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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 2004 16A.055, 2004 356.20, 2004 356.215

Refund repayments, Minn. Statutes 2004 356.441

Accumulated contributions

Abandoned amounts, disposition, Minn. Statutes 2004 356.65

Actuarial valuations

Alternative valuations, Minn. Statutes 2004 356.23

Copies, Minn. Statutes 2004 356A.07

Costs, payment, Minn. Statutes 2004 356.214

Financial reporting, Minn. Statutes 2004 356.20

Generally, Minn. Statutes 2004 356.214, 2004 356.215

Interpretation of law, Minn. Statutes 2004 356.22

Legislature, rights, Minn. Statutes 2004 356.22

Optional annuities, early retirement, Minn. Statutes 2004 352.93

Quadrennial projection valuations, Minn. Statutes 2004 16A.055, 2004 356.215

Reports about, Minn. Statutes 2004 356.215

Supplemental actuarial valuations, Minn. Statutes 2004 356.23

Survivor benefits, Minn. Statutes 2004 352.931

Actuaries

Actuarial valuations, see same under this topic

Approved actuaries, Minn. Statutes 2004 356.214, 2004 356.215

Contracts, Minn. Statutes 2004 356.214

Duties, Minn. Statutes 2004 356.214

Administration

Expenses, Minn. Statutes 2004 356.215

Minnesota State Retirement System, duties, Minn. Statutes 2004 352.92

Age of retirement

Early retirement, Minn. Statutes 2004 352.93

Generally, Minn. Statutes 2004 352.93

Normal retirement age, Minn. Statutes 2004 353.01, 2004 354A.011, 2004 356.403

Proportionate retirement annuities, Minn. Statutes 2004 356.32

Survivor benefits, Minn. Statutes 2004 352.931

Annuities

Abandoned amounts, disposition, Minn. Statutes 2004 356.65

Bounce back annuities, Minn. Statutes 2004 352.116

Combined service annuities, Minn. Statutes 2004 356.30

Deferred annuities, Minn. Statutes 2004 352.94, 2004 356.30

Early retirement, see same under this topic

Joint and survivor annuities, Minn. Statutes 2004 352.116

Normal retirement annuities, see same under this topic

Optional annuities, see same under this topic

Payment, date, Minn. Statutes 2004 356.40

Proportionate retirement annuities, Minn. Statutes 2004 356.32

Qualified annuities, using for refund repayments, Minn. Statutes 2004 356.441

Term certain annuities, survivor benefits, Minn. Statutes 2004 352.931

Application of law

Actuarial valuations, Minn. Statutes 2004 356.215

Combined service annuities, Minn. Statutes 2004 356.30

Covered salary limitation, exception, Minn. Statutes 2004 356.611

Deferred annuities, Minn. Statutes 2004 352.931

Employee contributions, Minn. Statutes 2004 356.62

Insurance or insurance companies law, exclusion, Minn. Statutes 2004 352.16

Minnesota State Retirement System, Minn. Statutes 2004 352.951

Successor organizations, Minn. Statutes 2004 356.20, 2004 356.215

Termination of plan or fund, Minn. Statutes 2004 356.001

Appropriations from

Disbursements, generally, Minn. Statutes 2004 352.911

Appropriations to, withholding, investment reporting noncompliance, Minn. Statutes 2004 356.219

Assets

Definitions, Minn. Statutes 2004 356.215, 2004 356.219, 2004 356.63

Excess assets over actuarial accrued liability, amortization, Minn. Statutes 2004 356.215

