Source: https://www.revisor.mn.gov/statutes/2018/cite/354A/full
Timestamp: 2020-02-29 10:44:02
Document Index: 620233135

Matched Legal Cases: ['art 6', 'art 1', 'art 3', 'art 3', 'art 16', 'art 7', 'art 6', 'art 17', 'art 2', 'art 16', 'art 7', 'art 6', 'art 17', 'art 16', 'art 7', 'art 6', 'art 17', 'art 16', 'art 7', 'art 6', 'art 17', 'art 16', 'art 7', 'art 6', 'art 17', 'art 16', 'art 7', 'art 6', 'art 17', 'art 16', 'art 7', 'art 6', 'art 17', 'art 3', 'art 9', 'art 6', 'art 6', 'art 6', 'art 8', 'art 3', 'art 2', 'art 4', 'art 4', 'art 6', 'art 5', 'art 13', 'art 12', 'art 2', 'art 6', 'art 1', 'art 6', 'art 1', 'art 4', 'art 16', 'art 3', 'art 11', 'art 3', 'art 6', 'art 6', 'art 11', 'art 6', 'art 2', 'art 1', 'art 3', 'art 3', 'art 12', 'art 2', 'art 13', 'art 1', 'art 6', 'art 13', 'art 4', 'art 19', 'art 7', 'art 11', 'art 8', 'art 6', 'art 1', 'art 8', 'art 7', 'art 10', 'art 3', 'art 8', 'art 6', 'art 6', 'art 6', 'art 8', 'art 10', 'art 11', 'art 1', 'art 3', 'art 6', 'art 13', 'art 11', 'art 1', 'art 3', 'art 3', 'art 6', 'art 2', 'art 6', 'art 12', 'art 2', 'art 12', 'art 3', 'art 19', 'art 7', 'art 6', 'art 3', 'art 4', 'art 6', 'art 3', 'art 6', 'art 3', 'art 1', 'art 6', 'art 2', 'art 2', 'art 13', 'art 3', 'art 1', 'art 1', 'art 2', 'art 13', 'art 7', 'art 4', 'art 3', 'art 3', 'art 7', 'art 2', 'art 11', 'art 4', 'art 4', 'art 3', 'art 13', 'art 13', 'art 12', 'art 15', 'art 3', 'art 3', 'art 6', 'art 3', 'art 11', 'art 6', 'art 3', 'art 9', 'art 13', 'art 5', 'art 6', 'art 3', 'art 1', 'art 2', 'art 13', 'art 6', 'art 19', 'art 13', 'art 2', 'art 1', 'art 2', 'art 6', 'art 1', 'art 4', 'art 3', 'art 3', 'art 3', 'art 6']

﻿ Ch. 354A MN Statutes
CHAPTER 354A. TEACHERS RETIREMENT, ST. PAUL
354A.01 [Repealed, 1979 c 217 s 28]
354A.011 DEFINITIONS.
354A.02 [Repealed, 1979 c 217 s 28]
354A.021 TEACHERS RETIREMENT FUND ASSOCIATIONS IN ST. PAUL.
354A.022 [Expired, 2014 c 296 art 6 s 15]
354A.023 [Never effective, 1994 c 565 art 1 s 1,2]
354A.026 [Repealed, 1Sp2001 c 10 art 3 s 29]
354A.03 [Repealed, 1979 c 217 s 28]
354A.04 [Repealed, 1979 c 217 s 28]
354A.05 MEMBERSHIP IN A TEACHERS RETIREMENT ASSOCIATION IN ST. PAUL.
354A.051 [Repealed, 2006 c 277 art 3 s 45]
354A.06 [Repealed, 1975 c 306 s 34]
354A.07 [Repealed, 1975 c 306 s 34]
354A.08 AUTHORIZED INVESTMENTS.
354A.09 PRO RATA DISTRIBUTION OF FUNDS.
354A.093 BREAK IN SERVICE TO PROVIDE UNIFORMED SERVICE.
354A.097 MS 2006 [Repealed, 1999 c 222 art 16 s 16; 2002 c 392 art 7 s 1; 1Sp2003 c 12 art 6 s 2; 2004 c 267 art 17 s 6; 1Sp2005 c 8 art 2 s 3]
354A.098 MS 2002 [Repealed, 1999 c 222 art 16 s 16; 2002 c 392 art 7 s 1; 1Sp2003 c 12 art 6 s 2; 2004 c 267 art 17 s 6]
354A.099 MS 2002 [Repealed, 1999 c 222 art 16 s 16; 2002 c 392 art 7 s 1; 1Sp2003 c 12 art 6 s 2; 2004 c 267 art 17 s 6]
354A.10 [Repealed, 1979 c 217 s 28]
354A.101 MS 2002 [Repealed, 1999 c 222 art 16 s 16; 2002 c 392 art 7 s 1; 1Sp2003 c 12 art 6 s 2; 2004 c 267 art 17 s 6]
354A.102 MS 2002 [Repealed, 1999 c 222 art 16 s 16; 2002 c 392 art 7 s 1; 1Sp2003 c 12 art 6 s 2; 2004 c 267 art 17 s 6]
354A.103 MS 2002 [Repealed, 1999 c 222 art 16 s 16; 2002 c 392 art 7 s 1; 1Sp2003 c 12 art 6 s 2; 2004 c 267 art 17 s 6]
354A.104 MS 2002 [Repealed, 1999 c 222 art 16 s 16; 2002 c 392 art 7 s 1; 1Sp2003 c 12 art 6 s 2; 2004 c 267 art 17 s 6]
354A.105 [Repealed, 2006 c 277 art 3 s 45]
354A.106 MS 2002 [Expired]
354A.107 [Repealed, 2004 c 267 art 9 s 25]
354A.108 [Repealed, 2014 c 296 art 6 s 48]
354A.109 MS 2002 [Repealed, 1Sp2003 c 12 art 6 s 7]
354A.1095 MS 2002 [Expired]
354A.11 CERTAIN MONEY AND CREDITS OF TEACHERS EXEMPT.
354A.13 [Repealed, 1979 c 217 s 28]
354A.21 PROPORTIONATE ANNUITY.
354A.22 [Repealed, 1980 c 509 s 140]
354A.23 ST. PAUL TEACHERS RETIREMENT FUND ASSOCIATIONS; BASIC PROGRAMS.
354A.24 [Repealed, 2014 c 296 art 6 s 48]
354A.27 Subdivisions renumbered, repealed, or no longer in effect
354A.28 [Repealed, 2006 c 271 art 8 s 3; 2006 c 277 art 3 s 45; 2007 c 13 art 2 s 24]
354A.29 ST. PAUL TEACHERS RETIREMENT FUND ASSOCIATION POSTRETIREMENT ADJUSTMENT.
354A.30 ST. PAUL TEACHERS RETIREMENT FUND ASSOCIATION; COORDINATED PROGRAM.
