2000 Minnesota Statutes

     354D.04 Plan coverage. 

    An election made under this section is irrevocable.  
 Eligible employees under section 354D.02, subdivision 2, shall 
 elect to participate in either the individual retirement account 
 plan or their respective retirement plan as follows: 

    (1) An eligible employee with no prior allowable service as 
 a member of the Minnesota state retirement system, the public 
 employees retirement association, or the teachers retirement 
 association may elect retirement coverage under either their 
 respective state retirement plan or the individual retirement 
 account plan within 60 days of the start of covered employment.  

    (2) An eligible employee with prior allowable service as a 
 member of the Minnesota state retirement system, the public 
 employees retirement association, or the teachers retirement 
 association may elect prospective coverage by the individual 
 retirement account plan.  If individual retirement account plan 
 coverage is elected, accumulated employer and employee 
 contributions and allowable service credit shall remain with the 
 applicable retirement association or system.  Notwithstanding 
 any provision of law to the contrary, an individual who has 
 transferred coverage for the same employment to the individual 
 retirement account plan is entitled to an augmented deferred 
 retirement annuity from the prior plan based on the amount 
 representing the employer and employee contributions made on the 
 individual's behalf in the retirement association or system in 
 which the individual was formerly enrolled without regard to 
 whether or not the individual meets the service credit vesting 
 requirements of the applicable retirement association or 
 system.  An election made under this clause must be made within 
 120 days following the date the eligible employee first becomes 
 eligible to make the election.  

    HIST: 1994 c 508 art 2 s 4; 1995 c 141 art 4 s 30; 1996 c 438 
 art 7 s 3