Interpretation of law, Minn. Statutes 2004 356.63

Investment diversification, Minn. Statutes 2004 356A.06

Market valuation method, Minn. Statutes 2004 356.215

Title, holding, Minn. Statutes 2004 356A.06

Unneeded assets, certification, Minn. Statutes 2004 11A.23

Audits and examinations, financial reporting, Minn. Statutes 2004 356.20

Beneficiaries, payments to, Minn. Statutes 2004 352.931, 2004 356.001

Benefits

Abandoned amounts, disposition, Minn. Statutes 2004 356.65

Benefit provisions summary, Minn. Statutes 2004 356A.07

Combined service benefits, Minn. Statutes 2004 356.302, 2004 356.303

Definitions, Minn. Statutes 2004 356A.01

Disability benefits, see same under this topic

Eligible rollover distributions, Minn. Statutes 2004 356.635

Fiduciaries, duties, Minn. Statutes 2004 356A.02

Internal Revenue Code compliance, Minn. Statutes 2004 356.635

Maximum benefit limitations, Minn. Statutes 2004 356.611

Members' nonforfeitable interest, Minn. Statutes 2004 356.001

Payment, date, Minn. Statutes 2004 356.40

Recipients, defined, Minn. Statutes 2004 356A.01

Survivor benefits, Minn. Statutes 2004 356.303, 2004 356.41, 2004 356.87

Termination of plan or fund, procedures, Minn. Statutes 2004 356.001

Bounce back annuities, Minn. Statutes 2004 352.116

Breach of fiduciary duty

Cofiduciaries, liability, Minn. Statutes 2004 356A.10

Generally, Minn. Statutes 2004 356A.09

Indemnification, Minn. Statutes 2004 356A.11

Lawsuits, Minn. Statutes 2004 356A.12

Remedies, Minn. Statutes 2004 356A.09

Buybacks

Prior service credit, Minn. Statutes 2004 356.30

Service credit, wrongful discharges, Minn. Statutes 2004 356.50

Certificates and certification

Economic interest statements, list of filings, Minn. Statutes 2004 356A.06

Unneeded assets, Minn. Statutes 2004 11A.23

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

Cofiduciaries

Defined, Minn. Statutes 2004 356A.01

Duties, generally, Minn. Statutes 2004 356A.10

Liability, Minn. Statutes 2004 356A.10

Service of process on, Minn. Statutes 2004 356A.12

Combined investment funds, deposits, Minn. Statutes 2004 352.911

Combined service annuities, Minn. Statutes 2004 356.30

Combined service disability benefits, Minn. Statutes 2004 356.302

Combined service survivor benefits, Minn. Statutes 2004 356.303

Compensation and salaries

Average salary, defined, Minn. Statutes 2004 352.93

Covered salary, limitation, Minn. Statutes 2004 356.611

Definitions, Minn. Statutes 2004 352.93, 2004 356.302, 2004 356.303, 2004 356.611

Fiduciaries, Minn. Statutes 2004 356A.06, 2004 356A.08

Contested cases

Adverse determination of eligibility, benefits, or other rights, Minn. Statutes 2004 356A.07

Continuing education, fiduciaries, Minn. Statutes 2004 356A.13

Contributions to more than one public retirement plan

Interpretation of law, Minn. Statutes 2004 353.01

Restrictions, Minn. Statutes 2004 354.094

Copies, plan documents, summaries, and reports, Minn. Statutes 2004 356A.07

Covered correctional service, defined, Minn. Statutes 2004 352.91

Covered employees

Actuarial valuations, Minn. Statutes 2004 356.215

Contributions, see Employee contributions under this topic

Death caused by surviving beneficiary, loss of survivor benefits, Minn. Statutes 2004 356.406

Definitions, Minn. Statutes 2004 352.91, 2004 356.406, 2004 356.62, 2004 356A.01

Generally, Minn. Statutes 2004 352.91

Marriage dissolution actions, information requirements, Minn. Statutes 2004 356.49

Payments by, prior service credit purchases, Minn. Statutes 2004 356.551

Payments to, benefit distribution upon plan termination, Minn. Statutes 2004 356.001

Reports received, Minn. Statutes 2004 356.20, 2004 356.62, 2004 356A.07

Representation, MSRS, board of directors, Minn. Statutes 2004 352.03

Covered governmental entity

Defined, Minn. Statutes 2004 356A.01

Duties, see Employers under this topic

Creation, Minn. Statutes 2004 352.911

Custodian bank accounts, establishment, Minn. Statutes 2004 356.001

Data, access, marriage dissolution actions, Minn. Statutes 2004 356.49

Decedents estates, payments to, survivor benefits, Minn. Statutes 2004 352.931

Dedicated fund

Assets defined as, Minn. Statutes 2004 356.63

Credits to, abandoned contributions, annuities, or benefits, Minn. Statutes 2004 356.65

