2007 Minnesota Statutes

353.0161 AUTHORIZED LEAVE OF ABSENCE SERVICE CREDIT PURCHASE
PROCEDURE.
    Subdivision 1. Application. This section applies to employees covered by any plan specified
in this chapter or chapter 353E for any period of authorized leave of absence specified in section
353.01, subdivision 16, paragraph (a), clause (4), for which the employee obtains credit for
allowable service by making payment as specified in this section to the applicable fund.
    Subd. 2. Purchase procedure. (a) An employee covered by a plan specified in subdivision
1 may purchase credit for allowable service in that plan for a period specified in subdivision 1
if the employee makes a payment as specified in paragraph (b) or (c), whichever applies. The
employing unit, at its option, may pay the employer portion of the amount specified in paragraph
(b) on behalf of its employees.
    (b) If payment is received by the executive director within one year from the end of the
authorized leave, the payment amount is equal to the employee and employer contribution rates
specified in law for the applicable plan at the end of the leave period multiplied by the employee's
hourly rate of salary on the date of return from the leave of absence and by the days and months
of the leave of absence for which the employee wants allowable service credit. Payments made
under this paragraph must include compound interest at a monthly rate of 0.71 percent from the
last day of the leave period until the last day of the month in which payment is received.
    (c) If payment is received by the executive director after one year, the payment amount is the
amount determined under section 356.551.
History: 2007 c 134 art 2 s 18