354A.32 OPTIONAL RETIREMENT ANNUITIES.
354A.33 SOCIAL SECURITY LEVELING ADJUSTMENT OPTION.
354A.34 DISPOSITION OF UNPAID PERIOD CERTAIN FOR LIFE OR GUARANTEED REFUND OPTIONAL ANNUITIES.
354A.35 SURVIVOR BENEFITS.
354A.37 REFUNDS; DEFERRED ANNUITY.
354A.39 MS 2016 [Repealed, 2018 c 211 art 4 s 6]
354A.40 COMPUTATION OF BENEFITS WITH PARTIAL SERVICE AS COORDINATED MEMBER.
354A.42 [Repealed, 2015 c 68 art 4 s 11]
For purposes of this chapter, unless the language or context clearly indicates that a different meaning is intended, the following terms shall have the meanings ascribed to them.
[Repealed, 1992 c 598 art 6 s 22]
Subd. 3.Accumulated contributions.
"Accumulated contributions" means the total of member or employee contributions made by salary deductions and assessments or payments made in lieu of salary deductions, if authorized, which are credited by the teachers retirement fund association to the member's individual account.
Subd. 3a.Actuarial equivalent.
"Actuarial equivalent" means the condition of one annuity or benefit having an equal actuarial present value as another annuity or benefit, determined as of a given date with each actuarial present value based on the appropriate mortality table adopted by the appropriate board of trustees based on the experience of that retirement fund association as recommended by the actuary retained under section 356.214, and approved under section 356.215, subdivision 18, and using the applicable investment return assumption specified in section 356.215, subdivision 8.
"Allowable service" means any service rendered by a teacher during a period in which the teacher receives salary from which employee contribution salary deductions are made to and credited by the teachers retirement fund association, any service rendered by a person during any period where assessments or payments in lieu of salary deductions were made if authorized by any law or provision of the association's articles of incorporation or bylaws then in effect or pursuant to section 354A.091, 354A.092, 354A.093, or 354A.094.
Subd. 5.Annuity.
"Annuity" means the payments made by a teachers retirement fund association in the form of a retirement annuity or an optional annuity.
Subd. 6.Approved actuary.
Subd. 7.Association.
"Association" or "teachers retirement fund association" means the applicable teachers retirement fund association established pursuant to this chapter.
Subd. 7a.Average salary.
"Average salary," for purposes of computing a normal coordinated program retirement annuity under section 354A.31, subdivision 4 or 4a, means an amount equal to the average salary upon which contributions were made for the highest five successive years of service credit but may not, in any event, include any more than the equivalent of 60 monthly salary payments. Average salary must be based upon all years of service credit if this service credit is less than five years.
Subd. 8.Basic member.
"Basic member" means any member of the teachers retirement fund association who is not covered by any agreement or modification made between the state and the Secretary of Health, Education and Welfare.
Subd. 9.Benefit.
"Benefit" means the allowance paid or payable by the teachers retirement fund association to a surviving spouse, designated beneficiary, surviving child or estate or in periodic payments to a member or former member who is permanently and totally disabled.
Subd. 10.Board.
"Board" means the board of trustees of a teachers retirement fund association.
Subd. 11.Coordinated member.
"Coordinated member" means any member of the teachers retirement fund association who is covered by any agreement or modification made between the state and the Secretary of Health, Education and Welfare making the provisions of the federal Old Age, Survivors and Disability Insurance Act applicable to certain teachers.
Subd. 12.Coordinated service.
"Coordinated service" means the allowable service credited by the respective teachers retirement fund association for which the member was covered by the coordinated program of the association.
Subd. 12a.Dependent child.
"Dependent child" means any biological or adopted child of a deceased member who has not reached the age of 20 and is dependent on the member for more than one-half of the child's support at the time of the member's death. It also means a child of the member conceived during the member's lifetime and born after the member's death.
Subd. 13.Designated beneficiary.
"Designated beneficiary" means the person designated by a member or retiree of a teachers retirement fund association to receive the benefits to which a beneficiary is entitled under this chapter. A beneficiary designation is valid only if it is made on an appropriate form provided by the executive director and the properly completed form is received by the fund postmarked on or before the date of death of the retiree or member. If a retiree or member does not designate such a person or if the person designated predeceases the retiree or member, beneficiary in such cases means the estate of the deceased retiree or member.
"Disability" or "permanent and total disability" means the inability of a member to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to be of long continued and indefinite duration which shall in no event be less than one year.
Subd. 14a.District; school district.
"District" or "school district" means the employing school district or the Board of Trustees of the Minnesota State Colleges and Universities.
"Member" for purposes of entitlement to annuities or benefits pursuant to sections 354A.31 to 354A.41 and any other applicable provisions of this chapter means every teacher who is engaged in teaching service and who under section 354A.05 contributes to the respective teachers retirement fund association and who has not retired. "Member" for purposes of determining who may participate in the organization and governance of the teachers retirement fund association, including the eligibility to elect members of and to serve as a member of the board of trustees, means every teacher who joins and contributes to the respective teachers retirement fund association and any other person designated as a member by the articles of incorporation or the bylaws of the respective teachers retirement fund association.
Subd. 15a.Normal retirement age.
"Normal retirement age" means age 65 for a person who first became a member of the coordinated program of the St. Paul Teachers Retirement Fund Association or a member of a pension fund listed in section 356.30, subdivision 3, before July 1, 1989. For a person who first became a member of the coordinated program of the St. Paul Teachers Retirement Fund Association after June 30, 1989, normal retirement age means the higher of age 65 or retirement age, as defined in United States Code, title 42, section 416(l), as amended, but not to exceed age 66. For a person who is a member of the basic program of the St. Paul Teachers Retirement Fund Association, normal retirement age means the age at which a teacher becomes eligible for a normal retirement annuity computed upon meeting the age and service requirements specified in the applicable provisions of the articles of incorporation or bylaws of the teachers retirement fund association.
Subd. 16.Normal retirement annuity.
"Normal retirement annuity" means for a coordinated member the retirement annuity computed pursuant to section 354A.31, subdivision 4, and paid or payable to a member upon meeting the age and service requirements specified in section 354A.31, subdivision 5, and for a basic member the retirement annuity computed pursuant to and paid or payable to a member upon meeting the age and service requirements specified in the applicable provisions of the articles of incorporation or bylaws of the respective teachers retirement fund association.
"Optional survivors annuity" means the payments made by the teachers retirement fund association to a survivor of a former member pursuant to an actuarial equivalent optional annuity form established by the applicable board of trustees under section 354A.32 and selected by the member at or before retirement.
Subd. 18.Other than normal school operating funds.
"Other than normal school operating funds" means funds other than those generated as proceeds of property tax levies, state school maintenance cost aids distributed in accordance with statute, state aid to distressed school districts, proceeds from federal forest reserve lands, state transportation aids, receipts from tuition paid by persons or other school districts, any rental charges received, and any other moneys appropriated by the legislature.
