2005 Minnesota Statutes - 352B.26 — Participation in Minnesota postretirement investment fund.

     352B.26 Participation in Minnesota postretirement 
  investment fund. 


    Subdivision 1.    Authorization.  The State Patrol 
 retirement fund shall participate in the Minnesota 
 postretirement investment fund.  Assets required by this section 
 must be deposited in the fund.  Amounts shall be withdrawn from 
 the fund only to pay annuities as provided.  The money is 
 annually appropriated for this purpose. 


    Subd. 2. Repealed, 1987 c 259 s 83 


    Subd. 3.    Valuation of assets; adjustment of benefits. 
  (a) For former members beginning receipt of annuities and 
 qualified recipients of joint and survivor annuities and 
 surviving spouse benefits, the required reserves must be 
 determined in accordance with the appropriate mortality table 
 adopted by the board of directors of the Minnesota State 
 Retirement System based on the experience of the fund as 
 recommended by the commission-retained actuary and using the 
 interest assumption specified in section 356.215, subdivision 
 8.  Assets representing the required reserves for these 
 annuities must be transferred to the Minnesota postretirement 
 investment fund as of the last business day of the month in 
 which the retirement annuity begins as specified in section 
 11A.18.  


    (b) Annuity payments must be adjusted in accordance with 
 section 11A.18. 


    (c) An increase in annuity payments under this section must 
 be made automatically unless written notice is filed by the 
 annuitant with the executive director of the Minnesota State 
 Retirement System requesting that the increase not be made.  


    HIST: 1969 c 977 s 1; 1971 c 414 s 8; 1973 c 178 s 18; 1978 c 
 562 s 7,8; 1980 c 607 art 14 s 36,45 subd 2; s 46; 1981 c 37 s 
 2; 1981 c 224 s 64,65; 1Sp1985 c 7 s 35; 1987 c 229 art 7 s 1; 
 art 11 s 1; 1987 c 259 s 24; 1996 c 305 art 1 s 76; 2002 c 392 
 art 11 s 52