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Minnesota Legislature

Office of the Revisor of Statutes

MSRS CORRECTIONAL EMPLOYEES RETIREMENT FUND

Accounting and bookkeeping

Financial and actuarial reporting practices, Minn. Statutes 2017 16A.055, 2017 356.20, 2017 356.215

Refund repayments, Minn. Statutes 2017 356.441

Accumulated contributions, abandoned amounts, disposition, Minn. Statutes 2017 356.65

Actuarial valuations

Alternative valuations, Minn. Statutes 2017 356.23

Copies, Minn. Statutes 2017 356A.07

Employee/employer contributions, changes in, Minn. Statutes 2017 353.27

Financial reporting, Minn. Statutes 2017 356.20

Generally, Minn. Statutes 2017 356.214, 2017 356.215

Legislature, rights, Minn. Statutes 2017 356.22

Optional annuities, early retirement, Minn. Statutes 2017 352.93

Present value, single life annuity, rate conversion to, Minn. Statutes 2017 356.635

Supplemental actuarial valuations, Minn. Statutes 2017 356.23

Survivor benefits, Minn. Statutes 2017 352.931

Actuaries

Actuarial valuations, see same under this topic

Approved actuaries, Minn. Statutes 2017 356.214, 2017 356.215

Contracts, Minn. Statutes 2017 356.214

Duties, Minn. Statutes 2017 356.214

Administration

Expenses, Minn. Statutes 2017 356.215

Minnesota State Retirement System, duties, Minn. Statutes 2017 352.92

Age of retirement

Generally, Minn. Statutes 2017 352.93

Normal retirement age, Minn. Statutes 2017 353.01, 2017 354A.011, 2017 356.403

Proportionate retirement annuities, Minn. Statutes 2017 356.32

Survivor benefits, Minn. Statutes 2017 352.931

Annuities

Abandoned amounts, disposition, Minn. Statutes 2017 356.65

Automatic deposit, Minn. Statutes 2017 356.401

Bounce back annuities, Minn. Statutes 2017 352.116

Combined service annuities, Minn. Statutes 2017 356.30

Deferred annuities, Minn. Statutes 2017 352.94, 2017 356.30

Early retirement, see same under this topic

Exemption from process, Minn. Statutes 2017 356.401

Joint and survivor annuities, Minn. Statutes 2017 352.116, 2017 356.46, 2017 356.461

Normal retirement annuities, see same under this topic

Optional annuities, see same under this topic

Payment, date, Minn. Statutes 2017 356.40

Proportionate retirement annuities, Minn. Statutes 2017 356.32

Qualified annuities, using for refund repayments, Minn. Statutes 2017 356.441

Repayment, wrongful discharges, Minn. Statutes 2017 356.50

Term certain annuities, survivor benefits, Minn. Statutes 2017 352.931

Appropriations from, disbursements, generally, Minn. Statutes 2017 352.911

Appropriations to, withholding, investment reporting noncompliance, Minn. Statutes 2017 356.219

Assets

Definitions, Minn. Statutes 2017 356.215, 2017 356.219

Excess assets over actuarial accrued liability, amortization, Minn. Statutes 2017 356.215

Investment diversification, Minn. Statutes 2017 356A.06

Limitations on use, Minn. Statutes 2017 356.63

Market valuation method, Minn. Statutes 2017 356.215

Title, holding, Minn. Statutes 2017 356A.06

Unneeded assets, certification, Minn. Statutes 2017 11A.23

Audits and examinations, financial reporting, Minn. Statutes 2017 356.20

Beneficiaries, payments to, Minn. Statutes 2017 352.931, 2017 356.001

Benefits

Abandoned amounts, disposition, Minn. Statutes 2017 356.65

Automatic deposit, Minn. Statutes 2017 356.401

Benefit provisions summary, Minn. Statutes 2017 356A.07

Combined service benefits, Minn. Statutes 2017 356.302, 2017 356.303

Definitions, Minn. Statutes 2017 356A.01

Disability benefits, see same under this topic

Eligible rollover distributions, Minn. Statutes 2017 356.635

Exemption from process, Minn. Statutes 2017 356.401

Fiduciaries, duties, Minn. Statutes 2017 356A.02

Internal Revenue Code compliance, Minn. Statutes 2017 356.635

Maximum benefit limitations, Minn. Statutes 2017 356.611

Members' nonforfeitable interest, Minn. Statutes 2017 356.001

Payment, date, Minn. Statutes 2017 356.40

Present value, single life annuity, rate conversion to, Minn. Statutes 2017 356.635

