This is a historical version of this statute chapter. Also view the most recent published version.
353.36 Purchases of prior service credit.
Subdivision 1. Repealed, 1971 c 106 s 40
Subd. 2. Employee contributions; interest; matching payment. A member who has at least one year of allowable service with the association, whose public service terminated before July 1, 1982, and who has prior public service on which salary deductions were not taken for the retirement fund and who does not have the required minimum number of years of allowable service credit to qualify for an annuity, may apply for an annuity if otherwise qualified, and within 90 days thereafter purchase whatever period of the member's prior public service which is necessary to bring the member's total allowable service credit to the minimum, provided that the most recent period of prior uncredited public service is purchased first. The member may gain allowable service credit by paying on the salary covered under the law in effect at the time that the prior public service was performed. The applicable member contribution percentages for a basic member and a coordinated member are the current contribution percentages under section 353.27, subdivision 2. An amount equal to the employer and employer additional contributions specified in section 353.27, subdivisions 3 and 3a, plus interest on the total amount representing employee, employer and employer additional contributions at an annual rate of 8.5 percent compounded annually from the date first payable to the date payment is made, must also be paid. The employer, at its sole discretion, may agree to pay the amount representing the employer and employer additional contributions under subdivision 2a. An annuity accrues under section 353.29, subdivision 7, but is not paid until the applicant's payment is made in full for the prior public service. If payment is not made within such 90 days, the application for retirement is void.
Subd. 2a. Matching payment; employer may assume. Any employer may certify to the association that it assumes the matching payment under subdivision 2 with respect to all persons who exercise the option provided in subdivision 2 and pay such amount pursuant to section 353.28.
Subd. 2b. Purchases of prior service credit; limited. After June 30, 1973, no person shall be allowed to purchase prior public service credit, except as provided in subdivision 2.
Subd. 2c. Refund of additional payments made on total salary. Any member who elected to pay additional contributions and interest based on total salary received in excess of prior salary limitations may make application to the board of trustees for return of the total amount so paid, but not less than the total amount of such contributions and interest; provided, however, said amount shall be so returned without interest thereon. Any member who accepts a refund hereunder shall thereby relinquish all contributory credit with respect to payments which were made on total salary. No matching amount paid by the employer, or assumed by the employer pursuant to certification, shall be repaid.
Subd. 2d. Repealed, 1977 c 429 s 65
Subd. 3. Repealed, 1971 c 106 s 40
Subd. 4. Repealed, 1965 c 715 s 4
Subd. 5. Repealed, 1973 c 753 s 85
Subd. 6. Repealed, 1973 c 753 s 85
Subd. 7. Repealed, 1973 c 753 s 85
Subd. 8. Repealed, 1973 c 753 s 85
Subd. 9. Repealed, 1973 c 753 s 85
Subd. 10. Repealed, 1973 c 753 s 85
HIST: 1957 c 935 s 16; 1959 c 650 s 25,58; 1965 c 715 s 1-3; 1967 c 687 s 1; 1969 c 999 s 3; 1971 c 106 s 33; 1973 c 753 s 61,62; 1974 c 229 s 18; 1977 c 429 s 31; 1978 c 796 s 37; 1981 c 224 s 90; 1982 c 404 s 7; 1987 c 284 art 5 s 11; 1992 c 598 art 2 s 7
Copyright © 2001 by the Revisor of Statutes, State of Minnesota. All rights reserved.