Unless the content or subject matter indicates otherwise, as used in this chapter the terms in this section have the meanings given them.
"Board" means the Board of Trustees of the Minnesota State Colleges and Universities.
"Chancellor" means the chancellor of the board.
(a) "Covered employment" means employment by a person eligible for coverage by this retirement program under section 354B.21 in a faculty position or in an eligible unclassified administrative position.
(b) "Covered employment" does not mean employment specified in paragraph (a) by a faculty member employed in the Minnesota State Colleges and Universities system if the person's initial appointment is specified as constituting less than 25 percent of a full academic year, exclusive of summer session, for the applicable institution.
(a) "Covered salary" means the periodic compensation paid to the participant before deductions for deferred compensation, supplemental retirement coverage, or other voluntary salary reduction program.
(b) "Covered salary" does not mean lump-sum sick leave payments, severance payments, payments in lieu of employer-paid group insurance coverage, payments based on differences between single employer-paid group insurance coverage and insurance coverage including dependents, or workers' compensation payment.
"Eligible unclassified administrative position" means the following:
(1) the chancellor of the board;
(2) a president of a state college or university;
(3) an administrator employed in a state university or college, by the board, or by the Minnesota Office of Higher Education; or
(4) other managers and professionals in academic and academic support programs in the unclassified service employed in a state university or college, by the board, or by the Minnesota Office of Higher Education.
"Employing unit," if the agency employs any persons covered by the individual retirement account plan under section 354B.21, means:
(1) the board;
(2) the Minnesota Office of Higher Education; and
(3) the Higher Education Facilities Authority.
"First class city teacher retirement fund association" means a retirement plan, fund, and plan administration established under chapter 354A.
"Board of Trustees of the Minnesota State Colleges and Universities" means the governing board for the state universities, the community colleges, and the technical colleges established by section 136F.02.
"Participant" means a person who is employed in covered employment by the board and who elects coverage by the plan under section 354B.21.
"Plan" means the individual retirement account plan established by this chapter.
"Plan administrator" means the board employee or an independent contract agent designated by the board to perform the primary administrative functions relating to the plan.
"Sabbatical leave" means a sabbatical leave as specified in the applicable collective bargaining agreement or personnel policy of the board for its employees.
"State unclassified employees retirement program" means the retirement program established by chapter 352D.
"Supplemental plan" means the retirement program established by chapter 354C.
"Teachers retirement plan" means the retirement plan established by chapter 354.
"Unclaimed plan account amounts" means the accounts of any plan participant who has terminated employment by the Minnesota State Colleges and Universities System or who has died, or of the surviving spouse, beneficiary, or estate of the participant if the plan administrator is unable to locate the applicable recipient in accordance with Internal Revenue Service due diligence requirements.