Usees, Minn. Statutes 2004 356.63

Deferred annuities

Application of law, survivor benefits, Minn. Statutes 2004 352.931

Augmentation, Minn. Statutes 2004 352.94, 2004 356.30

Eligibility, Minn. Statutes 2004 352.94

Deferred compensation, see STATE DEFERRED COMPENSATION PLAN

Definitions

Actuarial valuations, Minn. Statutes 2004 356.215

Combined service benefits, Minn. Statutes 2004 356.302, 2004 356.303

Employee contribution pick up, Minn. Statutes 2004 356.62

Loss of survivor benefits, Minn. Statutes 2004 356.406

Public pension fiduciary responsibility, Minn. Statutes 2004 356A.01

Retirement annuity application procedure, Minn. Statutes 2004 356.46

Dependent children, see Survivor benefits under this topic

Depositories, designation, Minn. Statutes 2004 356A.06

Deposits to, contributions and investment income, Minn. Statutes 2004 352.911

Disability benefits

Adjustments, certain recipients, Minn. Statutes 2004 356.41

Combined service disability benefits, Minn. Statutes 2004 356.302

Conversion to normal retirement benefits, Minn. Statutes 2004 352.95

Definitions, Minn. Statutes 2004 356.46

Generally, Minn. Statutes 2004 352.95

Health insurance premiums, withholding, Minn. Statutes 2004 356.87

Medical, psychological, or chiropractic examinations, Minn. Statutes 2004 352.95

Offsets, Minn. Statutes 2004 176.021, 2004 352.95

Resumption of employment, inflation adjustments, Minn. Statutes 2004 352.95

Retirement benefit formula percentage, Minn. Statutes 2004 352.95, 2004 356.315

Supplemental needs trusts, Minn. Statutes 2004 356.465

Disbursements, generally, Minn. Statutes 2004 352.911

Disclosure

Actuarial valuations, Minn. Statutes 2004 356.215

Fiduciaries, Minn. Statutes 2004 356A.03, 2004 356A.06

Financial reporting requirements, Minn. Statutes 2004 356.20

Dissolution of marriage

Retirement benefits or rights, information regarding, Minn. Statutes 2004 356.49

Early retirement

Actuarial valuations, Minn. Statutes 2004 352.93, 2004 353.30

Application of law, Minn. Statutes 2004 352.116, 2004 353.71, 2004 354A.31

Eligibility, Minn. Statutes 2004 353.30

Employee insurance benefits, eligibility, Minn. Statutes 2004 43A.24

Generally, Minn. Statutes 2004 352.93

Economic interest statements

Fiduciaries, Minn. Statutes 2004 356A.06

Employee contributions

Amount, Minn. Statutes 2004 352.92

Application of law, Minn. Statutes 2004 356.62

Collection of, Minn. Statutes 2004 352.911

Definitions, Minn. Statutes 2004 356.62

Depositing, Minn. Statutes 2004 352.911

Employers, pick up after 1982, Minn. Statutes 2004 356.62

Federal compensation limits, Minn. Statutes 2004 356.611

Partial refund at retirement, Minn. Statutes 2004 352.93

Reports about, Minn. Statutes 2004 356.62

Salary savings leave, effect, Minn. Statutes 2004 43A.49

Wrongful discharges, service credit, Minn. Statutes 2004 356.50

Employees of the retirement plan

Indemnification, breach of fiduciary duty, Minn. Statutes 2004 356A.11

Employees, see Covered employees under this topic

Employer contributions

Amount, Minn. Statutes 2004 352.029, 2004 352.92

Collection of, Minn. Statutes 2004 352.911

Depositing, Minn. Statutes 2004 352.911

Wrongful discharges, service credit, Minn. Statutes 2004 356.50

Employers

Benefit provision summaries, duties, Minn. Statutes 2004 356A.07

Certificates and certification, disability benefit applicants, leave of absence status, Minn. Statutes 2004 352.95

