2005 Minnesota Statutes

     353.271 Participation in Minnesota postretirement 
  investment fund. 

    Subdivision 1.    Authorization.  The general employees 
 retirement plan of the Public Employees Retirement Association, 
 the public employees police and fire retirement plan, and the 
 local government correctional service retirement plan are 
 authorized to participate in the Minnesota postretirement 
 investment fund.  There is one general participation in the 
 Minnesota postretirement investment fund for each plan of the 
 Public Employees Retirement Association. 

    Subd. 2.    Valuation of assets; adjustment of benefits. 
  (a) The required reserves for retirement annuities payable as 
 provided in this chapter other than those payable from the 
 various local relief association consolidation accounts, as 
 determined in accordance with the appropriate mortality table 
 adopted by the board of trustees based on the experience of the 
 fund as recommended by the actuary retained under section 
 356.214, and approved under section 356.215, subdivision 18, and 
 using the postretirement 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 begins.  

    (b) Annuity payments must be adjusted in accordance with 
 the provisions of section 11A.18.  

    (c) Increases in payments under this section must be made 
 automatically unless the intended recipient files written notice 
 with the executive director of the Public Employees Retirement 
 Association requesting that the increase not be made. 

    HIST: 1969 c 399 s 1; 1969 c 999 s 4; 1971 c 414 s 9; 1973 c 
 753 s 34,35; 1980 c 607 art 14 s 45 subd 2; s 46; 1Sp1985 c 7 s 
 14; 1987 c 259 s 27; 1987 c 296 s 4; 1996 c 305 art 1 s 77; 2002 
 c 392 art 11 s 52; 1Sp2005 c 8 art 10 s 48