Subpoena authority, Minn. Statutes 2017 356.401

Survivor benefits, Minn. Statutes 2017 356.303, 2017 356.87

Termination of plan or fund, procedures, Minn. Statutes 2017 356.001

Bounce back annuities, Minn. Statutes 2017 352.116

Breach of fiduciary duty

Cofiduciaries, liability, Minn. Statutes 2017 356A.10

Generally, Minn. Statutes 2017 356A.09

Indemnification, Minn. Statutes 2017 356A.11

Lawsuits, Minn. Statutes 2017 356A.12

Buybacks

Prior service credit, Minn. Statutes 2017 356.30

Service credit, wrongful discharges, Minn. Statutes 2017 356.50

Service credit purchase procedures, strike periods, Minn. Statutes 2017 356.195

Certificates and certification

Economic interest statements, list of filings, Minn. Statutes 2017 356A.06

Unneeded assets, Minn. Statutes 2017 11A.23

Chief administrative officer, see Executive director under MINNESOTA STATE RETIREMENT SYSTEM (MSRS)

Cofiduciaries

Defined, Minn. Statutes 2017 356A.01

Duties, generally, Minn. Statutes 2017 356A.10

Liability, Minn. Statutes 2017 356A.10

Service of process on, Minn. Statutes 2017 356A.12

Combined investment funds, deposits, Minn. Statutes 2017 352.911

Combined service annuities, Minn. Statutes 2017 356.30

Combined service disability benefits, Minn. Statutes 2017 356.302

Combined service survivor benefits, Minn. Statutes 2017 356.303

Compensation and salaries

Definitions, Minn. Statutes 2017 356.302

Fiduciaries, Minn. Statutes 2017 356A.06, 2017 356A.08

Contested cases, adverse determination of eligibility, benefits, or other rights, Minn. Statutes 2017 356A.07

Continuing education, fiduciaries, Minn. Statutes 2017 356A.13

Contributions to more than one public retirement plan

Restrictions, Minn. Statutes 2017 354.094

Retirement age, Minn. Statutes 2017 353.01

Copies, plan documents, summaries, and reports, Minn. Statutes 2017 356A.07

Coverage errors, correction, Minn. Statutes 2017 352.91, 2017 356.99

Covered correctional service, defined, Minn. Statutes 2017 352.91

Covered employees

Actuarial valuations, Minn. Statutes 2017 356.215

Contributions, see Employee contributions under this topic

Death caused by surviving beneficiary, loss of survivor benefits, Minn. Statutes 2017 356.406

Definitions, Minn. Statutes 2017 352.91, 2017 356.406, 2017 356A.01

Generally, Minn. Statutes 2017 352.91

Marriage dissolution actions, information requirements, Minn. Statutes 2017 356.49

Payments by, prior service credit purchases, Minn. Statutes 2017 356.551

Payments to, benefit distribution upon plan termination, Minn. Statutes 2017 356.001

Referendum, Medicare coverage, Minn. Statutes 2017 355.095

Reports received, Minn. Statutes 2017 356.20, 2017 356.62, 2017 356A.07

Representation, MSRS, board of directors, Minn. Statutes 2017 352.03

Covered governmental entity

Defined, Minn. Statutes 2017 356A.01

Duties, see Employers under this topic

Creation, Minn. Statutes 2017 352.911

Custodian bank accounts, establishment, Minn. Statutes 2017 356.001

Data, access, marriage dissolution actions, Minn. Statutes 2017 356.49

Decedents estates, payments to, survivor benefits, Minn. Statutes 2017 352.931

Dedicated fund

Credits to, abandoned contributions, annuities, or benefits, Minn. Statutes 2017 356.65

