Minnesota Statutes 354.50 – Termination of Service Credits
Subdivision 1.Repayment of refund.
When any member accepts a refund provided in section 354.49, all existing service credits to which the member was entitled before accepting the refund terminate and are not restored until the former member acquires not less than two years allowable service credit after taking the last refund. In that event the former member may repay the refund. If more than one refund has been taken, all refunds must be repaid. Teaching service covered under the provisions of chapter 354B may be used to fulfill the two-year requirement of this subdivision.
Subd. 2.Interest charge.
Terms Used In Minnesota Statutes 354.50
- Allowable service: means :
(1) any service rendered by a teacher for any calendar month when the member receives salary from which deductions are made, deposited and credited in the fund;
(2) any service rendered by a person for any calendar month where payments in lieu of salary deductions are made, deposited and credited into the fund as provided in Minnesota Statutes 1980, section 354. See Minnesota Statutes 354.05
- 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
- fund: means the teachers retirement fund referred to in this chapter. See Minnesota Statutes 354.05
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- 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
- teaching: includes the service performed by any person coming within the definition of "teacher" as set forth in subdivision 2. See Minnesota Statutes 354.05
Terms Used In Minnesota Statutes 354.50
- Allowable service: means :
(1) any service rendered by a teacher for any calendar month when the member receives salary from which deductions are made, deposited and credited in the fund;
(2) any service rendered by a person for any calendar month where payments in lieu of salary deductions are made, deposited and credited into the fund as provided in Minnesota Statutes 1980, section 354. See Minnesota Statutes 354.05
- 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
- fund: means the teachers retirement fund referred to in this chapter. See Minnesota Statutes 354.05
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- 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
- teaching: includes the service performed by any person coming within the definition of "teacher" as set forth in subdivision 2. See Minnesota Statutes 354.05
If a member desires to repay the refunds, payment shall include interest at the applicable annual rate or rates specified in section 356.59, subdivision 4, compounded annually, from date of withdrawal to the date payment is made and shall be credited to the fund.
Subd. 3.
[Repealed, 1974 c 289 s 59]
Subd. 4.Repayment of refund.
Any person who has received a refund from the Teachers Retirement Association and who is a member of any public retirement fund referred to in section 356.311 may repay such refund with interest to the Teachers Retirement Association. Repayment of the refunds under the provisions of this subdivision will be in accordance with all the provisions of this section.
Subd. 5.Refund of variable account accumulations.
A member who received a refund of variable account accumulations may repay this refund to the member’s formula account under this section.