Employer contributions, see same under this topic

Payments by, prior service credit purchases, Minn. Statutes 2004 356.551

Reports given, employee contribution pick ups, Minn. Statutes 2004 356.62

Reports received, financial reports, Minn. Statutes 2004 356.20

Employing units, duties, see Employers under this topic

Experience studies, Minn. Statutes 2004 356.214, 2004 356.215

Fiduciaries

Activities, generally, Minn. Statutes 2004 356A.02

Assets, title, Minn. Statutes 2004 356A.06

Breach of conduct or duties, Minn. Statutes 2004 356A.09 to 2004 356A.12

Compensation and salaries, Minn. Statutes 2004 356A.06, 2004 356A.08

Continuing education, Minn. Statutes 2004 356A.13

Definitions, Minn. Statutes 2004 356A.01

Direct or indirect profits, Minn. Statutes 2004 356A.06

Disclosure, Minn. Statutes 2004 356A.03, 2004 356A.06

Duties, Minn. Statutes 2004 356A.02, 2004 356A.04, 2004 356A.05

Economic interest statements, Minn. Statutes 2004 356A.06

Felony violations, documentation, service prohibition, Minn. Statutes 2004 356A.03

Generally, Minn. Statutes 2004 356A.01 to 2004 356A.13

Investments, duties, Minn. Statutes 2004 356A.02, 2004 356A.06

Prohibited transactions, Minn. Statutes 2004 356A.06

Service of process on, Minn. Statutes 2004 356A.12

Standard of conduct, Minn. Statutes 2004 356A.04

Financial reports

Alternative reports, Minn. Statutes 2004 356.23

Copies, distribution, Minn. Statutes 2004 356.20, 2004 356A.07

Requirements, generally, Minn. Statutes 2004 356.20

Former covered employees

Marriage dissolution actions, Minn. Statutes 2004 356.49

Funds and accounts

Custodial bank accounts, Minn. Statutes 2004 356.001

Dedicated fund, Minn. Statutes 2004 356.63, 2004 356.65

Governing board of a pension plan

Defined, Minn. Statutes 2004 356A.01

Generally, see Board of directors under MINNESOTA STATE RETIREMENT SYSTEM (MSRS)

Governing body rules and policies

Defined as plan documents, Minn. Statutes 2004 356A.01

Governmental subdivisions, see Employers under this topic

Insurance, public employees program, Minn. Statutes 2004 43A.316, 2004 356.87

Interest rates

Actuarial valuations, Minn. Statutes 2004 356.215

Forfeited service, refund repayments, Minn. Statutes 2004 356.44

Interpretation of law

Actuarial valuations, Minn. Statutes 2004 356.22

Investments, Minn. Statutes 2004 356.63

Proportionate retirement annuities, Minn. Statutes 2004 356.32

Refund repayments, Minn. Statutes 2004 356.44

Termination of plan or fund, Minn. Statutes 2004 356.001

Unfunded actuarial accrued liability, Minn. Statutes 2004 356.22

Investment of funds

Fiduciaries, duties, Minn. Statutes 2004 356A.02, 2004 356A.06

Interpretation of law, Minn. Statutes 2004 356.63

Investment expenses, defined, Minn. Statutes 2004 356.215

Policy statement, Minn. Statutes 2004 356.219

Reports about, Minn. Statutes 2004 356.219

Requirements, generally, Minn. Statutes 2004 352.911, 2004 356A.06

Joint and survivor annuities

Annuity in lieu of refund, Minn. Statutes 2004 352.931

Bounce-back annuities, Minn. Statutes 2004 352.116

Lawsuits, breach of fiduciary duty, Minn. Statutes 2004 356A.12

Liability

Cofiduciaries, Minn. Statutes 2004 356A.10

Defined, Minn. Statutes 2004 356A.01

Unfunded actuarial accrued liability, Minn. Statutes 2004 356.215

Mail and mailing

Benefit distribution notice, Minn. Statutes 2004 356.001

Retirement annuities, information, completed applications, Minn. Statutes 2004 356.46