Uses, Minn. Statutes 2017 356.63

Deferred annuities

Augmentation, Minn. Statutes 2017 352.94, 2017 356.30

Eligibility, Minn. Statutes 2017 352.94

Survivor benefits, Minn. Statutes 2017 352.931

Deferred compensation, see STATE DEFERRED COMPENSATION PLAN

Definitions

Actuarial valuations, Minn. Statutes 2017 356.215

Combined service benefits, Minn. Statutes 2017 356.302

Correction of coverage errors, Minn. Statutes 2017 356.99

Generally, Minn. Statutes 2017 352.91

Loss of survivor benefits, Minn. Statutes 2017 356.406

Minnesota State Retirement System, Minn. Statutes 2017 352.01

Public pension fiduciary responsibility, Minn. Statutes 2017 356A.01, 2017 356A.06

Vesting requirements, Minn. Statutes 2017 352.925

Dependent children, see Survivor benefits under this topic

Depositories, designation, Minn. Statutes 2017 356A.06

Deposits to, contributions and investment income, Minn. Statutes 2017 352.911

Disability benefits

Combined service disability benefits, Minn. Statutes 2017 356.302

Generally, Minn. Statutes 2017 352.95

Health insurance premiums, withholding, Minn. Statutes 2017 356.87

Offsets, Minn. Statutes 2017 176.021, 2017 352.95

Postretirement adjustments, Minn. Statutes 2017 352.95

Retirement benefit accrual rate increase, Minn. Statutes 2017 352.95, 2017 356.315

Supplemental needs trusts, Minn. Statutes 2017 356.465

Wrongful discharges, effect on, Minn. Statutes 2017 356.50

Disbursements, generally, Minn. Statutes 2017 352.911

Disclosure

Actuarial valuations, Minn. Statutes 2017 356.215

Fiduciaries, Minn. Statutes 2017 356A.03, 2017 356A.06

Financial reporting requirements, Minn. Statutes 2017 356.20

Dissolution of marriage, retirement benefits or rights

Information regarding, Minn. Statutes 2017 356.49

Optional annuities, revocation, Minn. Statutes 2017 356.48

Early retirement

Actuarial reduction, Minn. Statutes 2017 352.116

Actuarial valuations, Minn. Statutes 2017 352.93, 2017 353.30

Combined service, Minn. Statutes 2017 353.71

Coordinated benefits, Minn. Statutes 2017 354A.31

Eligibility, Minn. Statutes 2017 353.30

Employee insurance benefits, eligibility, Minn. Statutes 2017 43A.24

Generally, Minn. Statutes 2017 352.93

Economic interest statements, fiduciaries, Minn. Statutes 2017 356A.06

Employee contributions

Amount, Minn. Statutes 2017 352.92

Collection of, Minn. Statutes 2017 352.911

Depositing, Minn. Statutes 2017 352.911

Employers, pick up after 1982, Minn. Statutes 2017 356.62

Federal compensation limits, Minn. Statutes 2017 356.611

Partial refund at retirement, Minn. Statutes 2017 352.93

Rates, revising, Minn. Statutes 2017 352.045

Reports about, Minn. Statutes 2017 356.62

Salary deduction, Minn. Statutes 2017 352.92

Salary savings leave, effect, Minn. Statutes 2017 43A.49

Wrongful discharges, service credit, Minn. Statutes 2017 356.50

Employees of the retirement plan, indemnification, breach of fiduciary duty, Minn. Statutes 2017 356A.11

