Minnesota Statutes 354.73 – Retirement Coverage Related to the Former Duluth Teachers Retirement Fund Association
Subdivision 1.Application.
This section applies to the retirement coverage of members of the former Duluth Teachers Retirement Fund Association transferred to the Teachers Retirement Association by Laws 2014, chapter 296, article 6, section 46.
Subd. 2.Teachers Retirement Association as successor in interest.
Terms Used In Minnesota Statutes 354.73
- 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
- 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
- Fiduciary: A trustee, executor, or administrator.
- 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
Terms Used In Minnesota Statutes 354.73
- 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
- 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
- Fiduciary: A trustee, executor, or administrator.
- 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
The Teachers Retirement Association is the successor in interest to all claims which the former Duluth Teachers Retirement Fund Association may have or may have been able to assert against any person on June 30, 2015, and is the successor in interest to all claims which could have been asserted against the former Duluth Teachers Retirement Fund Association, subject to the following:
(1) the Teachers Retirement Association is not liable for any claim against the Duluth Teachers Retirement Fund Association, its former board or board members, which is founded upon a claim of breach of fiduciary duty, where the act or acts constituting the claimed breach were not done in good faith;
(2) the Teachers Retirement Association may assert any applicable defense to any claim in any judicial or administrative proceeding that the former Duluth Teachers Retirement Fund Association or its board would otherwise have been entitled to assert;
(3) the Teachers Retirement Association may assert any applicable defense that it may assert in its capacity as a statewide agency; and
(4) the Teachers Retirement Association shall indemnify any former fiduciary of the Duluth Teachers Retirement Fund Association consistent with section 356A.11.
Subd. 3.Benefit calculation.
(a) For every deferred, inactive, disabled, and retired member of the Duluth Teachers Retirement Fund Association transferred under subdivision 1, and the survivors of these members, annuities or benefits earned before July 1, 2015, other than future postretirement adjustments, must be calculated and paid by the Teachers Retirement Association under the laws, articles of incorporation, and bylaws of the former Duluth Teachers Retirement Fund Association that were in effect relative to the person on the date of the person’s termination of active service covered by the former Duluth Teachers Retirement Fund Association.
(b) Former Duluth Teachers Retirement Fund Association members who retired before July 1, 2015, must receive postretirement adjustments after January 1, 2015, only as provided in section 356.415. All other benefit recipients of the former Duluth Teachers Retirement Fund Association must receive postretirement adjustments after December 31, 2015, only as provided in section 356.415.
(c) This consolidation does not impair or diminish benefits for an active, deferred, or retired member or a survivor of an active, deferred, or retired member under the former Duluth Teachers Retirement Fund Association in existence at the time of the consolidation, except that any future postretirement adjustments must be paid after July 1, 2015, in accordance with paragraph (b), and all benefits based on service on or after July 1, 2015, must be determined only by laws governing the Teachers Retirement Association.