2005 Minnesota Statutes - 354A.33 — Social Security leveling adjustment option.

     354A.33 Social Security leveling adjustment option. 


    Any coordinated member who retires prior to the time the 
 member becomes eligible for Social Security old age retirement 
 benefits shall be entitled to elect to receive a Social Security 
 leveling adjustment optional annuity from the teachers 
 retirement fund association.  The Social Security leveling 
 adjustment optional annuity shall be established by the board of 
 the teachers retirement fund association.  It shall take the 
 form of an annuity payable for the period prior to the member's 
 becoming eligible for Social Security old age retirement 
 benefits in an amount greater than the amount of the member's 
 annuity calculated pursuant to section 354A.31 on the basis of 
 the age of the member at retirement but equal insofar as 
 possible to the Social Security old age retirement benefit and 
 the adjusted retirement annuity amounts payable immediately 
 subsequent to becoming eligible for Social Security old age 
 retirement benefits in an amount less than the amount of the 
 member's annuity calculated pursuant to section 354A.31 on the 
 basis of the age of the member at retirement.  The optional form 
 shall be the actuarial equivalent to the normal forms provided 
 in section 354A.31.  In establishing the optional form, the 
 board shall obtain the written recommendation of the 
 commission-retained actuary and the recommendation shall be a 
 part of the permanent records of the board. 


    HIST: 1979 c 217 s 18; 1987 c 259 s 50