Employees, see Covered employees under this topic

Employer contributions

Amount, Minn. Statutes 2017 352.029, 2017 352.92

Collection of, Minn. Statutes 2017 352.911

Depositing, Minn. Statutes 2017 352.911

Medicare coverage, Minn. Statutes 2017 355.095

Rates, revising, Minn. Statutes 2017 352.045

Wrongful discharges, service credit, Minn. Statutes 2017 356.50

Employers

Benefit provision summaries, duties, Minn. Statutes 2017 356A.07

Certificates and certification, disability benefit applicants, leave of absence status, Minn. Statutes 2017 352.95

Dissolution, allocation of receivables, Minn. Statutes 2017 356.98

Employer contributions, see same under this topic

Payments by, prior service credit purchases, Minn. Statutes 2017 356.551

Reports given, Minn. Statutes 2017 356.50, 2017 356.62

Reports received, financial reports, Minn. Statutes 2017 356.20

Employing units, duties, see Employers under this topic

Experience studies, Minn. Statutes 2017 356.214, 2017 356.215

Fiduciaries

Activities, generally, Minn. Statutes 2017 356A.02

Assets, title, Minn. Statutes 2017 356A.06

Benefit provision summaries, duties, Minn. Statutes 2017 356A.07

Breach of conduct or duties, Minn. Statutes 2017 356A.09 to 2017 356A.12

Compensation and salaries, Minn. Statutes 2017 356A.06, 2017 356A.08

Continuing education, Minn. Statutes 2017 356A.13

Definitions, Minn. Statutes 2017 356A.01

Direct or indirect profits, Minn. Statutes 2017 356A.06

Disclosure, Minn. Statutes 2017 356A.03, 2017 356A.06

Duties, Minn. Statutes 2017 356A.02, 2017 356A.04, 2017 356A.05

Economic interest statements, Minn. Statutes 2017 356A.06

Felony violations, documentation, service prohibition, Minn. Statutes 2017 356A.03, 2017 609B.177

Generally, Minn. Statutes 2017 356A.01 to 2017 356A.13

Indemnification, Minn. Statutes 2017 356A.11

Investments, duties, Minn. Statutes 2017 356A.02, 2017 356A.06

Liability, Minn. Statutes 2017 356A.10

Prohibited transactions, Minn. Statutes 2017 356A.06

Service of process on, Minn. Statutes 2017 356A.12

Standard of conduct, Minn. Statutes 2017 356A.04

Financial reports

Alternative reports, Minn. Statutes 2017 356.23

Copies, distribution, Minn. Statutes 2017 356.20, 2017 356A.07

Requirements, generally, Minn. Statutes 2017 356.20

Former covered employees, marriage dissolution actions, Minn. Statutes 2017 356.49

Full funding, established dates for, Minn. Statutes 2017 356.215

Funds and accounts

Custodial bank accounts, Minn. Statutes 2017 356.001

Dedicated fund, Minn. Statutes 2017 356.63, 2017 356.65

Governing board of a pension plan, see Board of directors under MINNESOTA STATE RETIREMENT SYSTEM (MSRS)

Governing body rules and policies, defined as plan documents, Minn. Statutes 2017 356A.01

Governmental subdivisions, see Employers under this topic

Insurance or insurance companies law, exclusion, Minn. Statutes 2017 352.16

Insurance, public employees program, Minn. Statutes 2017 43A.316, 2017 356.87

Interest rates

Actuarial valuations, Minn. Statutes 2017 356.215

Forfeited service, refund repayments, Minn. Statutes 2017 356.44

Investment of funds

Fiduciaries, duties, Minn. Statutes 2017 356A.02, 2017 356A.06

Investment Board, duties, Minn. Statutes 2017 11A.23

Investment expenses, actuarial valuations, Minn. Statutes 2017 356.215

Policy statement, Minn. Statutes 2017 356.219

Reports about, Minn. Statutes 2017 356.219

Requirements, generally, Minn. Statutes 2017 352.911, 2017 356A.06

Joint and survivor annuities

Annuity in lieu of refund, Minn. Statutes 2017 352.931

Bounce-back annuities, Minn. Statutes 2017 352.116

Computation, Minn. Statutes 2017 356.461

Mandatory, Minn. Statutes 2017 356.46

Lawsuits, breach of fiduciary duty, Minn. Statutes 2017 356A.12

Liability

Cofiduciaries, Minn. Statutes 2017 356A.10

Defined, Minn. Statutes 2017 356A.01

Unfunded actuarial accrued liability, Minn. Statutes 2017 356.215

Limitation year, Minn. Statutes 2017 356.611

Mail and mailing

Benefit distribution notice, Minn. Statutes 2017 356.001

Retirement annuities, information, completed applications, Minn. Statutes 2017 356.46

