Minnesota Statutes 353E.05 – Augmentation in Certain Cases
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Unless prior service has been transferred or unless a combined service annuity under section 356.30 has been elected, an employee who becomes a member after being a member of the Public Employees Retirement Association or the public employees police and fire fund is covered under section 353.34, subdivision 3, with respect to that prior service. An employee who becomes a member of the Public Employees Retirement Association or the public employees police and fire plan after being a member is also covered under section 353.34, subdivision 3, with respect to that prior service, unless calculated under section 356.30.
Terms Used In Minnesota Statutes 353E.05
- 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.