354B.20 DEFINITIONS. Subdivision 1. In general. Unless the content or subject matter indicates otherwise, as used in this chapter the terms in this section have the meanings given them. Subd. 2. Board. “Board” means the Board of Trustees of the Minnesota State Colleges and Universities. Subd. 3. Chancellor. “Chancellor” means the chancellor of the board. […]
354B.211 COVERAGE. Subdivision 1. Eligibility. (a) The following persons are eligible to have coverage by the individual retirement account plan or coverage by another plan as further specified in this section: (1) employees who are employed for at least 25 percent of a full academic year, exclusive of the summer session, in eligible unclassified faculty […]
354B.22 IRAP COVERAGE IN ADDITION TO SOCIAL SECURITY COVERAGE. Subdivision 1. Social Security coverage. (a) Any employee of the board or other employing unit who elects coverage by this chapter is a member of the Teachers Retirement Association solely for purposes of coverage by the federal old age, survivors, disability and health insurance program, and […]
354B.23 CONTRIBUTIONS. Subdivision 1. Member contribution rate. (a) Except for a participant described under paragraph (b), the member contribution rate for participants in the individual retirement account plan is equal to the coordinated employee contribution rate in section 354.42, subdivision 2. (b) The member contribution rate is the rate described in paragraph (c) for a […]
354B.24 SABBATICAL LEAVE. Subdivision 1. Continuation of coverage. A person who is a participant in the individual retirement plan, and who goes on an approved sabbatical leave, must remain a participant in the plan for any period during which the person receives a salary from the board or during which the person makes an optional […]
354B.25 INDIVIDUAL RETIREMENT ACCOUNT PLAN ADMINISTRATION. Subdivision 1. General governance. The individual retirement account plan is the administrative responsibility of the Board of Trustees of the Minnesota State Colleges and Universities. The Board of Trustees of the Minnesota State Colleges and Universities may administer the plan directly or may contract out for administrative services with […]
354B.26 DEFERRED ANNUITY ENTITLEMENT FOR CERTAIN FORMER TRA MEMBERS. Notwithstanding any provision of chapter 354 to the contrary, a person covered by this chapter who had less than three years of prior allowable service credit in the teachers retirement association is entitled to a deferred annuity and augmentation under section 354.55, subdivision 11. History: 1995 […]
354B.30 PROHIBITION ON LOANS OR PRETERMINATION DISTRIBUTIONS. (a) No participant may obtain a loan from the plan or obtain any distribution from the plan at a time before the participant terminates the employment that gave rise to plan coverage. (b) No amounts to the credit of the plan are assignable either in law or in […]
354B.31 IRAP PART-TIME TEACHER MOBILITY PROGRAM. Subdivision 1. Participation requirements. A faculty member who has three years or more of service in the Minnesota State Colleges and Universities system, by agreement with the board or with the authorized representative of the board, may be assigned to teaching service in a part-time teaching position under subdivision […]