Subd. 19.Program.
"Program" means a separate component plan of a teachers retirement fund association providing a specific set of retirement annuities and disability and survivor benefits for a defined portion of the covered membership of the association.
Subd. 20.Reduced retirement annuity.
"Reduced retirement annuity" means for a coordinated member the retirement annuity computed pursuant to section 354A.31, subdivision 4, reduced pursuant to section 354A.31, subdivision 6 or 7, and paid or payable to a member upon meeting the minimum age and service requirements specified in section 354A.31, subdivision 1, but prior to meeting the age and service requirements specified in section 354A.31, subdivision 5, and for a basic member the retirement annuity computed pursuant to and paid or payable to a member upon meeting the minimum age and service requirements specified in but prior to meeting the age and service requirements for a normal retirement annuity specified in the applicable provisions of the articles of incorporation or bylaws of the respective teachers retirement fund association.
(a) "Retirement" means the time after the date of cessation of active teaching service by a teacher who is then entitled to an accrued retirement annuity beginning as designated by the board of trustees and payable upon filing a valid application for an annuity with the board. The applicable provisions of law, articles of incorporation and bylaws in effect on the date of cessation of active teaching service thereafter determine the rights of the person.
(b) For members of the St. Paul Teachers Retirement Fund Association, a right to a retirement annuity requires a complete and continuous separation for 90 days from employment in any form with Independent School District No. 625, including service provided to the school district as an independent contractor or as an employee of an independent contractor.
Subd. 22.Retirement annuity.
"Retirement annuity" means the payments made by a teachers retirement fund association to a retired teacher.
Subd. 23.Sabbatical leave.
"Sabbatical leave" means an authorized leave of absence period during which the member is compensated at a rate of not less than one-third of the salary which the member received during the plan year immediately preceding the granting of the leave.
Subd. 24.Salary; covered salary.
(a) Subject to the limitations of section 356.611, "salary" or "covered salary" means the entire compensation, upon which member contributions are required and made, that is paid to a teacher before deductions for deferred compensation, supplemental retirement plans, or other voluntary salary reduction programs.
(3) employer-paid amounts used by an employee toward the cost of insurance coverage, employer-paid fringe benefits, flexible spending accounts, cafeteria plans, health care expense accounts, day care expenses, or any payments in lieu of any employer-paid group insurance coverage, including the difference between single and family rates that may be paid to a member with single coverage, and certain amounts determined by the executive secretary or director to be ineligible;
(4) any form of payment that is made in lieu of any other employer-paid fringe benefit or expense;
(9) payments under section 356.24, subdivision 1, clause (4)(ii); and
Subd. 25.Service.
"Service" means all allowable service credited by the teachers retirement fund association, irrespective of whether the member at the time was covered by the basic program or by the coordinated program.
Subd. 26.Spouse.
"Spouse" means the person who was legally married to the member immediately prior to the member's death.
Subd. 27.Teacher.
(a) "Teacher" means any person who renders service for a public school district, other than a charter school, located in the corporate limits of St. Paul, as any of the following:
(2) an employee of the teachers retirement fund association located in the city of St. Paul;
(2) an employee who is a full-time teacher covered by the Teachers Retirement Association under chapter 354;
(3) an employee who is exempt from licensure pursuant to section 122A.30;
(4) an employee who is a teacher in a technical college located in a city of the first class unless the person elects coverage by the first class city teacher retirement fund association under section 354B.21, subdivision 2;
(5) a teacher employed by a charter school, irrespective of the location of the school;
(6) an employee who is a part-time teacher in a technical college in the city of St. Paul and who has elected coverage by the first class city teacher retirement fund association under section 354B.21, subdivision 2, but (i) the teaching service is incidental to the regular nonteaching occupation of the person; (ii) the applicable technical college stipulates annually in advance that the part-time teaching service will not exceed 300 hours in a fiscal year; and (iii) the part-time teaching actually does not exceed 300 hours in the fiscal year to which the certification applies; or
(7) a person who is receiving a retirement annuity from the Teachers Retirement Fund Association and is employed after retirement by the school district associated with the retirement fund association.
Subd. 28.Teaching service.
"Teaching service" means any service as a teacher performed by any person included within the definition of teacher.
Subd. 29.Vesting; vested.
"Vesting" or "vested" means having entitlement to a nonforfeitable annuity or benefit from the St. Paul Teachers Retirement Fund Association coordinated member program when the teacher has accrued credit for at least three years of allowable service.
1979 c 217 s 1; 1980 c 609 art 5 s 22; 1981 c 224 s 131; 1981 c 269 s 1; 1981 c 298 s 11; 1983 c 286 s 9; 1987 c 258 s 12; 1987 c 259 s 46,47; 1989 c 246 s 2; 1989 c 319 art 13 s 71,72; 1990 c 570 art 12 s 45; 1991 c 269 art 2 s 11; 1992 c 598 art 6 s 1-10; 1993 c 336 art 1 s 1; art 6 s 16; 1994 c 508 art 1 s 5; 1994 c 542 s 1; 1995 c 141 art 4 s 4,5; 1Sp1995 c 3 art 16 s 13; 1997 c 233 art 3 s 1; 1998 c 397 art 11 s 3; 1Sp2001 c 10 art 3 s 19; art 6 s 10,21; 2002 c 392 art 6 s 2; art 11 s 52; 2003 c 130 s 12; 1Sp2003 c 12 art 6 s 5; 2004 c 267 art 2 s 5; 1Sp2005 c 8 art 1 s 19,20; art 3 s 5; 2006 c 277 art 3 s 11,12; 2010 c 359 art 12 s 20; 1Sp2011 c 8 art 2 s 1; 2013 c 111 art 13 s 2; 2014 c 296 art 1 s 7; art 6 s 11-13,49; 2015 c 68 art 13 s 40; 2018 c 211 art 4 s 1; art 19 s 4
There is established a teachers retirement fund association in the city of St. Paul. The association is known as the "St. Paul Teachers Retirement Fund Association." The association is a continuation of the teachers retirement fund association with the same corporate name established under the authorization contained in Laws 1909, chapter 343, section 1.
Subd. 2.Organization; board duties.
(a) Each teachers retirement fund association shall be organized and governed pursuant to this chapter and chapter 317A, except that each association shall be deemed to be a nonprofit corporation without coming within the definition in section 317A.011, subdivision 6. Any corporate action of any teachers retirement fund association taken prior to April 9, 1976, shall be deemed to be valid if it conformed with Minnesota Statutes 1976, chapter 317 or 354A, or Revised Laws 1905, chapter 58, as amended through April 9, 1976.
(b) In addition to the other powers and duties of a board of trustees of a first class city teacher retirement fund association, the board shall approve early retirement and optional annuity factors, subject to review by the actuary retained by the Legislative Commission on Pensions and Retirement; shall establish the schedule for implementation of the approved factors; and shall notify the Legislative Commission on Pensions and Retirement of the implementation schedule.
