2001 Minnesota Statutes

     354.541 Prior University of Minnesota teaching service 
  credit purchase. 

    Subdivision 1.    Service credit purchase authorized.  A 
 teacher who has at least three years of allowable service credit 
 with the teachers retirement association is entitled to purchase 
 up to ten years of allowable and formula service credit for 
 University of Minnesota teaching service by making payment under 
 section 356.55, provided the teacher is not entitled to receive 
 a current or deferred age and service retirement annuity or 
 disability benefit and has not purchased service credit from 
 another defined benefit public employee pension plan for that 
 University of Minnesota teaching service.  

    Subd. 2.    Application and documentation.  A teacher 
 who desires to purchase service credit under subdivision 1 must 
 apply with the executive director to make the purchase.  The 
 application must include all necessary documentation of the 
 teacher's qualifications to make the purchase, signed written 
 permission to allow the executive director to request and 
 receive necessary verification of applicable facts and 
 eligibility requirements, and any other relevant information 
 that the executive director may require.  Payment must be made 
 before the teacher's effective date of retirement. 

    Subd. 3.    Service credit grant.  Allowable and formula 
 service credit for the purchase period must be granted by the 
 teachers retirement association to the purchasing teacher on 
 receipt of the purchase payment amount. 

    HIST: 1Sp2001 c 10 art 6 s 8