2005 Minnesota Statutes - 354A.41 — Administration of coordinated program.

     354A.41 Administration of coordinated program. 


    Subdivision 1.    Administrative provisions.  The 
 provisions of the articles of incorporation and bylaws of the 
 Minneapolis or the St. Paul Teachers Retirement Fund 
 Association, whichever is applicable, relating to the 
 administration of the fund shall govern the administration of 
 the coordinated program and the provisions of the articles of 
 incorporation and bylaws of the Duluth Teachers Retirement Fund 
 Association relating to the administration of the fund shall 
 govern the administration of the new law coordinated program in 
 instances where the administrative provisions are not 
 inconsistent with the provisions of sections 354A.31 to 354A.41, 
 including but not limited to provisions relating to the 
 composition and function of the board of trustees, the 
 investment of assets of the teachers retirement fund 
 association, and the definition of the plan year. 


    Subd. 2.    Actuarial valuations.  In any actuarial 
 valuation of the Minneapolis Teachers Retirement Fund 
 Association, the St. Paul Teachers Retirement Fund Association, 
 or the Duluth Teachers Retirement Fund Association under section 
 356.215 prepared by the commission-retained actuary or 
 supplemental actuarial valuation prepared by an approved actuary 
 retained by the teachers retirement fund association, there 
 shall be included a finding of the condition of the fund showing 
 separately the basic and coordinated programs or the old law 
 coordinated and new law coordinated programs, as appropriate.  
 The finding shall include the level normal cost and the 
 applicable employee and employer contribution rates for each 
 program. 


    HIST: 1979 c 217 s 26; 1981 c 269 s 8; 1Sp1985 c 7 s 35; 1987 
 c 259 s 51