Minnesota Statutes 353F.057 – Termination From Service Requirement
Upon termination of service from the privatized former public employer after the effective date of privatization, a privatized former public employee must separate from any employment relationship with the privatized former public employer for at least 30 days to qualify to receive a retirement annuity under this chapter.
Terms Used In Minnesota Statutes 353F.057
- 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.
- Effective date of privatization: means the date that the operation of a medical facility is assumed by another employer or the date that a medical facility is purchased by another employer and active membership in the Public Employees Retirement Association consequently terminates. 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
- Privatized former public employer: means a medical facility that was included in the definition of governmental subdivision under section 353. See Minnesota Statutes 353F.02