Subd. 3.Fund.
Within each teachers retirement fund association there shall be created a special retirement fund, which shall include all of the assets of the teachers retirement fund association other than assets of a tax-sheltered annuity program and fund authorized pursuant to subdivision 5 which were acquired for the specific purpose of being credited to that fund. The special retirement fund shall be credited with all employee and employer contributions, all interest and all other income authorized by law. Within the special retirement fund there may be established separate special retirement fund accounts for the purpose of providing convenience in the funding of and accounting for retirement annuities and any authorized ancillary benefits.
Subd. 4.Fund disbursement restricted.
The assets of the special retirement fund shall be disbursed only for the purposes provided for in this chapter, the articles of incorporation or bylaws in effect as of March 31, 1975, and the articles of incorporation or bylaws adopted subsequent to March 31, 1975 in accordance with the provisions of section 354A.12. All appropriate expenses of and any authorized benefits provided by the teachers retirement fund association shall be paid from the special retirement fund. Amounts necessary to make payments from the special retirement fund of a teachers retirement fund association are hereby appropriated.
Subd. 6.Trustees' fiduciary obligation.
The trustees or directors of each teachers retirement fund association shall administer each fund in accordance with the applicable portions of this chapter, of the articles of incorporation, of the bylaws, and of chapters 356 and 356A. The purpose of this subdivision is to establish each teachers retirement fund association as a trust under the laws of the state of Minnesota for all purposes related to section 401(a) of the Internal Revenue Code of the United States, including all amendments.
Subd. 7.Actuarial consultant.
The board of trustees or directors of each teachers retirement fund association may contract for the services of an approved actuary and fix the reasonable compensation for those services. Any approved actuary retained by the board shall function as the actuarial advisor to the board and may perform actuarial valuations and experience studies to supplement those performed by the actuary retained under section 356.214. Any supplemental actuarial valuations or experience studies must be filed with the executive director of the Legislative Commission on Pensions and Retirement.
Subd. 8.Audit by state auditor.
The books and accounts of each teachers retirement fund association must be examined and audited periodically as considered necessary by the state auditor. A full and detailed report of the examination and audit must be made and a copy provided to the teachers retirement fund association board of trustees. The cost of any examination and audit must be paid by the teachers retirement fund association in accordance with section 6.56. For purposes of section 6.56, each teachers retirement fund association is considered a local governmental entity equivalent to a county, city, town, or school district.
Subd. 9.Updated articles of incorporation and bylaws; filing.
(a) On or before July 1, 2006, and within six months of the date of the approval of any amendment to the articles of incorporation or bylaws, the chief administrative officer of each first class city teacher retirement fund association shall prepare and publish an updated compilation of the articles of incorporation and the bylaws of the association.
(b) The chief administrative officer of the first class city teacher retirement fund association must certify the accuracy and the completeness of the compilation.
(c) The compilation of the articles of incorporation and bylaws of a first class city teacher retirement fund association must contain an index.
(d) The compilation must be made available to association members and other interested parties. The association may charge a fee for a copy that reflects the price of printing or otherwise producing the copy. Two copies of the compilation must be filed, without charge, by each retirement fund association with the Legislation Commission on Pensions and Retirement, the Legislative Reference Library, the state auditor, the commissioner of education, the chancellor of the Minnesota State Colleges and Universities system, and the superintendent of the applicable school district.
(e) A first class city teacher retirement fund association may contract with the revisor of statutes for the preparation of the compilation.
(f) If a first class city teacher retirement fund association makes an updated copy of its articles of incorporation and bylaws available on its website, the retirement fund association is not obligated to file a hard copy of the documents under paragraph (d) for the applicable filing period.
1979 c 217 s 2; 1983 c 286 s 10; 1987 c 259 s 48; 1987 c 284 art 7 s 1; 1987 c 372 art 11 s 1; 1989 c 304 s 135; 1989 c 319 art 8 s 18; 1990 c 488 s 43; 1992 c 598 art 6 s 11; 1993 c 336 art 1 s 2; 1993 c 375 art 8 s 14; 2004 c 223 s 5; 1Sp2005 c 8 art 7 s 1; art 10 s 61; 2006 c 277 art 3 s 13; 2013 c 111 art 8 s 5; 2014 c 296 art 6 s 14,48,49
Teachers contributing to the respective teachers retirement fund association, as provided in this chapter and the articles of incorporation and the bylaws of the association, are entitled to the benefit of coverage by or entitlement to annuities or benefits from the association. All teachers in a city of the first class in which there exists a teachers retirement fund association are members of that teachers retirement fund association and participate in the benefits provided by the special retirement fund.
(1362) 1909 c 343 s 5; 1941 c 214 s 1; 1945 c 390 s 1; 1951 c 25 s 1; 1973 c 255 s 1; 1976 c 2 s 125; 1979 c 40 s 8; 1979 c 217 s 3; 1992 c 598 art 6 s 12
In addition to investments authorized under section 356A.06, subdivision 7, a teachers retirement fund association may receive, hold, and dispose of real estate or personal property acquired by it, whether the acquisition was by purchase or any other lawful means, as provided in this chapter or in the association's articles of incorporation.
(1364) 1909 c 343 s 7; 1979 c 217 s 4; 1983 c 291 s 3; 1992 c 598 art 6 s 13; 2006 c 271 art 8 s 2; 2012 c 286 art 10 s 6
In the event that the assets of the special retirement fund of a teachers retirement fund association are not sufficient to pay annuities and other retirement benefits in full as they come due in any particular year, the amount of special retirement fund assets available for payment shall be prorated among those annuitants and beneficiaries entitled to receive annuities and other retirement benefits.
(1365) 1909 c 343 s 8; 1979 c 217 s 5
Any teacher in the coordinated program of the St. Paul Teachers Retirement Fund Association who is granted a sabbatical leave is entitled to receive allowable service credit in the association for periods of sabbatical leave. To obtain the service credit, the teacher on sabbatical leave shall make an employee contribution to the association. No teacher is entitled to receive more than three years of allowable service credit under this section for a period or periods of sabbatical leave during any ten consecutive years. If the teacher granted a sabbatical leave makes the employee contribution for a period of sabbatical leave under this section, the employing unit shall make an employer contribution on behalf of the teacher to the association for that period of sabbatical leave in the manner described in section 354A.12, subdivision 2a. The employee and employer contributions must be in an amount equal to the employee and employer contribution rates in effect for other active members of the association covered by the same program applied to a salary figure equal to the teacher's actual covered salary for the plan year immediately preceding the sabbatical leave period. Payment of the employee contribution authorized under this section must be made by the teacher on or before June 30 of the year next following the year in which the sabbatical leave terminated and must be made without interest. The required employer contributions must be paid by the employing unit within 30 days after notification by the association of the amount due. If the employee contributions for the sabbatical leave period are less than an amount equal to the applicable contribution rate applied to a salary figure equal to the teacher's actual covered salary for the plan year immediately preceding the sabbatical leave period, service credit must be prorated. The prorated service credit must be determined by the ratio between the amount of the actual payment which was made and the full contribution amount payable under this section.
