Minnesota Statutes 354.55 – Options to Certain Members
Subdivision 1.
[Repealed, 1974 c 289 s 59]
Subd. 2.
Terms Used In Minnesota Statutes 354.55
- Accumulated deductions: means the total of the sums deducted from the salary of a member and the total amount of assessments paid by a member in lieu of such deductions, credited to the member's individual fund, less amounts paid to the member or any person in the member's behalf in the form of refundments, annuity payments or benefit payments and less any other amounts deducted pursuant to law. See Minnesota Statutes 354.05
- Actuarial equivalent: means the condition of one annuity or benefit having an equal actuarial present value as another annuity or benefit, determined as of a given date with each actuarial present value based on the appropriate mortality table adopted by the board of trustees based on the experience of the association as recommended by the actuary retained under section 356. See Minnesota Statutes 354.05
- 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.
- Annuity: means a retirement annuity, optional survivors annuity, or spouses annuity. See Minnesota Statutes 354.05
- Approved actuary: means an actuary who meets the definition in section 356. See Minnesota Statutes 354.05
- Benefit: means an allowance paid or payable by the association to a surviving dependent spouse or a dependent child which is a fixed amount and also includes an allowance paid or payable by the association to a member or former member who is permanently and totally disabled. See Minnesota Statutes 354.05
- board: means the board of trustees of the Teachers Retirement Association. See Minnesota Statutes 354.05
- fund: means the teachers retirement fund referred to in this chapter. See Minnesota Statutes 354.05
- Month: means a calendar month and "year" means a calendar year, unless otherwise expressed; and "year" is equivalent to the expression "year of our Lord. See Minnesota Statutes 645.44
- Normal retirement age: means age 65 for a person who first became a member of the association or a member of a pension fund listed in section 356. 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
- Retirement annuity: means the payments made by the association to a former member after retirement. See Minnesota Statutes 354.05
- Teacher: means :
(1) a person who renders service as a teacher, supervisor, principal, superintendent, librarian, nurse, counselor, social worker, therapist, or psychologist in:
(i) a public school of the state other than in Independent School District No. 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 354.55
- Accumulated deductions: means the total of the sums deducted from the salary of a member and the total amount of assessments paid by a member in lieu of such deductions, credited to the member's individual fund, less amounts paid to the member or any person in the member's behalf in the form of refundments, annuity payments or benefit payments and less any other amounts deducted pursuant to law. See Minnesota Statutes 354.05
- Actuarial equivalent: means the condition of one annuity or benefit having an equal actuarial present value as another annuity or benefit, determined as of a given date with each actuarial present value based on the appropriate mortality table adopted by the board of trustees based on the experience of the association as recommended by the actuary retained under section 356. See Minnesota Statutes 354.05
- 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.
- Annuity: means a retirement annuity, optional survivors annuity, or spouses annuity. See Minnesota Statutes 354.05
- Approved actuary: means an actuary who meets the definition in section 356. See Minnesota Statutes 354.05
- Benefit: means an allowance paid or payable by the association to a surviving dependent spouse or a dependent child which is a fixed amount and also includes an allowance paid or payable by the association to a member or former member who is permanently and totally disabled. See Minnesota Statutes 354.05
- board: means the board of trustees of the Teachers Retirement Association. See Minnesota Statutes 354.05
- fund: means the teachers retirement fund referred to in this chapter. See Minnesota Statutes 354.05
- Month: means a calendar month and "year" means a calendar year, unless otherwise expressed; and "year" is equivalent to the expression "year of our Lord. See Minnesota Statutes 645.44
- Normal retirement age: means age 65 for a person who first became a member of the association or a member of a pension fund listed in section 356. 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
- Retirement annuity: means the payments made by the association to a former member after retirement. See Minnesota Statutes 354.05
- Teacher: means :
(1) a person who renders service as a teacher, supervisor, principal, superintendent, librarian, nurse, counselor, social worker, therapist, or psychologist in:
(i) a public school of the state other than in Independent School District No. 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
[Repealed, 2008 c 349 art 5 s 37]
Subd. 3.
[Repealed, 2008 c 349 art 5 s 37]
Subd. 4.
[Repealed, 1974 c 289 s 59]
Subd. 5.
