1999 Minnesota Statutes

     352D.06 Annuities. 

    Subdivision 1.  When a participant attains at least age 55, 
 is retired from covered service, and applies for a retirement 
 annuity, the cash value of the participant's shares shall be 
 transferred to the Minnesota postretirement investment fund and 
 used to provide an annuity for the retired employee based upon 
 the participant's age when the benefit begins to accrue 
 according to the reserve basis used by the state employees 
 retirement fund in determining pensions and reserves.  

    Subd. 2.  A participant has the option in an application 
 for an annuity to apply for and receive the value of one-half of 
 the total shares and thereafter receive an annuity, as provided 
 in subdivision 1, based on the value of one-half of the total 
 shares.  

    Subd. 3.  An annuity herein shall begin to accrue the first 
 day of the first full month after an application is received or 
 after termination of state service, whichever is later.  

    HIST: 1971 c 604 s 6; 1973 c 624 s 7; 1975 c 368 s 45,46; 1980 
 c 607 art 14 s 45 subd 2; 1986 c 444; 1986 c 458 s 8; 1989 c 319 
 art 1 s 14