Meetings, see OPEN MEETING LAW

Members, see Covered employees under this topic

Minnesota State Retirement System, Minn. Statutes 2017 352.951

Normal retirement annuities

Amount, formula, Minn. Statutes 2017 352.115, 2017 352.93

Benefits, Minn. Statutes 2017 354.44

Completed applications, copies to spouses, Minn. Statutes 2017 356.46

Coordinated benefits, Minn. Statutes 2017 354A.31

Exemption from process, Minn. Statutes 2017 356.401

Generally, Minn. Statutes 2017 352.93

Health insurance premiums, withholding, Minn. Statutes 2017 356.87

Optional annuities, see same under this topic

PERA, termination of membership, Minn. Statutes 2017 353.29

Proportionate retirement annuities, Minn. Statutes 2017 356.32

Refunds, see same under this topic

Retirement benefit accrual rate increase, Minn. Statutes 2017 352.93, 2017 356.315

Service credit, salary calculations, Minn. Statutes 2017 354A.011

Simultaneous payment of survivor benefits, Minn. Statutes 2017 356.40

Optional annuities

Disability benefits, Minn. Statutes 2017 352.95

Early retirement, Minn. Statutes 2017 352.93

Effective date, Minn. Statutes 2017 352.95

Generally, Minn. Statutes 2017 352.116

Information summaries, distribution, Minn. Statutes 2017 356.46

Revocation, Minn. Statutes 2017 356.48

Supplemental needs trusts, Minn. Statutes 2017 356.465

Survivor benefits, Minn. Statutes 2017 352.931

Payments by

Allowable expenses, Minn. Statutes 2017 356.001

Benefit distribution upon plan termination, Minn. Statutes 2017 356.001

Fiduciaries, duties, Minn. Statutes 2017 356A.02

Health insurance premiums, Minn. Statutes 2017 356.87

Payments to, health insurance, administrative expenses, Minn. Statutes 2017 356.87

Plan documents, copies to members, Minn. Statutes 2017 356A.07

Policy of state, Minn. Statutes 2017 352.90

Portability with other retirement plans

Legislators retirement plan, Minn. Statutes 2017 3A.12

Minnesota State Retirement System, Minn. Statutes 2017 352.72, 2017 352.93, 2017 352.95

