2004 Minnesota Statutes

     352.93 Retirement annuity. 

    Subdivision 1.    Basis of annuity; when to apply.  
 After separation from state service, an employee covered under 
 section 352.91 who has reached age 55 years and has credit for 
 at least three years of covered correctional service and regular 
 Minnesota State Retirement System service is entitled upon 
 application to a retirement annuity under this section based 
 only on covered correctional employees' service.  Application 
 may be made no earlier than 60 days before the date the employee 
 is eligible to retire by reason of both age and service 
 requirements.  

    In this section, "average salary" means the average of the 
 monthly salary during the employee's highest five successive 
 years of salary as an employee covered by the Minnesota State 
 Retirement System.  Average salary must be based upon all 
 allowable service if this service is less than five years. 

    Subd. 2.    Calculating monthly annuity.  The monthly 
 annuity under this section must be determined by multiplying the 
 average monthly salary by the number of years, or completed 
 months, of covered correctional service by the percent specified 
 in section 356.315, subdivision 5.  

    Subd. 2a.    Early retirement.  Any covered correctional 
 employee who becomes at least 50 years old and who has at least 
 three years of allowable service is entitled upon application to 
 a reduced retirement annuity equal to the annuity calculated 
 under subdivision 2, reduced by two-tenths of one percent for 
 each month that the correctional employee is under age 55 at the 
 time of retirement. 

    Subd. 3.    Annuity accrual.  The annuity under this 
 section must begin to accrue as provided in section 352.115, 
 subdivision 8. 

    Subd. 3a.    Optional annuities.  The board may 
 establish optional annuity forms to pay a higher amount from the 
 date of retirement until an employee is first eligible to draw 
 Social Security benefits or up to the age the employee is 
 eligible to receive unreduced Social Security benefits, at which 
 time the monthly benefits must be reduced.  The optional annuity 
 forms must be actuarially equivalent to the normal single life 
 annuity form provided in subdivision 2.  The optional annuity 
 forms must be approved by the actuary retained by the 
 Legislative Commission on Pensions and Retirement. 

    Subd. 4.    Employee with regular and correctional 
 service.  A former employee who has both regular and 
 correctional service shall, if qualified, receive an annuity 
 based on both periods of service under applicable sections of 
 law but no period of service shall be used more than once in 
 calculating the annuity. 

    Subd. 5. Repealed, 1983 c 128 s 36 

    Subd. 6. Repealed, 1983 c 128 s 36 

    HIST: 1973 c 653 s 42; 1975 c 368 s 36; 1980 c 607 art 14 s 
 46; 1983 c 128 s 14; 1984 c 564 s 14,15; 1986 c 444; 1987 c 229 
 art 6 s 1; 1987 c 372 art 9 s 6; 1989 c 319 art 1 s 9; art 13 s 
 20,21; art 17 s 2,3; 1990 c 570 art 12 s 11,12; 1993 c 307 art 1 
 s 20; 1994 c 528 art 1 s 8; 1997 c 233 art 1 s 23-25; 1999 c 222 
 art 13 s 5; 2002 c 392 art 11 s 52