1979 c 217 s 7; 1981 c 224 s 134; 1981 c 269 s 2; 1Sp1985 c 12 art 11 s 10; 1996 c 305 art 1 s 87; 2006 c 277 art 3 s 14; 2014 c 296 art 6 s 16,49; 2015 c 68 art 13 s 41
Any teacher in the coordinated program of the St. Paul Teachers Retirement Fund Association who is absent from employment by reason of service in the uniformed services as defined in United States Code, title 38, section 4303(13) and who returns to the employer providing active teaching service upon discharge from uniformed service within the time frames required under United States Code, title 38, section 4312(e), may receive allowable service credit in the association for all or a portion of the period of uniformed service, provided that the teacher did not separate from uniformed service with a dishonorable or bad conduct discharge or under other than honorable conditions.
Subd. 2.Contributions.
If the teacher makes the equivalent employee contribution for a period of service provided to the uniformed services under this section, the employing unit shall make an equivalent employer contribution on behalf of the teacher to the applicable association for the period being purchased in the manner described in section 354A.12, subdivision 2a. The equivalent employee and employer contributions must be in an amount equal to the employee and employer contribution rates in effect for other active members of the association covered by the same program applied to a salary figure equal to the teacher's average annual salary rate that the teacher would have received if the leave or break in service had not occurred, or if the determination of that average salary rate is not reasonably certain, on the basis of the teacher's average salary rate during the 12-month period immediately preceding the period, or, if the preceding period is less than 12 months, the annualized rate derived from the teacher's average salary rate during the period of teacher employment rendered immediately preceding the period of uniformed service, with the result multiplied by the number of full and fractional years constituting the period of service provided to the uniformed service which the teacher is authorized to purchase under this section.
Subd. 3.Prorating.
If the payments made by a teacher under this section are less than the full amount determined under subdivision 2, the service credit must be prorated. The prorated service credit must be determined by the ratio between the amount of the actual equivalent employee payment which was made and the full equivalent employee payment required under this section.
Subd. 4.Eligible payment period.
(a) To receive service credit under this section, the contributions specified in this section must be transmitted to the St. Paul Teachers Retirement Fund Association during the period which begins with the date the individual returns to teaching service and which has a duration of three times the length of the uniformed service period, but not to exceed five years.
(b) Notwithstanding paragraph (a), if the payment period determined under paragraph (a) is less than one year, the contributions required under this section to receive service credit may be made within one year from the discharge date.
Subd. 5.Limits on service credit.
The amount of service credit obtainable under this section may not exceed five years, unless a longer purchase period is required under United States Code, title 38, section 4312.
Subd. 6.Interest requirements.
The employer shall pay interest on all equivalent employee and employer contribution amounts payable under this section. Interest must be computed at the applicable annual rate or rates specified in section 356.59, subdivision 5, compounded annually, from the end of each fiscal year of the leave or break in service to the end of the month in which payment is received.
1979 c 217 s 8; 1981 c 269 s 3; 1Sp1985 c 12 art 11 s 11; 1996 c 305 art 1 s 88; 2004 c 267 art 3 s 7; 2006 c 277 art 3 s 15; 2014 c 296 art 6 s 17,49; 2015 c 68 art 2 s 14; 2018 c 211 art 6 s 30; art 12 s 1
Basic or coordinated members of the St. Paul Teachers Retirement Fund Association who are granted parental or maternity leave of absence by the employing authority, are entitled to obtain service credit not to exceed one year for the period of leave upon payment to the fund by the end of the fiscal year following the fiscal year in which the leave of absence terminated. The amount of the payment must include the total required employee and employer contributions for the period of leave prescribed in section 354A.12. Payment must be based on the member's average monthly salary rate upon return to teaching service, and is payable without interest. Payment must be accompanied by a certified or otherwise adequate copy of the resolution or action of the employing authority granting or approving the leave.
1989 c 319 art 2 s 21; 1990 c 570 art 12 s 46; 1994 c 542 s 2; 2006 c 277 art 3 s 16; 2018 c 211 art 19 s 5
Any teacher in the coordinated program of the St. Paul Teachers Retirement Fund Association who is on an authorized medical leave of absence and subsequently returns to teaching service is entitled to receive allowable service credit, not to exceed one year, for the period of leave, upon making the prescribed payment to the fund. This payment must include the required employee and employer contributions at the rates specified in section 354A.12, subdivisions 1 and 2a, as applied to the member's average full-time monthly salary rate on the date the leave of absence commenced plus interest at the applicable annual rate or rates specified in section 356.59, subdivision 5, compounded annually, from the end of the fiscal year during which the leave terminates to the end of the month during which payment is made. The member must pay the total amount required unless the employing unit, at its option, pays the employer contributions. The total amount required must be paid by the end of the fiscal year following the fiscal year in which the leave of absence terminated or before the member retires, whichever is earlier. Payment must be accompanied by a copy of the resolution or action of the employing authority granting the leave and the employing authority, upon granting the leave, must certify the leave to the association in a manner specified by the executive director. A member may not receive more than one year of allowable service credit during any fiscal year by making payment under this section. A member may not receive disability benefits under section 354A.36 and receive allowable service credit under this section for the same period of time.
1990 c 570 art 7 s 2; 1992 c 598 art 6 s 14; 2006 c 277 art 3 s 17; 2009 c 169 art 4 s 33; 2014 c 296 art 6 s 18,49; 2015 c 68 art 3 s 11; 2018 c 211 art 6 s 31
All money deposited by a teacher or member or deposited by any other person or corporation, municipal or private, to the credit of a teacher or member of a teachers retirement fund association organized pursuant to this chapter, and all money, rights, and interests or annuities due or to become due to a teacher, member, or annuitant, or their beneficiaries, from any association shall not be assignable, shall be exempt from garnishment, attachment, and execution or sale on any final process issued from a court and other legal process, except as provided in section 518.58, 518.581, or 518A.53, and shall not be subject to the estate tax provisions of this state.
(1366-2) 1939 c 72 s 1; 1967 c 605 s 1; 1971 c 789 s 7; 1979 c 217 s 10; 1979 c 303 art 3 s 31; 1982 c 578 art 1 s 9; 1983 c 286 s 11; 1984 c 547 s 8; 1987 c 157 s 7; 1997 c 203 art 6 s 92; 2005 c 164 s 29; 1Sp2005 c 7 s 28
A teacher who terminates employment at any time during the academic year at the end of which the teacher is required to terminate employment pursuant to this section shall be entitled upon application to a proportionate retirement annuity pursuant to section 356.32. Nothing contained in this section shall preclude a district from employing a retired teacher as a substitute teacher but upon having earned an amount equal to the annual maximum earnings allowable for that age for the continued receipt of full benefit amounts monthly under the federal old age, survivors and disability insurance program as set by the secretary of health and human services pursuant to the provisions of United States Code, title 42, section 403, in any academic year from employment as a substitute teacher, any person over the age of 70 years shall terminate employment for the remainder of that academic year. No person employed as a substitute teacher after reaching the normal retirement age and who has retired under this chapter shall resume membership in the teachers retirement fund association by virtue of the employment as a substitute teacher.
