Minn. Stat. § 353F.02 — MN Code / Part 352_356B / Chapter 353F / Section 353F.02
§ 353F.02 DEFINITIONS.
Status: repealed

§ Subdivision 1. Generally. As used in this chapter, unless the context clearly indicates otherwise, each of the terms in the following subdivisions has the meaning indicated.

§ Subd. 2. Allowable service. "Allowable service" has the meaning provided in section 353.01, subdivision 16 , of the edition of Minnesota Statutes published in the year before the year in which the privatization occurred.

§ Subd. 2a. Association. "Association" means the Public Employees Retirement Association established under chapter 353. [See Note.]

§ Subd. 3. Effective date of privatization. "Effective date of privatization" means the date that a governmental subdivision becomes a privatized employer or the date that a governmental subdivision is purchased in a privatization and active membership in the association consequently terminates. [See Note.]

§ Subd. 3a. Executive director. "Executive director" means the executive director of the Public Employees Retirement Association.

§ Subd. 3b. Funding ratio. "Funding ratio" means the actuarial value of assets of the general employees retirement fund, divided by the present value of accrued benefits for the fund, expressed as a percentage. [See Note.]

§ Subd. 3c. General employees retirement fund. "General employees retirement fund" means the general employees retirement fund as defined under section 353.27, subdivision 1 . [See Note.]

§ Subd. 3d. General employees retirement plan. "General employees retirement plan" or "general plan" means the general employees retirement plan of the association established under chapter 353. [See Note.]

§ Subd. 3e. Governmental subdivision. "Governmental subdivision" has the meaning given in section 353.01, subdivision 6 . [See Note.]

§ Subd. 4. [Repealed, 2013 c 111 art 3 s 31 ]

§ Subd. 4a. Medical facility. "Medical facility" means a facility that has the primary purpose of providing medical care and that satisfies the definition of governmental subdivision under section 353.01, subdivision 6 . [See Note.]

§ Subd. 4b. Privatization. "Privatization" means the process of privatizing, through which a governmental subdivision ceases to be a governmental subdivision for any reason other than that the governmental subdivision closes or permanently ceases to operate. [See Note.]

§ Subd. 4c. Privatize or privatizing. "Privatize" or "privatizing" means to engage in a transaction, including a sale to, acquisition by, or merger with an entity or a sale to or acquisition by one or more individuals, or a series of such transactions that result in a governmental subdivision ceasing to be a governmental subdivision on or after the effective date of privatization. Privatize or privatizing does not mean ceasing to be a governmental subdivision because the subdivision closed or permanently ceased to operate. [See Note.]

§ Subd. 5. [Repealed, 2013 c 111 art 3 s 31 ]

§ Subd. 5a. Privatized employer. "Privatized employer" means an entity that was a governmental subdivision on the day before the effective date of privatization and whose employees are privatized employees. [See Note.]

§ Subd. 6. Privatized employee. (a) "Privatized employee" means a person who, before the effective date of the privatization of a governmental subdivision: (1) was employed by the governmental subdivision; and (2) was a member of the general employees retirement plan for the period of employment with the governmental subdivision. (b) Privatized employee does not mean a person who, on the day before the effective date of privatization, was simultaneously employed with the privatized employer and by a governmental subdivision and who, after the effective date of privatization, continues to accrue service credit under section 353.01, subdivision 16 , through simultaneous employment with a governmental subdivision. [See Note.]

§ Subd. 6a. Privatizing active employee. "Privatizing active employee" means a privatized employee who was employed by the privatizing governmental subdivision on the day before the effective date of the privatization. [See Note.]

§ Subd. 7. Years of allowable service. "Years of allowable service" means the total number of years of allowable service under section 353.01, subdivision 18 , of the edition of Minnesota Statutes published in the year before the year in which the privatization occurred.