Meetings, see OPEN MEETING LAW

Members, see Covered employees under this topic

Normal retirement annuities

Accrual, Minn. Statutes 2004 352.93

Age, Minn. Statutes 2004 352.93

Amount, formula, Minn. Statutes 2004 352.115, 2004 352.93

Application for, Minn. Statutes 2004 352.93

Application of law, Minn. Statutes 2004 352.115, 2004 353.29, 2004 354.44, 2004 354A.31

Completed applications, copies to spouses, Minn. Statutes 2004 356.46

Definitions, Minn. Statutes 2004 356.46

Early retirement, reduction, Minn. Statutes 2004 352.93

Health insurance premiums, withholding, Minn. Statutes 2004 356.87

Optional annuities, see same under this topic

Payments, time, Minn. Statutes 2004 352.93

Proportionate retirement annuities, Minn. Statutes 2004 356.32

Refunds, see same under this topic

Retirement benefit formula percentage, Minn. Statutes 2004 352.93, 2004 356.315

Simultaneous payment of survivor benefits, Minn. Statutes 2004 356.40

Years of service, Minn. Statutes 2004 352.93

Notice given, investment restrictions, Minn. Statutes 2004 356A.06

Notice received, brokers, acknowledgment of investment restrictions, Minn. Statutes 2004 356A.06

Optional annuities

Bounce back annuities, Minn. Statutes 2004 352.116

Definitions, Minn. Statutes 2004 356.46

Disability benefits, Minn. Statutes 2004 352.95

Early retirement, Minn. Statutes 2004 352.93

Effective date, Minn. Statutes 2004 352.95

Information summaries, distribution, Minn. Statutes 2004 356.46

Joint and survivor annuities, Minn. Statutes 2004 352.116

Minnesota State Retirement System, duties, Minn. Statutes 2004 352.116

Supplemental needs trusts, Minn. Statutes 2004 356.465

Survivor benefits, Minn. Statutes 2004 352.931

Payments by

Actuarial costs, Minn. Statutes 2004 356.214

Allowable expenses, Minn. Statutes 2004 356.001

Benefit distribution upon plan termination, Minn. Statutes 2004 356.001

Fiduciaries, duties, Minn. Statutes 2004 356A.02

Health insurance premiums, Minn. Statutes 2004 356.87

Payments to

Health insurance, administrative expenses, Minn. Statutes 2004 356.87

Plan documents

Copies to members, Minn. Statutes 2004 356A.07

Defined, Minn. Statutes 2004 356A.01

Policy of state, Minn. Statutes 2004 352.90

Portability with other retirement plans

Legislators retirement plan, Minn. Statutes 2004 3A.12

Minneapolis employees retirement fund, Minn. Statutes 2004 422A.16

Minnesota State Retirement System, Minn. Statutes 2004 352.72, 2004 352.93, 2004 352.95

Public Employees Retirement Association, Minn. Statutes 2004 353.71

Teachers Retirement Association, Minn. Statutes 2004 354.60

Teachers retirement, Minneapolis, Saint Paul, and Duluth, Minn. Statutes 2004 354A.39

