Minnesota Statutes 352F.03 – Vesting Rule for Certain Employees
Notwithstanding any provision of chapter 352 to the contrary, a terminated hospital employee or Academic Health Center employee is eligible to receive a retirement annuity under Minnesota Statutes 1994, section 352.115, without regard to the requirement for three years of allowable service.
Terms Used In Minnesota Statutes 352F.03
- Academic Health Center: means the seven professional schools in health care related disciplines at the University of Minnesota. See Minnesota Statutes 352F.02
- Allowable service: has the meaning provided in Minnesota Statutes 1994, section 352. See Minnesota Statutes 352F.02
- 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.
- Terminated hospital employee: means a person who:
(1) was employed on the day before the effective date by the University of Minnesota at the University of Minnesota Hospital and clinics or the Academic Health Center and was paid on a biweekly payroll;
(2) terminated employment with the University of Minnesota on the day before the effective date or in the case of employees of the Academic Health Center, terminated employment with the University of Minnesota after the effective date but immediately transferred employment to the University of Minnesota Physicians or University Affiliated Family Physicians; and
(3) was a participant in the general state employees retirement plan of the Minnesota State Retirement System at the time of termination of employment with the University of Minnesota. See Minnesota Statutes 352F.02