1975 c 306 s 32; 1976 c 329 s 31; 1979 c 217 s 12; 1980 c 342 s 14; 1Sp1981 c 4 art 2 s 35; 1987 c 284 art 2 s 6; 1989 c 319 art 13 s 73
[Repealed, 2006 c 277 art 3 s 45]
Subd. 2.St. Paul Teachers Retirement Fund Association basic program.
There is established within the St. Paul Teachers Retirement Fund Association a basic program which shall be a continuation of the retirement program in existence prior to July 1, 1978 to provide retirement coverage for teachers who are not covered by any agreement or modification made between the state and the Secretary of Health, Education and Welfare making the provisions of the federal Old Age, Survivors and Disability Insurance Act applicable to certain teachers covered by the teachers retirement fund association. The provisions governing the basic program shall be the applicable portions of this chapter, the articles of incorporation and bylaws in effect as of March 31, 1976, the amendments to the articles of incorporation and bylaws adopted subsequent to legislative approval contained in Laws 1976, chapter 238, section 14, and Laws 1977, chapter 429, section 60, the provisions of Laws 1977, chapter 429, section 61, and any applicable amendments to the articles of incorporation or bylaws adopted subsequent to July 1, 1979 in accordance with the provisions of section 354A.12, subdivision 4.
Subd. 3.Eligibility for refunds and interest.
Notwithstanding anything to the contrary in the articles and bylaws of the basic programs enumerated in chapter 354A, eligibility for payment and the payment of interest on refunds and interest on repayment of refunds shall be determined in the same manner as for the coordinated programs covered by this chapter.
1979 c 217 s 13; 1984 c 564 s 39; 1993 c 336 art 1 s 8
354A.27
[Repealed, 2010 c 359 art 1 s 89]
[Repealed, 1995 c 262 art 2 s 14]
[Repealed, 2013 c 111 art 13 s 24]
Subdivision 1.Articles of incorporation and bylaws.
Permission is granted for the St. Paul Teachers Retirement Fund Association under section 354A.12, subdivision 4, to amend its articles of incorporation and bylaws to provide postretirement adjustments under this section.
[Repealed, 2009 c 169 art 7 s 3]
Subd. 7. Postretirement adjustments.
(a) Except as set forth in paragraph (c), each person who has been receiving an annuity or benefit under the articles of incorporation, the bylaws, or this chapter, whose effective date of benefit commencement occurred on or before July 1 of the calendar year immediately before the adjustment, is eligible to receive an annual postretirement adjustment, effective as of each January 1, as follows:
(1) there shall be no postretirement adjustment on January 1, 2019, and January 1, 2020; and
(2) the postretirement adjustment shall be one percent on January 1, 2021, and each January 1 thereafter.
(b) A postretirement adjustment is to be applied as a permanent increase to the regular payment of each eligible member on January 1. For any eligible member whose effective date of benefit commencement occurred after January 1 of the immediately preceding calendar year, the amount of the postretirement adjustment must be reduced by 50 percent.
(c) Each person who retires on or after July 1, 2024, is entitled to an annual postretirement adjustment, effective as of each January 1, beginning with the year following the year in which the member attains normal retirement age.
(d) Paragraph (c) does not apply to members who retire under section 354A.31, subdivision 6, paragraph (b), or who retire when the member is at least age 62 and has at least 30 years of service under section 354A.31, subdivision 7.
MS 2016 [Repealed, 2018 c 211 art 4 s 6]
1997 c 233 art 3 s 7; 2006 c 271 art 3 s 47; 2009 c 169 art 7 s 1,4; 1Sp2011 c 8 art 2 s 3-5; 2014 c 296 art 11 s 2; 2015 c 68 art 4 s 1-3; 2018 c 211 art 4 s 2
There is established a coordinated program within the St. Paul Teachers Retirement Fund Association to provide retirement coverage for teachers who are covered by an agreement or modification made between the state and the secretary of health, education and welfare making the provisions of the federal Old Age, Survivors and Disability Insurance Act applicable to certain teachers covered by the teachers retirement fund association. The provisions governing the coordinated program shall be sections 354A.31 to 354A.41 and any other applicable provisions of this chapter.
1979 c 217 s 15; 2006 c 277 art 3 s 25
Subdivision 1.Optional forms generally.
The board of the St. Paul Teachers Retirement Fund Association shall establish for the coordinated program an optional retirement annuity which must take the form of a joint and survivor annuity. The board may also, in its discretion, establish an optional annuity which may take the form of an annuity payable for a period certain and for life thereafter. The board shall also establish an optional retirement annuity that guarantees payment of the balance of the annuity recipient's accumulated deductions to a designated beneficiary upon the death of the annuity recipient. Except as provided in subdivision 1a, the optional annuity forms must be the actuarial equivalent of the normal forms provided in section 354A.31. In establishing these optional annuity forms, the board shall obtain the written recommendation of the actuary retained under section 356.214. The recommendation must be a part of the permanent records of the board.
(a) If a former coordinated member or disabilitant has selected a joint and survivor annuity option under subdivision 1 after June 30, 1989, the former member or disabilitant must receive a normal single life annuity if the designated optional annuity beneficiary dies before the former member or disabilitant. Under this option, no reduction may be made in the person's annuity to provide for restoration of the normal single life annuity in the event of the death of the designated optional annuity beneficiary.
(b) The annuity adjustment specified in paragraph (a) also applies to joint and survivor annuity options elected before July 1, 1989. The annuity adjustment under this paragraph occurs on July 1, 1989, or on the first day of the first month following the death of the designated optional annuity beneficiary, whichever is later. This paragraph may not be interpreted as authorizing retroactive payments.
(c) Unless otherwise specified in this subdivision, the restoration of the normal single life annuity under this subdivision takes effect on the first of the month following the date of death of the designated optional annuity beneficiary or on the first of the month following one year before the date on which a certified copy of the death record of the designated optional annuity beneficiary is received in the office of the appropriate teachers retirement fund association, whichever date is later.
[Repealed, 1989 c 319 art 13 s 98]
1979 c 217 s 17; 1981 c 269 s 6; 1983 c 286 s 12; 1987 c 259 s 49; 1989 c 319 art 13 s 79,80; 1990 c 570 art 12 s 50,51; 1Sp2001 c 9 art 15 s 32; 2006 c 271 art 3 s 38,47; 2006 c 277 art 3 s 27; 2014 c 296 art 6 s 24,49
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 actuary retained under section 356.214 and the recommendation shall be a part of the permanent records of the board.
