2004 Minnesota Statutes

     353.271 Participation in Minnesota postretirement 
  investment fund. 

    Subdivision 1.    Authorization.  The Public Employees 
 Retirement Association, including the public employees police 
 and fire fund but excluding the various local relief association 
 consolidation accounts, is authorized to participate in the 
 Minnesota postretirement investment fund.  There shall be one 
 general participation in the Minnesota postretirement investment 
 fund for all purposes by the public employees retirement fund 
 and one general participation in the Minnesota postretirement 
 investment fund for all purposes by the public employees police 
 and fire fund. 

    Subd. 2.    Valuation of assets; adjustment of benefits. 
  (1) The required reserves for retirement annuities payable as 
 provided in this chapter other than those payable from the 
 various local relief association consolidation accounts, as 
 determined in accordance with the appropriate mortality table 
 adopted by the board of trustees based on the experience of the 
 fund as recommended by the actuary retained by the Legislative 
 Commission on Pensions and Retirement, and using the 
 postretirement interest assumption specified in section 356.215, 
 subdivision 8, shall be transferred to the Minnesota 
 postretirement investment fund as of the last business day of 
 the month in which the retirement annuity begins.  

    (2) Annuity payments other than those payable from the 
 various local relief association consolidation accounts shall be 
 adjusted in accordance with the provisions of section 11A.18.  

    (3) Increases in payments pursuant to this section or from 
 the various local relief association consolidation accounts, if 
 applicable, will be made automatically unless the intended 
 recipient files written notice with the executive director of 
 the Public Employees Retirement Association requesting that the 
 increase shall not be made. 

    HIST: 1969 c 399 s 1; 1969 c 999 s 4; 1971 c 414 s 9; 1973 c 
 753 s 34,35; 1980 c 607 art 14 s 45 subd 2; s 46; 1Sp1985 c 7 s 
 14; 1987 c 259 s 27; 1987 c 296 s 4; 1996 c 305 art 1 s 77; 2002 
 c 392 art 11 s 52