligible recipient, must become a permanent part of the benefit recipient's pension, and must
be included in any pension benefit subject to future increases.
Subd. 2. Transfer of required reserves to Minnesota postretirement investment fund.
Public employee retirement funds participating in the State Board of Investment postretirement
investment fund shall transfer the required reserves for the postretirement conversion under
subdivision 1 to the postretirement investment fund by January 31, 2002.
History: 2002 c 392 art 11 s 32; 2005 c 10 art 5 s 3