2006 Minnesota Statutes

354.35 OPTIONAL ACCELERATED RETIREMENT ANNUITY BEFORE NORMAL
RETIREMENT AGE.
Any coordinated member who retires before age 65 may elect to receive an optional
accelerated retirement annuity from the association which provides for different annuity amounts
over different periods of retirement. The optional accelerated retirement annuity must take the
form of an annuity payable for the period before the member attains age 65 in a greater amount
than the amount of the annuity calculated under section 354.44 on the basis of the age of the
member at retirement, but the optional accelerated retirement annuity must be the actuarial
equivalent of the member's annuity computed on the basis of the member's age at retirement. The
greater amount must be paid until the retiree reaches age 65 and at that time the payment from
the association must be reduced. For each year the retiree is under age 65, up to five percent
of the total life annuity required reserves may be used to accelerate the optional retirement
annuity under this section. At retirement, members who retire before age 62 may elect to have
the age specified in this section be 62 instead of 65. The method of computing the optional
accelerated retirement annuity provided in this section is established by the board of trustees.
In establishing the method of computing the optional accelerated retirement annuity, the board
of trustees must obtain the written approval of the actuary retained under section 356.214. The
written approval must be a part of the permanent records of the board of trustees. The election
of an optional accelerated retirement annuity is exercised by making an application on a form
provided by the executive director.
History: Ex1957 c 15 s 5; 1974 c 289 s 18; 1986 c 444; 1987 c 259 s 33; 1989 c 319 art 2 s
11; art 13 s 54; 1991 c 340 s 18; 1993 c 307 art 5 s 1; 2000 c 461 art 3 s 34; 2006 c 271 art 3 s 47