2005 Minnesota Statutes - 356.431 — Conversion of lump-sum postretirement and supplemental payment to an increased monthly annuity.

     356.431 Conversion of lump-sum postretirement and 
  supplemental payment to an increased monthly annuity. 


    Subdivision 1.    Lump-sum postretirement payment 
 conversion.  For benefits paid after December 31, 2001, to 
 eligible persons under sections 356.42 and 356.43, the amount of 
 the most recent lump-sum benefit payable to an eligible 
 recipient under sections 356.42 and 356.43 must be divided by 
 12.  The result must be added to the monthly annuity or benefit 
 otherwise payable to an eligible recipient, must become a 
 permanent part of the benefit recipient's pension, and must be 
 included in any pension benefit subject to future increases. 


    Subd. 2.    Transfer of required reserves to Minnesota 
 postretirement investment fund.  Public employee retirement 
 funds participating in the State Board of Investment 
 postretirement investment fund shall transfer the required 
 reserves for the postretirement conversion under subdivision 1 
 to the postretirement investment fund by January 31, 2002. 


    HIST: 2002 c 392 art 11 s 32; 2005 c 10 art 5 s 3