2006 Minnesota Statutes

353E.04 CORRECTIONAL SERVICE PLAN RETIREMENT ANNUITY.
    Subdivision 1. Eligibility requirements. After termination of public employment, an
employee covered under section 353E.02 who has attained the age of at least 55 years and has
credit for not less than three years of coverage in the local government correctional service plan
is entitled, upon application, to a normal retirement annuity. Instead of a normal retirement
annuity, a retiring employee may elect to receive the optional annuity provided in section 353.30,
subdivision 3 .
    Subd. 2. Average salary base. In calculating the annuity under subdivision 3, "average
salary" means an amount equivalent to the average of the highest salary earned as a local
government correctional employee upon which employee contributions were paid for any five
successive years of allowable service. Average salary must be based on all allowable service if
this service is less than five years.
    Subd. 3. Annuity amount. The average salary as defined in subdivision 2, multiplied by
the percent specified in section 356.315, subdivision 5a, for each year of allowable service,
determines the amount of the normal retirement annuity. If a person has earned allowable service
in the Public Employees Retirement Association or the public employees police and fire fund
prior to participation under this chapter, the retirement annuity representing such service must be
computed in accordance with the formula specified in sections 353.29 and 353.30 or 353.651,
whichever applies.
    Subd. 4. Early retirement. An employee covered under section 353E.02 who has attained
the age of at least 50 years and has credit for not less than three years of coverage in the local
government correctional service plan is entitled, upon application, to a reduced retirement annuity
equal to the annuity calculated under subdivision 3, reduced so that the reduced annuity is the
actuarial equivalent of the annuity that would be payable if the employee deferred receipt of the
annuity from the day the annuity begins to accrue until age 55.
    Subd. 5. Accrual and duration. The retirement annuity under this section begins to
accrue as provided in section 353.29, subdivision 7. The retirement annuity is payable for the
life of the recipient, or in accordance with the terms of any optional annuity form selected by
the retiring member.
    Subd. 6. Multiple service limitation. A former employee who has both public employees
retirement plan and public employees local government correctional retirement plan credited
service must, if qualified, receive a retirement annuity from each retirement plan that takes into
account both periods of service and both covered salary amounts, but no period of service may be
used more than once in calculating the annuity.
History: 1999 c 222 art 2 s 10; 2002 c 392 art 11 s 52