2005 Minnesota Statutes

     354.35 Optional accelerated retirement annuity before 
  normal retirement age. 

    Any coordinated member who retires before age 65 may elect 
 to receive an optional accelerated retirement annuity from the 
 association which provides for different annuity amounts over 
 different periods of retirement.  The optional accelerated 
 retirement annuity must take the form of an annuity payable for 
 the period before the member attains age 65 in a greater amount 
 than the amount of the annuity calculated under section 354.44 
 on the basis of the age of the member at retirement, but the 
 optional accelerated retirement annuity must be the actuarial 
 equivalent of the member's annuity computed on the basis of the 
 member's age at retirement.  The greater amount must be paid 
 until the retiree reaches age 65 and at that time the payment 
 from the association must be reduced.  For each year the retiree 
 is under age 65, up to five percent of the total life annuity 
 required reserves may be used to accelerate the optional 
 retirement annuity under this section.  At retirement, members 
 who retire before age 62 may elect to have the age specified in 
 this section be 62 instead of 65.  The method of computing the 
 optional accelerated retirement annuity provided in this section 
 is established by the board of trustees.  In establishing the 
 method of computing the optional accelerated retirement annuity, 
 the board of trustees must obtain the written approval of the 
 commission-retained actuary.  The written approval must be a 
 part of the permanent records of the board of trustees.  The 
 election of an optional accelerated retirement annuity is 
 exercised by making an application on a form provided by the 
 executive director.  

    HIST: Ex1957 c 15 s 5; 1974 c 289 s 18; 1986 c 444; 1987 c 259 
 s 33; 1989 c 319 art 2 s 11; art 13 s 54; 1991 c 340 s 18; 1993 
 c 307 art 5 s 1; 2000 c 461 art 3 s 34