1979 c 217 s 18; 1987 c 259 s 50; 2006 c 271 art 3 s 47
If a retiree from a coordinated program who has elected a period certain and for life thereafter or a guaranteed refund optional annuity form dies without having a designated beneficiary who has survived the retiree, any remaining unpaid guaranteed annuity payments shall be computed at the rate of interest specified in section 356.215, subdivision 8, and paid in one lump sum to the estate of the retiree. If a retiree from a coordinated program who has elected a period certain and for life or a guaranteed refund optional annuity form dies with a designated beneficiary who has survived the retiree but the designated beneficiary dies without there existing another designated beneficiary, any remaining unpaid guaranteed annuity payments shall be computed with interest at the applicable annual rate or rates specified in section 356.59, subdivision 5, and paid in one lump sum to the estate of the designated beneficiary.
1979 c 217 s 19; 1Sp1985 c 7 s 35; 2002 c 392 art 11 s 52; 2018 c 211 art 6 s 34
Subdivision 1.Death before retirement; refund.
If a coordinated member or former coordinated member dies before retirement or before the receipt of any retirement annuity or other benefit payment which is or may be payable and a surviving spouse optional annuity is not payable under subdivision 2, a refund must be paid to the person's surviving spouse, or if there is none, to the person's designated beneficiary, or if there is none, to the legal representative of the person's estate. For a coordinated member or former coordinated member of the St. Paul Teachers Retirement Fund Association, the refund must be in an amount equal to the person's accumulated employee contributions plus interest at the rate of six percent per annum compounded annually.
Subd. 2.Death while eligible to retire; surviving spouse optional annuity.
(a) The surviving spouse of a vested coordinated member who dies prior to retirement may elect to receive, instead of a refund with interest under subdivision 1, an annuity equal to the 100 percent joint and survivor annuity the member could have qualified for had the member terminated service on the date of death. The surviving spouse eligible for a surviving spouse benefit under this paragraph may apply for the annuity at any time after the date on which the deceased employee would have attained the required age for retirement based on the employee's allowable service. A surviving spouse eligible for surviving spouse benefits under paragraph (b) or (c) may apply for an annuity at any time after the member's death. The member's surviving spouse shall be paid a joint and survivor annuity under section 354A.32 and computed under section 354A.31.
(b) If the member was under age 55 and has credit for at least 30 years of allowable service on the date of death, the surviving spouse may elect to receive a 100 percent joint and survivor annuity based on the age of the member and surviving spouse on the date of death. The annuity is payable using the full early retirement reduction under section 354A.31, subdivision 6, paragraph (b), to age 55 and one-half of the early retirement reduction from age 55 to the age payment begins.
(c) If a vested member of the St. Paul Teachers Retirement Fund Association was under age 55 on the date of death but did not yet qualify for retirement, the surviving spouse may elect to receive the 100 percent joint and survivor annuity based on the age of the member and the survivor at the time of death. The annuity is payable using the full early retirement reduction under section 354A.31, subdivision 6 or 7, to age 55 and one-half of the actuarial equivalent reduction from age 55 to the date payment begins. The actuarial equivalent reduction is calculated so that the reduced annuity is the actuarial equivalent of the annuity that would be payable to the member if the member deferred receipt of the annuity and the annuity amount were augmented at an annual rate of 2.5 percent compounded annually from the day the annuity begins to accrue until the normal retirement age.
(d) Sections 354A.37, subdivision 2, and 354A.39 apply to a deferred annuity or surviving spouse benefit payable under this section. The benefits are payable for the life of the surviving spouse, or upon expiration of the term certain benefit payment under subdivision 2b.
Subd. 2b.Survivor coverage term certain.
In lieu of the 100 percent optional annuity under subdivision 2, or a refund under subdivision 1, the surviving spouse of a deceased member may elect to receive survivor coverage in a term certain of five, ten, 15, or 20 years, but monthly payments must not exceed 75 percent of the average high-five monthly salary of the deceased member. The monthly term certain annuity must be actuarially equivalent to the 100 percent optional annuity under subdivision 2.
If a surviving spouse elects a term certain annuity and dies before the expiration of the specified term certain period, the commuted value of the remaining annuity payments must be paid in a lump sum to the survivor's estate.
Subd. 2c.Dependent child survivor coverage.
If there is no surviving spouse eligible for benefits under subdivision 2, a dependent child or children as defined in section 354A.011, subdivision 12a, is eligible for monthly payments. Payments to a dependent child must be paid from the date of the member's death to the date the dependent child attains age 20 if the child is under age 15. If the child is 15 years or older on the date of death, payment must be made for five years. The payment to a dependent child is an amount actuarially equivalent to the value of a 100 percent optional annuity under subdivision 2 using the age of the member and age of the dependent child at the date of death. If there is more than one dependent child, each dependent child shall receive a proportionate share of the actuarial value of the employee's account.
Subd. 3.Death after retirement.
If a retiree from a coordinated program dies after retirement, the retiree or the retiree's designated beneficiary shall be entitled to the annuity payment due for the full month during which death occurs unless an optional annuity was elected by the retiree pursuant to subdivision 2 or section 354A.32. If a joint and survivor optional annuity covering the spouse of the retiree was elected by the retiree from a coordinated program, the retiree's surviving spouse shall be paid a joint and survivor annuity as provided in section 354A.32 and computed pursuant to section 354A.31. If an optional annuity other than a joint and survivor optional annuity covering the spouse of the retiree was elected by the retiree from a coordinated program, the optional annuity shall be paid according to its terms.
Subd. 4.Payment of minimal refund and benefit amounts.
If a coordinated member or former coordinated member dies without having designated a beneficiary or if the designated beneficiary dies without there existing any other designated beneficiary and prior to making application for the refund credited to the deceased coordinated member or coordinated former member, and if the amount of the refund does not exceed $1,500, the board in its discretion may, in absence of probate proceedings, make payment 90 days after the date of death of the coordinated member or former coordinated member to the surviving spouse of the deceased coordinated member or former coordinated member, or if none, to the next of kin as determined under the laws of descent of the state. A payment under this subdivision shall be a bar to recovery by any other person or persons. Any retirement annuity in any amount which has accrued at the time of the death of a coordinated retiree may be paid by the board in its discretion using the procedure set forth in this subdivision.
Subd. 5.Payment to designated beneficiary.
Any coordinated member and the spouse of the coordinated member may make a joint specification in writing on a form prescribed by the executive secretary that the benefits provided in subdivision 1 or 2, shall be paid only to a designated beneficiary. For purposes of this subdivision, a designated beneficiary may only be either a former spouse or a child, either natural or adopted, of the member.
