2002 Minnesota Statutes

     352.119 Participation in postretirement investment fund. 

    Subdivision 1.    Adjustable fixed benefit annuity.  
 Adjustable fixed benefit annuity means the payments made from 
 the participation in the fund to an annuitant after retirement 
 in accordance with this section.  It also means that the 
 payments made to the persons receiving benefits must never be 
 less than the amount originally determined on the date of 
 retirement or on July 1, 1969, whichever is later. 

    Subd. 2.    Valuation of assets; adjustment of benefits. 
  (a) The required reserves for retirement annuities or 
 disability benefits under this chapter as determined in 
 accordance with the appropriate mortality table adopted by the 
 board of directors based on experience of the fund as 
 recommended by the commission-retained actuary and using the 
 interest assumption specified in section 356.215, subdivision 8, 
 must be transferred to the Minnesota postretirement investment 
 fund as of the last business day of the month in which the 
 retirement annuity or disability benefit begins.  

    (b) Annuity and benefit payments must be adjusted in 
 accordance with section 11A.18. 

    Subd. 3.    Increases made automatically.  
 Notwithstanding section 356.18, increases in benefit payments 
 under this section will be made automatically unless the 
 intended recipient files written notice with the system 
 requesting that the increase not be made. 

    Subd. 4.    Determining applicable law.  The annuity is 
 computed under the law in effect as of the last day for which 
 the employee receives pay, or if on medical leave, the day the 
 leave terminates.  However, if the employee has returned to 
 covered employment following a termination, the employee must 
 have earned at least six months of allowable service following 
 their return to qualify for improved benefits resulting from any 
 law change enacted subsequent to that termination. 

    HIST: 1969 c 893 s 9; 1971 c 12 s 5; 1971 c 414 s 7; 1973 c 
 653 s 33; 1980 c 607 art 14 s 45 subd 2; s 46; 1987 c 229 art 6 
 s 1; art 11 s 1; 1987 c 259 s 17; 1994 c 465 art 2 s 19; 1994 c 
 528 art 1 s 6; 2002 c 392 art 11 s 52