1999 Minnesota Code
Chapters 3 - 3C Legislature
Chapter 3A Legislators' Retirement
Section 3A.11 Participation in Minnesota postretirement investment fund.

3A.11 Participation in Minnesota postretirement investment fund.

Subdivision 1. Transfer of reserves. The reserves necessary to fund the retirement allowance granted pursuant to section 3A.02 to a former legislator upon retirement shall be appropriated from the general fund to the director and shall be transferred by the director to the Minnesota postretirement investment fund as of the last business day of the month in which the retirement allowance begins to accrue in accord with section 11A.18. The amount of the transfer shall be determined by or determined under a procedure specified by the actuary retained by the legislative commission on pensions and retirement, in accord with the appropriate mortality table adopted by the board of directors of the Minnesota state retirement system based on the experience of the plan as recommended by the commission-retained actuary and the interest rate assumption specified in section 356.215, subdivision 4d.

Subd. 2. Payment adjustments. Annuities and benefits shall be adjusted in accord with the provisions of section 11A.18.

Subd. 3. Repealed, 1980 c 614 s 191

Subd. 4. Automatic increases; exception. Increases in benefit payments pursuant to this section will be made automatically unless the intended recipient files written notice with the director requesting that the increase shall not be made.

HIST: 1973 c 653 s 7; 1974 c 445 s 10,11; 1980 c 607 art 14 s 45 subd 2, s 46; 1981 c 224 s 11,12; 1983 c 286 s 2; 1Sp1985 c 7 s 35; 1987 c 259 s 2; 1995 c 186 s 3