Postretirement investment fund, participation, Minn. Statutes 2004 352.911

Prior service credit, purchases

Generally, Minn. Statutes 2004 356.551

Reserves requirements, Minn. Statutes 2004 356.30

Proportionate retirement annuities, Minn. Statutes 2004 356.32

Public employees insurance program, Minn. Statutes 2004 43A.316, 2004 356.87

Purpose, Minn. Statutes 2004 356.001

Records and record keeping

Fiduciaries, duties, Minn. Statutes 2004 356A.02

Investments, liquidity documentation, Minn. Statutes 2004 356A.06

Reduced retirement annuities, see Early retirement under this topic

Refunds

Repayment to

Combined service annuities, Minn. Statutes 2004 356.30

Forfeited service credit, Minn. Statutes 2004 356.44

Individual retirement accounts, using, Minn. Statutes 2004 356.441

Interpretation of law, Minn. Statutes 2004 356.44

Legislators retirement plan, Minn. Statutes 2004 3A.12

Minneapolis employees retirement fund, Minn. Statutes 2004 422A.22

Minnesota State Retirement System, Minn. Statutes 2004 352.72

Public Employees Retirement Association, Minn. Statutes 2004 353.71

Qualified annuities, using, Minn. Statutes 2004 356.441

Requirements, Minn. Statutes 2004 356.441

Teachers Retirement Association, Minn. Statutes 2004 354.50

Survivor benefits, death refunds, Minn. Statutes 2004 352.931

Reports given

Actuarial valuations, Minn. Statutes 2004 356.215

Experience studies, Minn. Statutes 2004 356.215

Financial reports, Minn. Statutes 2004 356.20, 2004 356.23

Investment of funds, Minn. Statutes 2004 356.219

Marriage dissolution actions, pension benefits or rights, Minn. Statutes 2004 356.49

State auditor, duties, Minn. Statutes 2004 356.219

Reports received

Actuarial valuations, experience studies, Minn. Statutes 2004 356.215

Reserves, prior service credit purchases, Minn. Statutes 2004 356.30

Retirement annuities, see Normal retirement annuities under this topic

Rule of 90, eligibility, Minn. Statutes 2004 353.30

Salary savings leave, effect, Minn. Statutes 2004 43A.49

Service credit

Combined service annuities, Minn. Statutes 2004 356.30

Combined service benefits, Minn. Statutes 2004 356.302, 2004 356.303

Forfeited service, refund repayments, Minn. Statutes 2004 356.44

Proportionate retirement annuities, Minn. Statutes 2004 356.32

Restored service credit, Minn. Statutes 2004 356.44

Salary savings leave, effect, Minn. Statutes 2004 43A.49

Wrongful discharges, Minn. Statutes 2004 356.50

Special teacher, defined, Minn. Statutes 2004 352.91

Spouses, retirement annuities, Minn. Statutes 2004 356.46

State aid, withholding

Investment reporting noncompliance, Minn. Statutes 2004 356.219

Statutes of limitations

Breach of fiduciary duty, Minn. Statutes 2004 356A.12

Successor organizations, application of law, Minn. Statutes 2004 356.20, 2004 356.215

Supplemental needs trusts, optional annuity, Minn. Statutes 2004 356.465

Surviving child

Defined, Minn. Statutes 2004 356.303

Survivor benefits, Minn. Statutes 2004 356.303, 2004 356.41, 2004 356.87

Surviving spouses

Defined, Minn. Statutes 2004 356.303

Survivor benefits, see same under this topic

Survivor benefits

Adjustments, certain recipients, Minn. Statutes 2004 356.41

Beneficiaries charged or convicted of causing member's death, Minn. Statutes 2004 356.406

Combined service survivor benefits, Minn. Statutes 2004 356.303

Definitions, Minn. Statutes 2004 356.303, 2004 356.406

Generally, Minn. Statutes 2004 352.931

Health insurance premiums, withholding, Minn. Statutes 2004 356.87

Simultaneous payment of retirement annuities, Minn. Statutes 2004 356.40

Survivors

Defined, Minn. Statutes 2004 356.406

Survivor benefits, see same under this topic

Termination of plan or fund, Minn. Statutes 2004 356.001

Transfer of funds, postretirement conversions, Minn. Statutes 2004 356.431

Unfunded actuarial accrued liability, Minn. Statutes 2004 356.215, 2004 356.22

Vesting requirements

Disability benefits, Minn. Statutes 2004 352.95

Early retirement, Minn. Statutes 2004 352.93

Generally, Minn. Statutes 2004 352.93

Service credit, see same under this topic

Violations and penalties

Fiduciaries, felony violations, service prohibition, Minn. Statutes 2004 356A.03

Investment reporting, noncompliance, Minn. Statutes 2004 356.219

Prohibited transactions, defined, Minn. Statutes 2004 356A.06

Surviving beneficiaries, charge or conviction of causing member's death, loss of survivor benefits, Minn. Statutes 2004 356.406

Waivers, state aid or appropriations, withholding for investment reporting noncompliance, Minn. Statutes 2004 356.219

Wrongful discharges, Minn. Statutes 2004 356.50

Years of service, survivor benefits, Minn. Statutes 2004 352.931