1997 Minnesota Statutes

     354.35 Optional accelerated retirement annuity before 
  age 65. 

    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 election of this optional 
 accelerated retirement annuity is exercised by making an 
 application to the board on a form provided by the executive 
 director.  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.  This election is irrevocable and may be made only once on 
 the application form provided by the executive director.  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 commission-retained actuary.  
 The written approval must be a part of the permanent records of 
 the board of trustees.  

    HIST: 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