2006 Minnesota Statutes

356.195 SERVICE CREDIT PURCHASE PROCEDURES FOR STRIKE PERIODS.
    Subdivision 1. Covered plans. This section applies to all defined benefit plans specified in
section 356.30, subdivision 3.
    Subd. 2. Purchase procedure for strike periods. (a) An employee covered by a plan
specified in subdivision 1 may purchase allowable service credit in the applicable plan for any
period of time during which the employee was on a public employee strike without pay, not to
exceed a period of one year, if the employee makes a payment in lieu of salary deductions 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 applicable pension plan executive director within one year
from the end of the strike, the payment amount is equal to the applicable employee and employer
contribution rates specified in law for the applicable plan during the strike period, applied to the
employee's rate of salary in effect at the conclusion of the strike for the period of the strike
without pay, plus compound interest at a monthly rate of 0.71 percent from the last day of the
strike period until the date payment is received.
(c) If payment is received by the applicable pension fund director after one year and before
five years from the end of the strike, the payment amount is the amount determined under
section 356.551.
(d) Payments may not be made more than five years after the end of the strike.
History: 1Sp2005 c 8 art 2 s 1