1997 Minnesota Statutes

     356.32 Proportionate annuity at age 65. 

    Subdivision 1.    Proportionate retirement annuity.  
 Notwithstanding any provision to the contrary of the laws 
 governing any of the retirement funds referred to in subdivision 
 2, any person who is an active member of any applicable fund, 
 who has credit for at least one year but less than ten years of 
 allowable service in one or more of the applicable funds, and 
 who terminates active service pursuant to a mandatory retirement 
 law or policy or at age 65 or older, or the normal retirement 
 age if this age is not age 65, for any reason shall be entitled 
 upon making written application on the form prescribed by 
 executive director or executive secretary of the fund to a 
 proportionate retirement annuity from each applicable fund in 
 which the person has allowable service credit.  The 
 proportionate annuity shall be calculated under the applicable 
 laws governing annuities based upon allowable service credit at 
 the time of retirement and the person's average salary for the 
 highest five successive years of allowable service or the 
 average salary for the entire period of allowable service if 
 less than five years.  Nothing in this section shall prevent the 
 imposition of the appropriate early retirement reduction of an 
 annuity which commences prior to normal retirement age. 

    Subd. 2.    Covered funds.  The provisions of this 
 section shall apply to the following retirement funds: 

    (1) state employees retirement fund, established pursuant 
 to chapter 352; 

    (2) correctional employees retirement program, established 
 pursuant to chapter 352; 

    (3) state patrol retirement fund, established pursuant to 
 chapter 352B; 

    (4) public employees retirement fund, established pursuant 
 to chapter 353; 

    (5) public employees police and fire fund, established 
 pursuant to chapter 353; 

    (6) teachers retirement association, established pursuant 
 to chapter 354; 

    (7) Minneapolis employees retirement fund, established 
 pursuant to chapter 422A; 

    (8) Duluth teachers retirement fund association, 
 established pursuant to chapter 354A; 

    (9) Minneapolis teachers retirement fund association, 
 established pursuant to chapter 354A; and 

    (10) St. Paul teachers retirement fund association, 
 established pursuant to chapter 354A.  

    HIST: 1975 c 183 s 2; 1976 c 130 s 1; 1978 c 649 s 3; 1978 c 
 796 s 44; 1979 c 40 s 10; 1979 c 217 s 27; 1980 c 342 s 15; 1981 
 c 37 s 2; 1981 c 224 s 174; 1981 c 298 s 11; 1987 c 372 art 1 s 
 21; 1989 c 319 art 13 s 93; 1995 c 141 art 3 s 20; 1997 c 233 
 art 1 s 63