Minnesota Statutes 354.436 – Direct State Aid On Behalf of the Former First Class City Teachers Retirement Fund Associations
Subdivision 1.Aid authorization.
The state shall pay $12,954,000 to the Teachers Retirement Association on behalf of the former Minneapolis Teachers Retirement Fund Association and shall pay $14,377,000 during fiscal year 2015 to the Teachers Retirement Association for the credit of the Duluth Teachers Retirement Fund Association and, after fiscal year 2015, shall pay $14,377,000 on behalf of the Duluth Teachers Retirement Fund Association.
Subd. 2.Aid appropriation.
Terms Used In Minnesota Statutes 354.436
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means the combined membership of all teachers who qualify and participate in the retirement program provided for in this chapter. See Minnesota Statutes 354.05
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- fund: means the teachers retirement fund referred to in this chapter. See Minnesota Statutes 354.05
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Retirement: means the withdrawal of a member from active teaching service who is paid a retirement annuity thereafter and commences with the date designated by the retirement board when the retirement annuity first accrues to the former member after withdrawal from active teaching service and application for an annuity under section 354. See Minnesota Statutes 354.05
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
Terms Used In Minnesota Statutes 354.436
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means the combined membership of all teachers who qualify and participate in the retirement program provided for in this chapter. See Minnesota Statutes 354.05
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- fund: means the teachers retirement fund referred to in this chapter. See Minnesota Statutes 354.05
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Retirement: means the withdrawal of a member from active teaching service who is paid a retirement annuity thereafter and commences with the date designated by the retirement board when the retirement annuity first accrues to the former member after withdrawal from active teaching service and application for an annuity under section 354. See Minnesota Statutes 354.05
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
The commissioner of management and budget shall pay the aid amounts under subdivision 1 annually on October 1. The amount required is appropriated annually from the general fund to the commissioner of management and budget.
Subd. 3.Aid expiration.
The aid amounts specified in this section continue until the earlier of:
(1) the first day of the fiscal year following the fiscal year in which the actuarial value of assets of the fund equals or exceeds 100 percent of the actuarial accrued liabilities as reported by the actuary retained under section 356.214 in the annual actuarial valuation prepared under section 356.215; or
(2) July 1, 2048.