2004 Minnesota Statutes

     423B.21 Change in amortization period. 

    Subdivision 1.    Amortization treatment.  
 Notwithstanding section 69.77, subdivision 4; 356.215; 356.216; 
 or any other law to the contrary, if the actuarial report for 
 the association indicates an unfunded actuarial accrued 
 liability after the fund has first achieved 100 percent funding, 
 the unfunded obligation is to be amortized on a level dollar 
 basis by December 31 of the year occurring 15 years later.  If 
 subsequent actuarial valuations determine a net actuarial 
 experience loss incurred during the year which ended as of the 
 day before the most recent actuarial valuation date, any 
 unfunded liability due to that loss is to be amortized on a 
 level dollar basis by December 31 of the year occurring 15 years 
 later. 

    Subd. 2.    Limitation.  Notwithstanding subdivision 1, 
 the amortization period may not exceed the average life 
 expectancy of the remaining members. 

    HIST: 2000 c 461 art 17 s 5; 2002 c 392 art 1 s 8