Minnesota Statutes 353F.03 – Vesting Rule for Certain Employees
Notwithstanding any provision of chapter 353 to the contrary, a privatized former public employee is eligible to receive a retirement annuity under section 353.29 of the edition of Minnesota Statutes published in the year before the year in which the privatization occurred, without regard to the requirement specified in section 353.01, subdivision 47.
Terms Used In Minnesota Statutes 353F.03
- 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.
- Privatization: means a medical facility that privatizes when the facility ceases to be a governmental subdivision for any reason other than that the medical facility closes or permanently ceases to operate. See Minnesota Statutes 353F.02
- Privatized former public employee: means a person who:
(1) was employed by the privatized former public employer on the day before the effective date of privatization; or
(2) terminated employment with the privatized former public employer on the day before the effective date; and
(3) was a participant in the general employees retirement plan of the Public Employees Retirement Association at the time of termination of employment with the privatized former public employer. See Minnesota Statutes 353F.02