(a) For the purpose of determining eligibility for early retirement benefits provided under section 353.30, subdivision 1a, of the edition of Minnesota Statutes published in the year before the year in which the privatization occurred, and notwithstanding any provision of chapter 353, to the contrary, the years of allowable service for a privatized former public employee who transfers employment on the effective date of privatization and does not apply for a refund of contributions under section 353.34, subdivision 1, of the edition of Minnesota Statutes published in the year before the year in which the privatization occurred, or any similar provision, includes service with the privatized former public employer following the effective date. The privatized former public employer shall provide any reports that the executive director of the Public Employees Retirement Association may reasonably request to permit calculation of benefits.

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Terms Used In Minnesota Statutes 353F.05

  • Allowable service: has the meaning provided in section 353. See Minnesota Statutes 353F.02
  • 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
  • Executive director: means the executive director of the Public Employees Retirement Association. See Minnesota Statutes 353F.02
  • 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

  • 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

(b) To be eligible for early retirement benefits under this section, the individual must separate from service with the privatized former public employer. The privatized former public employee, or an individual authorized to act on behalf of that employee, may apply for an annuity following application procedures under section 353.29, subdivision 4.