1999 Minnesota Statutes

     353.71 Coverage by more than one retirement system; 
  deferred annuity; augmentation. 

    Subdivision 1.    Eligibility.  Any person who has been 
 a member of the public employees retirement association, or the 
 Minnesota state retirement system, or the teachers retirement 
 association, or any other public retirement system in the state 
 of Minnesota having a like provision, except a fund providing 
 benefits for police officers or firefighters governed by 
 sections 69.77 or 69.771 to 69.776, shall be entitled when 
 qualified to an annuity from each fund if the total allowable 
 service in all funds or in any two of these funds totals three 
 or more years, provided no portion of the allowable service upon 
 which the retirement annuity from one fund is based is again 
 used in the computation for benefits from another fund and 
 provided further that the person has not taken a refund from any 
 one of these funds since the person's membership in that 
 association or system last terminated.  The annuity from each 
 fund shall be determined by the appropriate provisions of the 
 law except that the requirement that a person must have at least 
 three years of allowable service in the respective association 
 or system shall not apply for the purposes of this section 
 provided the combined service in two or more of these funds 
 equals three or more years. 

    Subd. 2.    Deferred annuity computation; augmentation.  
 (a) The deferred annuity, if any, accruing under subdivision 1, 
 or sections 353.34, subdivision 3, and 353.68, subdivision 4, 
 must be computed in the manner provided in said sections, on the 
 basis of allowable service prior to termination of public 
 service and augmented as provided herein.  The required reserves 
 applicable to a deferred annuity, or to an annuity for which a 
 former member was eligible but had not applied, or to any 
 deferred segment of an annuity shall be determined as of the 
 date the annuity begins to accrue and shall be augmented from 
 the first day of the month following the month in which the 
 former member ceased to be a public employee, or July 1, 1971, 
 whichever is later, to the first day of the month in which the 
 annuity begins to accrue, at the rate of five percent per annum 
 compounded annually until January 1, 1981, and at the rate of 
 three percent thereafter until January 1 of the year following 
 the year in which the former member attains age 55.  From that 
 date to the effective date of retirement, the rate is five 
 percent per annum compounded annually.  If a person has more 
 than one period of uninterrupted service, the required reserves 
 related to each period shall be augmented by interest pursuant 
 to this subdivision.  The sum of the augmented required reserves 
 so determined shall be the present value of the annuity.  
 Uninterrupted service for the purpose of this subdivision shall 
 mean periods of covered employment during which the employee has 
 not been separated from public service for more than two years.  
 If a person repays a refund, the service restored thereby shall 
 be considered as continuous with the next period of service for 
 which the employee has credit with this association. The formula 
 percentages used for each period of uninterrupted service shall 
 be those as would be applicable to a new employee.  This section 
 shall not reduce the annuity otherwise payable under this 
 chapter.  This subdivision shall apply to deferred annuitants of 
 record on July 1, 1971, and to employees who thereafter become 
 deferred annuitants; it shall also apply from July 1, 1971, to 
 former members who make application for an annuity after July 1, 
 1973. 

    (b) The retirement annuity or disability benefit of, or the 
 survivor benefit payable on behalf of, a former member who 
 terminated service before July 1, 1997, which is not first 
 payable until after June 30, 1997, must be increased on an 
 actuarial equivalent basis to reflect the change in the 
 postretirement interest rate actuarial assumption under section 
 356.215, subdivision 4d, from five percent to six percent under 
 a calculation procedure and tables adopted by the board and 
 approved by the actuary retained by the legislative commission 
 on pensions and retirement. 

    Subd. 3. Repealed, 1992 c 432 art 2 s 51 

    Subd. 4.    Repayment of refund.  Any person who has 
 received a refund from the public employees retirement fund and 
 who is a member of any public retirement system referred to in 
 subdivision 1, may repay such refund to the public employees 
 retirement fund as provided in section 353.35. 

    Subd. 5.    Early retirement.  The requirements and 
 provisions for retirement prior to normal retirement age 
 contained in section 353.30, shall also apply to a person 
 fulfilling such requirements with a combination of service as 
 provided in subdivision 1. 

    HIST: 1963 c 641 s 2; 1969 c 940 s 16-18; 1971 c 412 s 4-7; 
 1973 c 35 s 58; 1973 c 753 s 80,82,83; 1974 c 229 s 21; 1975 c 
 102 s 23; 1977 c 429 s 63; 1978 c 796 s 40; 1979 c 216 s 20; 
 1981 c 224 s 97; 1Sp1981 c 4 art 1 s 165; 1987 c 372 art 9 s 23; 
 1989 c 319 art 13 s 46-48; 1997 c 233 art 1 s 43