352D.01 ESTABLISHMENT. There is hereby established within the Minnesota State Retirement System a retirement program for certain public employees to be known as the Minnesota unclassified employees retirement program. The program must be administered by the Minnesota State Retirement System. History: 1971 c 604 s 1; 1973 c 624 s 1; 1986 c 458 s […]
352D.015 DEFINITIONS. Subdivision 1. General. As used in this chapter, unless the context or subject matter indicates otherwise, the following terms shall have the meanings given. Subd. 2. Unclassified program. “Unclassified program” means the program established by this chapter. Subd. 3. Supplemental investment fund. “Supplemental investment fund” means the fund established and governed by section […]
352D.02 COVERAGE. Subdivision 1. Coverage. (a) Employees enumerated in paragraph (c), clauses (2), (3), (4), (6) to (14), and (16) to (18), if they are in the unclassified service of the state or Metropolitan Council and are eligible for coverage under the general state employees retirement plan under chapter 352, are participants in the unclassified […]
352D.03 TRANSFER OF ASSETS. Unless an eligible employee enumerated in section 352D.02, subdivision 1, has elected coverage under the individual retirement account plan under chapter 354B, for an employee exercising an option under section 352D.02, an amount equal to the employee and employer contributions for the employment period plus six percent interest, compounded annually, must […]
352D.04 INVESTMENT OPTIONS. Subdivision 1. [Repealed, 2014 c 296 art 13 s 28] Subd. 1a. State Board of Investment selection of investment products. As specified in section 356.645, the State Board of Investment shall select investment products to be available to participants in the retirement program provided by this chapter. Subd. 1b. Participant selection of […]
352D.05 WITHDRAWAL OPTIONS. Subdivision 1. Pretermination of employment. No withdrawal of shares shall be permitted prior to termination of covered employment. Subd. 2. [Repealed, 1975 c 368 s 51] Subd. 3. Full or partial withdrawal. After termination of covered employment or at any time thereafter, a participant is entitled, upon application, to withdraw the cash […]
352D.06 ANNUITIES. Subdivision 1. Annuity; reserves. (a) When a participant attains at least age 55, terminates from covered service, and applies for a retirement annuity, the cash value of the participant’s shares must be transferred to the general state employees retirement fund and be used to provide an annuity for the participant based upon the […]
352D.065 DISABILITY BENEFITS. Subdivision 1. [Repealed, 1975 c 368 s 51] Subd. 2. Disability benefit amount. A participant who becomes totally and permanently disabled has the option, even if on leave of absence without pay, to receive: (1) the value of the participant’s total shares; (2) the value of a portion of the total shares […]
352D.075 DEATH BENEFITS. Subdivision 1. [Repealed, 1975 c 368 s 51] Subd. 2. Surviving spouse benefit. (a) Notwithstanding any designation of a beneficiary to the contrary, if a participant or a former participant dies before an annuity or a disability benefit becomes payable, the surviving spouse is entitled to receive: (1) a lump-sum payment of […]
352D.085 COMBINED SERVICE. Subdivision 1. Combined service. Except as provided in section 356.30, 356.302, or 356.303, service under the unclassified program during which the employee contributed to the program under section 352D.04, subdivision 2, may be used for the limited purpose of qualifying for benefits under sections 352.115, 352.113, 354.44, 354.45, 354.48, and 356.311. The […]
352D.09 ADMINISTRATION. Subdivision 1. Administrative agency and standards. The unclassified employees retirement plan and the provisions of this chapter must be administered by the Minnesota State Retirement System. The provisions of chapter 352 govern in all instances where not inconsistent with the provisions of this chapter. Fiduciary activities of the unclassified employees retirement plan must […]
352D.11 PURCHASE OF PRIOR SERVICE CREDIT. Subdivision 1. Eligibility. A qualified legislative employee may purchase prior service credit from the Minnesota State Retirement System for service for which the employee did not receive service credit from the state retirement system. An employee is qualified to purchase prior service credit only if: (1) the employee is […]
352D.12 TRANSFER OF PRIOR SERVICE CONTRIBUTIONS. (a) An employee who is a participant in the unclassified program and who has prior service credit in a covered plan under chapter 352, 353, 354, 354A, or 422A may, within the time limits specified in this section, elect to transfer to the unclassified program prior service contributions to […]