Public Employees Retirement Association, Minn. Statutes 2017 353.71

Teachers retirement, Saint Paul, Minn. Statutes 2017 354A.39

Teachers Retirement Association, Minn. Statutes 2017 354.60

Postretirement adjustments

Disability benefits, Minn. Statutes 2017 352.95

Eligibility for, Minn. Statutes 2017 352.93

Generally, Minn. Statutes 2017 356.415

Survivor benefits, Minn. Statutes 2017 352.931

Prior service credit, purchases

Generally, Minn. Statutes 2017 356.551

Reserves requirements, Minn. Statutes 2017 356.30

Strike periods, Minn. Statutes 2017 356.195

Proportionate retirement annuities, Minn. Statutes 2017 356.32

Public employees insurance program, Minn. Statutes 2017 43A.316, 2017 356.87

Purpose, Minn. Statutes 2017 356.001

Records and record keeping

Fiduciaries, duties, Minn. Statutes 2017 356A.02

Investments, liquidity documentation, Minn. Statutes 2017 356A.06

Reduced retirement annuities, see Early retirement under this topic

Refunds

Automatic deposit, Minn. Statutes 2017 356.401

Repayment to

Combined service annuities, Minn. Statutes 2017 356.30

Forfeited service credit, Minn. Statutes 2017 356.44

Individual retirement accounts, using, Minn. Statutes 2017 356.441

Legislators retirement plan, Minn. Statutes 2017 3A.12

Minnesota State Retirement System, Minn. Statutes 2017 352.72

Public Employees Retirement Association, Minn. Statutes 2017 353.71

Qualified annuities, using, Minn. Statutes 2017 356.441

Requirements, Minn. Statutes 2017 356.441

Teachers Retirement Association, Minn. Statutes 2017 354.50

Survivor benefits, death refunds, Minn. Statutes 2017 352.931

Reports given

Actuarial valuations, Minn. Statutes 2017 356.215

Experience studies, Minn. Statutes 2017 356.215

Financial reports, Minn. Statutes 2017 356.20, 2017 356.23

Investment of funds, Minn. Statutes 2017 356.219

Marriage dissolution actions, pension benefits or rights, Minn. Statutes 2017 356.49

State auditor, duties, Minn. Statutes 2017 356.219

Reserves, prior service credit purchases, Minn. Statutes 2017 356.30

Retirement annuities, see Normal retirement annuities under this topic

Rule of 90, eligibility, Minn. Statutes 2017 353.30

Salary savings leave, effect, Minn. Statutes 2017 43A.49

Service credit

Combined service annuities, Minn. Statutes 2017 356.30

Combined service benefits, Minn. Statutes 2017 356.302, 2017 356.303

Forfeited service, refund repayments, Minn. Statutes 2017 356.44

Proportionate retirement annuities, Minn. Statutes 2017 356.32

Purchase procedures, strike periods, Minn. Statutes 2017 356.195

Restored service credit, Minn. Statutes 2017 356.44

Salary savings leave, effect, Minn. Statutes 2017 43A.49

Transfers, from MSRS general plan, Minn. Statutes 2017 352.955

Wrongful discharges, Minn. Statutes 2017 356.50

Special teachers, covered correctional service, Minn. Statutes 2017 352.91

Spouses, retirement annuities, Minn. Statutes 2017 356.46

State aid, withholding, investment reporting noncompliance, Minn. Statutes 2017 356.219

Statutes of limitations, breach of fiduciary duty, Minn. Statutes 2017 356A.12

Subpoenas, overpayment of benefits, Minn. Statutes 2017 356.401

Successor organizations, Minn. Statutes 2017 356.20, 2017 356.215

Supplemental needs trusts, optional annuity, Minn. Statutes 2017 356.465

Surviving child, benefits, Minn. Statutes 2017 356.303, 2017 356.87

Survivor benefits

Beneficiaries charged or convicted of causing member's death, Minn. Statutes 2017 356.406

Combined service survivor benefits, Minn. Statutes 2017 356.303

Definitions, Minn. Statutes 2017 356.406

Exemption from process, Minn. Statutes 2017 356.401

Generally, Minn. Statutes 2017 352.931

Health insurance premiums, withholding, Minn. Statutes 2017 356.87

Overpayment of benefits, subpoenas, Minn. Statutes 2017 356.401

Simultaneous payment of retirement annuities, Minn. Statutes 2017 356.40

Termination of plan or fund, Minn. Statutes 2017 356.001

Unfunded actuarial accrued liability, Minn. Statutes 2017 356.215, 2017 356.22

Vesting requirements

Disability benefits, Minn. Statutes 2017 352.95

Generally, Minn. Statutes 2017 352.925, 2017 352.93

Service credit, see same under this topic

Violations and penalties

Fiduciaries, felony violations, service prohibition, Minn. Statutes 2017 609B.177

Investment reporting, noncompliance, Minn. Statutes 2017 356.219

Waivers, state aid or appropriations, withholding for investment reporting noncompliance, Minn. Statutes 2017 356.219

Wrongful discharges, Minn. Statutes 2017 356.50

Years of service, survivor benefits, Minn. Statutes 2017 352.931