2005 Minnesota Statutes - 352D.03 — Transfer of assets.

     352D.03 Transfer of assets. 


    Unless an eligible employee enumerated in section 352D.02, 
 subdivision 1, has elected coverage under the individual 
 retirement account plan under chapter 354B, a sum of money 
 representing the assets credited to each employee exercising the 
 option contained in section 352D.02, plus an equal employer 
 contribution together with interest for the employment period at 
 the applicable preretirement interest actuarial assumption rate 
 during this period, compounded annually, must be used for the 
 purchase of shares on behalf of each employee in the accounts of 
 the supplemental retirement fund established by section 11A.17.  


    HIST: 1971 c 604 s 3; 1973 c 35 s 54; 1973 c 624 s 4; 1974 c 
 152 s 12; 1980 c 607 art 14 s 46; 1992 c 446 s 5; 1Sp2005 c 8 
 art 10 s 33