356.44 PARTIAL PAYMENT OF PENSION PLAN REFUND.
(a) Notwithstanding any provision of law to the contrary, a member of a pension plan listed
356.30, subdivision 3
, with at least two years of forfeited service taken from a single
pension plan, may repay a portion of all refunds. A partial refund repayment must comply with
(b) The minimum portion of a refund repayment is one-third of the total service credit
period of all refunds taken from a single plan.
(c) The cost of the partial refund repayment is the product of the cost of the total repayment
multiplied by the ratio of the restored service credit to the total forfeited service credit. The total
repayment amount includes interest at the annual rate of 8.5 percent, compounded annually, from
the refund date to the date repayment is received.
(d) The restored service credit must be allocated based on the relationship the restored
service bears to the total service credit period for all refunds taken from a single pension plan.
(e) This section does not authorize a public pension plan member to repay a refund if the law
governing the plan does not authorize the repayment of a refund of member contributions.
History: 2002 c 392 art 11 s 33