1979 c 217 s 20; 1981 c 156 s 5; 1981 c 224 s 140,141; 1982 c 578 art 3 s 8; 1983 c 286 s 13; 1Sp1985 c 7 s 25; 1986 c 458 s 19; 1987 c 372 art 9 s 32; 1989 c 319 art 13 s 81,82; 1993 c 336 art 5 s 1; art 6 s 17-19; 1Sp2001 c 10 art 3 s 24; 2010 c 359 art 1 s 64; 1Sp2011 c 8 art 2 s 9; 2013 c 111 art 13 s 16; 2014 c 296 art 6 s 25,49; 2018 c 211 art 19 s 7
Subdivision 1.Eligibility for refund.
Any coordinated member who ceases to render teaching service for the school district in which the teachers retirement fund association is located shall be entitled to a refund in lieu of any other annuity or benefit from the teachers retirement fund association. The amount of the refund must be calculated under subdivision 3. The application for the refund must not be made prior to 30 days after the cessation of teaching services if the coordinated member has not resumed active teaching services for the district. Payment of the refund must be made within 90 days after receipt of the refund application by the board.
Subd. 2.Eligibility for deferred retirement annuity.
(a) Any coordinated member who ceases to render teaching services for the school district in which the teachers retirement fund association is located, with sufficient allowable service credit to meet the minimum service requirements specified in section 354A.31, subdivision 1, shall be entitled to a deferred annuity in lieu of a refund under subdivision 1.
(b) The deferred annuity must be augmented from the first day of the month following the termination of active service to the effective date of retirement. There is no augmentation if this period is less than three months.
(c) The deferred annuity commences upon application after the person on deferred status attains at least the minimum age specified in section 354A.31, subdivision 1.
(d) For a person who became a covered employee before July 1, 2006, the annuity must be augmented at the following rate or rates, compounded annually:
(1) three percent until January 1 of the year following the year in which the former member attains age 55 or June 30, 2012, whichever is earlier;
(2) five percent from the January 1 next following the attainment of age 55 or until June 30, 2012;
(3) two percent from July 1, 2012, until June 30, 2019; and
(4) after June 30, 2019, the deferred annuity must not be augmented.
(e) For a person who became a covered employee after June 30, 2006, the annuity must be augmented at the following rate or rates, compounded annually:
(1) 2.5 percent until June 30, 2012;
(2) two percent from July 1, 2012, until June 30, 2019; and
(3) after June 30, 2019, the deferred annuity must not be augmented.
(f) The augmentation provided by this subdivision applies to the benefit provided in section 354A.35, subdivision 2. The augmentation provided by this subdivision does not apply to any period in which a person is on an approved leave of absence from an employer unit.
Subd. 3.Computation of refund amount.
A former coordinated member who qualifies for a refund under subdivision 1 is entitled to receive a refund equal to the amount of the former coordinated member's accumulated employee contributions with interest at the following rates for the applicable period:
(1) six percent per annum compounded annually to July 1, 2011;
(2) four percent per annum compounded annually to July 1, 2018; and
(3) three percent per annum compounded annually thereafter.
Subd. 4.Certain refunds at normal retirement age.
Any coordinated member who has attained the normal retirement age with less than ten years of allowable service credit and has terminated active teaching service is entitled to a refund in lieu of a proportionate annuity under section 356.32. The refund must be equal to the coordinated member's accumulated employee contributions plus interest at the rate of six percent compounded annually to July 1, 2011, if the person is a former member of the St. Paul Teachers Retirement Fund Association, and four percent per annum compounded annually thereafter.
Subd. 5.Unclaimed minimal refund amounts; disposition.
If a coordinated member ceases to render teaching services for the school district in which the teachers retirement fund association is located but does not apply for a refund under subdivision 1 within five years after the end of the plan year next following the cessation of teaching services and if the amount of the refund that the former coordinated member would have been entitled to under subdivision 3 is $500 or less, then the amount of the refund and any accumulated interest must be credited to and become a part of the retirement fund. If the former coordinated member subsequently renders teaching services for the school district in which the teachers retirement fund association is located and the amount of the refund that the former coordinated member would have previously been entitled to under subdivision 3 is at least $5, then the amount of the refund and any accumulated interest must be restored to the member's individual account. If the amount of the refund that the former coordinated member would have previously been entitled to under subdivision 3 is at least $5 and the former coordinated member applies for a refund under subdivision 1 or for an annuity under sections 354A.31 and 354A.32 or section 356.30, the amount of the refund and any accumulated interest must be restored to the member's individual account.
1979 c 217 s 22; 1984 c 564 s 40,41; 1989 c 319 art 13 s 86-88; 2006 c 277 art 2 s 9; 2010 c 359 art 1 s 65-67; 1Sp2011 c 8 art 2 s 11; 2014 c 296 art 6 s 26,27,49; 2017 c 40 art 1 s 111; 2018 c 211 art 4 s 4,5
Subdivision 1.Retirement annuity.
Any coordinated member of the St. Paul Teachers Retirement Fund Association who has credited service prior to July 1, 1978 shall be entitled to receive a retirement annuity when otherwise qualified, the calculation of which shall utilize the applicable retirement annuity formula specified in articles of incorporation and bylaws of the teachers retirement fund association governing the basic program for that portion of credited service which was served prior to July 1, 1978, and the retirement annuity formula specified in section 354A.31 for the remainder of the member's credited service, both applied to the member's average salary as specified in section 354A.31, subdivision 4. The formula percentages to be used in calculating the coordinated portion of the retirement annuity or coordinated service under this section shall recognize the coordinated service as a continuation of any service prior to July 1, 1978.
1979 c 217 s 25; 2006 c 277 art 3 s 29
Subdivision 1.Administrative provisions.
The provisions of the articles of incorporation and bylaws of the St. Paul Teachers Retirement Fund Association relating to the administration of the fund shall govern the administration of the coordinated and basic programs where the administrative provisions are not inconsistent with 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 St. Paul Teachers Retirement Fund Association, and the definition of the plan year. The administrative provisions in the articles of incorporation and the bylaws of the Minneapolis Teachers Retirement Fund Association pertaining to the granting of pension benefits of the basic and coordinated programs are no longer in effect after June 30, 2006, and the administrative provisions of the Duluth Teachers Retirement Fund Association pertaining to retirement benefits of the old law coordinated program are no longer in effect after June 30, 2015.
Subd. 2.Actuarial valuations.
In any actuarial valuation of the St. Paul Teachers Retirement Fund Association under section 356.215 prepared by the actuary retained under section 356.214 or supplemental actuarial valuation prepared by an approved actuary retained by the St. Paul Teachers Retirement Fund Association, there must be included a finding of the condition of the fund showing separately the basic and coordinated programs. The finding must include the level normal cost and the applicable employee and employer contribution rates for each program.
1979 c 217 s 26; 1981 c 269 s 8; 1Sp1985 c 7 s 35; 1987 c 259 s 51; 2006 c 271 art 3 s 47; 2006 c 277 art 3 s 30; 2014 c 296 art 6 s 29,49