2004 Minnesota Statutes

     352D.03 Transfer of assets. 

    Unless an eligible employee enumerated in section 352D.02, 
 subdivision 1 or 1a, has elected coverage under the individual 
 retirement account plan under chapter 354B, a sum of money 
 representing the assets credited to each employee exercising the 
 option contained in section 352D.02, plus an equal employer 
 contribution together with interest for the employment period at 
 the actuarially assumed rates during this period, compounded 
 annually, shall be used for the purchase of shares on behalf of 
 each employee in the accounts of the supplemental retirement 
 fund established by section 11A.17.  Any employer's contribution 
 to amortize the deficit in the state employee's retirement fund 
 shall not, however, be used for the purchase of shares.  

    HIST: 1971 c 604 s 3; 1973 c 35 s 54; 1973 c 624 s 4; 1974 c 
 152 s 12; 1980 c 607 art 14 s 46; 1992 c 446 s 5