Find Laws Find Lawyers Free Legal Forms USA State Laws

MINNESOTA STATUTES AND CODES

Section 354.35 Optional Accelerated Retirement Annuity before Normal Retirement Age

354.35 OPTIONAL ACCELERATED RETIREMENT ANNUITY BEFORE NORMAL RETIREMENT AGE.

Subdivision 1.Normal retirement age definition.

For purposes of this section, "normal retirement age" means normal retirement age as defined in United States Code, title 42, section 416(1), as amended.

Subd. 2.Election of accelerated annuity.

(a) Any coordinated member who retires before normal retirement age 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, or normal retirement age, 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, or normal retirement age, and at that time the payment from the association must be reduced. For each year the retiree is under age 65, or normal retirement age, up to five percent of the total life annuity required reserves may be used to accelerate the optional retirement annuity under this section.

(b) Members who retire before age 62 may elect to have the annuity under this subdivision accelerated to age 62 rather than normal retirement age or age 65.

(c) The method of computing the optional accelerated retirement annuity provided in this subdivision is established by the board of trustees. In establishing the method of computing the optional accelerated retirement annuity or any modification of that procedure, the board of trustees must obtain the written approval of the actuary retained under section 356.214. 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.

Subd. 3.Postretirement adjustment eligibility.

An annuity under this section is eligible for postretirement adjustments under section 356.415.

History:

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; 2006 c 271 art 3 s 47; 2007 c 134 art 2 s 37; 2009 c 169 art 1 s 62

Minnesota Forms by Issue

Minnesota Administration/Filing Fees Forms
Minnesota Adoption Forms
Minnesota Bankruptcy Forms
Minnesota Business Forms
Minnesota Child Support Agency Forms
Minnesota Court Forms
> Criminal
> DUI
> Probate
> Traffic
> Civil (District)
> Domestic Violence
> Enforcement of Judgement
> Forfeiture
> Service of Process
> Small Claims
> Subpoena
Minnesota Divorce Forms
Minnesota Expungement Forms
Minnesota Family Forms
Minnesota Guardianship Forms
Minnesota Landlord/Tenant Forms
Minnesota Name Change Forms
Minnesota Parental Notification Forms
Minnesota Spousal Support Forms
Minnesota Tax Forms

Minnesota Law

Minnesota State Laws
    > Minnesota Child Support
    > Minnesota Child Support Online
    > Minnesota Gun Law
    > Minnesota State Tax
    > Minnesota Statute
Minnesota Tax
    > Minnesota State Tax
Minnesota Labor Laws
    > Minnesota Unemployment Benefits
Minnesota Court
    > Minnesota Court Records
    > Near v. Minnesota
Minnesota Agencies
    > Miinnesota Department of Health
    > Minnesota Department of Corrections
    > Minnesota Department of Education
    > Minnesota Department of Revenue
    > Minnesota Department of Transportation
    > Minnesota DMV
    > Minnesota Secretary of State

Minnesota Court Map

Tips