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354.35 OPTIONAL ACCELERATED RETIREMENT ANNUITY BEFORE NORMAL
RETIREMENT AGE.
    Subdivision 1. Normal retirement age definition. For purposes of this section, "normal
retirement age" means normal retirement age as defined in United States Code, title 42, section
416(1), as amended.
    Subd. 2. Election of accelerated annuity. (a) Any coordinated member who retires before
normal retirement age 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, or normal retirement age, 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, or normal retirement age, and at that time the payment from
the association must be reduced. For each year the retiree is under age 65, or normal retirement
age, up to five percent of the total life annuity required reserves may be used to accelerate the
optional retirement annuity under this section.
    (b) Members who retire before age 62 may elect to have the annuity under this subdivision
accelerated to age 62 rather than normal retirement age or age 65.
    (c) The method of computing the optional accelerated retirement annuity provided in this
subdivision is established by the board of trustees. In establishing the method of computing
the optional accelerated retirement annuity or any modification of that procedure, 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; 2007 c 134 art 2 s 37

Official Publication of the State of Minnesota
Revisor of Statutes