Minnesota Statutes 352D.05 – Withdrawal Options
Subdivision 1.Pretermination of employment.
No withdrawal of shares shall be permitted prior to termination of covered employment.
Subd. 2.
Terms Used In Minnesota Statutes 352D.05
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Covered employment: means employment covered by this chapter or by chapter 352. See Minnesota Statutes 352D.015
- Employee shares: means shares in the supplemental fund purchased with the employee's contributions. See Minnesota Statutes 352D.015
- General employees retirement plan: means the general state employees retirement plan under chapter 352. See Minnesota Statutes 352D.015
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- Total shares: means all the employee shares and employer shares credited to a participant. See Minnesota Statutes 352D.015
- Unclassified program: means the program established by this chapter. See Minnesota Statutes 352D.015
- Value: means the market value of the account at the end of the United States investment market day. See Minnesota Statutes 352D.015
Terms Used In Minnesota Statutes 352D.05
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Covered employment: means employment covered by this chapter or by chapter 352. See Minnesota Statutes 352D.015
- Employee shares: means shares in the supplemental fund purchased with the employee's contributions. See Minnesota Statutes 352D.015
- General employees retirement plan: means the general state employees retirement plan under chapter 352. See Minnesota Statutes 352D.015
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- Total shares: means all the employee shares and employer shares credited to a participant. See Minnesota Statutes 352D.015
- Unclassified program: means the program established by this chapter. See Minnesota Statutes 352D.015
- Value: means the market value of the account at the end of the United States investment market day. See Minnesota Statutes 352D.015
[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 value of the participant’s total shares or leave such shares on deposit with the supplemental retirement fund. The account is valued at the end of the most recent United States investment market day following receipt of the application for withdrawal. The application for withdrawal must be an original application, not an electronic or facsimile copy, and must be received in an office of the system or by a person authorized by the executive director. Shares not withdrawn remain on deposit with the supplemental retirement fund until the former participant becomes at least 55 years old, and applies for an annuity under section 352D.06, subdivision 1.
Subd. 4.Repayment of refund.
(a) A participant in the unclassified program may repay regular refunds taken under section 352.22, as provided in section 352.23.
(b) A participant in the unclassified program or an employee covered by the general employees retirement plan who has withdrawn the value of the total shares may repay the refund taken and thereupon restore the service credit, rights and benefits forfeited by paying into the fund the amount refunded plus interest at the applicable annual rate or rates specified in section 356.59, subdivision 2, compounded annually, from the date that the refund was taken until the date that the refund is repaid. If the participant had withdrawn only the employee shares as permitted under prior laws, repayment must be pro rata.
(c) Repayment must be made as provided in section 352.23, paragraph (d).
Subd. 5.
[Repealed, 1993 c 307 art 7 s 1]