[Repealed, 1989 c 319 art 2 s 28]
Subd. 6.
[Repealed, 2008 c 349 art 5 s 37]
Subd. 7.
[Repealed, 1974 c 289 s 59]
Subd. 8.
[Repealed, 1974 c 289 s 59]
Subd. 9.
[Repealed, 1974 c 289 s 59]
Subd. 10.
MS 2018 [Repealed, 2020 c 108 art 8 s 9]
Subd. 11.Deferred annuity; augmentation.
(a) Any person covered under section 354.44, subdivision 6, who ceases to render teaching service, may leave the person’s accumulated deductions in the fund for the purpose of receiving a deferred annuity at retirement.
(b) The deferred retirement annuity of any former member must be augmented from the first day of the month following the termination of active service to the effective date of retirement.
(c) No augmentation is creditable if the deferral period is less than three months or if deferral commenced before July 1, 1971.
(d) For persons who became covered employees before July 1, 2006, the annuity must be augmented at the following rate or rates, compounded annually:
(1) five percent until January 1, 1981;
(2) three percent from January 1, 1981, until January 1 of the year following the year in which the deferred annuitant attains age 55 or June 30, 2012, whichever is earlier;
(3) five percent from the date established in clause (2) until June 30, 2012;
(4) two percent from July 1, 2012, until June 30, 2019; and
(5) after June 30, 2019, the deferred annuity must not be augmented.
(e) For persons who become covered employees after June 30, 2006, the annuity must be augmented at the following rate or rates, compounded annually:
(1) 2.5 percent until June 30, 2012;
(2) two percent from July 1, 2012, until June 30, 2019; and
(3) after June 30, 2019, the deferred annuity must not be augmented.
(f) In no case may the annuity payable under this subdivision be less than the amount of annuity payable under section 354.44, subdivision 6.
(g) The requirements and provisions for retirement before normal retirement age contained in section 354.44, subdivision 6, also apply to an employee fulfilling the requirements with a combination of service as provided in section 356.311.
(h) The augmentation provided by this subdivision applies to the benefit provided in section 354.46, subdivision 2.
(i) The augmentation provided by this subdivision does not apply to any period in which a person is on an approved leave of absence from an employer unit covered by the provisions of this chapter.
(j) The retirement annuity or disability benefit of, or the survivor benefit payable on behalf of, a former teacher who terminated service before July 1, 1997, which is not first payable until after June 30, 1997, must be increased on an actuarial equivalent basis to reflect the change in the investment return actuarial assumption under section 356.215, subdivision 8, from five percent to six percent under a calculation procedure and tables adopted by the board as recommended by an approved actuary and approved by the actuary retained under section 356.214.
Subd. 12.
[Repealed, 2008 c 349 art 5 s 37]
Subd. 13.
[Repealed, 2015 c 68 art 13 s 65]
Subd. 14.
[Repealed, 2009 c 169 art 1 s 77; art 4 s 51]
Subd. 15.
[Repealed, 2008 c 349 art 5 s 37]
Subd. 16.
[Repealed, 2015 c 68 art 13 s 65]
Subd. 17.Post-1973 retirements.
Teachers who retire after June 30, 1973 and who failed to make an election pursuant to Minnesota Statutes 1971, section 354.145, subdivision 1, clause (1) and subdivision 2, clause (1) shall have their annuity at retirement computed under section 354.44, subdivision 2 or 6, whichever is larger.
Subd. 18.1972-1973 retirements; no election.
(1) Teachers who retired after June 30, 1972 and before July 1, 1973 who failed to make an election pursuant to Minnesota Statutes 1971, section 354.145, subdivision 1, clause (1) shall have their annuity recomputed under the law in effect on June 30, 1973 under the provisions of either Minnesota Statutes 1971, section 354.33, subdivision 1 or 7, whichever is larger.
(2) Teachers who retired after June 30, 1972 and before July 1, 1973 and who failed to make an election pursuant to Minnesota Statutes 1971, section 354.145, subdivision 2, clause (1) shall have their annuity recomputed under the law in effect on June 30, 1973 under the provisions of either section 354.44, subdivision 2 or 6, whichever is larger.
Subd. 19.
[Repealed, 2015 c 68 art 13 s 65]