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Minnesota Statutes Retirement (Ch. 352-356B) § 352F.04. Augmentation rates for terminated privatized employees; return to coverage

Current as of January 01, 2025 | Updated by Findlaw Staff

Subdivision 1. Enhanced augmentation rates. The deferred annuity of a terminated hospital employee is subject to augmentation underMinnesota Statutes 1994, section 352.72, subdivision 2, except that the rate of augmentation to be applied each January 1 is set by this subdivision. For augmentation through December 31, 2018, the rate of augmentation is set underMinnesota Statutes 2016, section 352.04, subdivision 1. For augmentation beginning January 1, 2019, the rate of augmentation is the following:

January 1, 2019

4.5 percent

January 1, 2020

3.75 percent

January 1, 2021

3.0 percent

January 1, 2022

2.25 percent

January 1, 2023

1.5 percent

January 1, 2024

0.75 percent

After December 31, 2024, the deferred annuity must not be augmented.

Augmentation for each year is effective as of January 1 of that year.

Subd. 2. Exceptions. The enhanced augmentation rates specified in subdivision 1 do not apply if the terminated hospital employee:

(1) became covered again by a retirement plan enumerated insection 356.30, subdivision 3, on or before June 30, 2015; or

(2) begins receipt of a retirement annuity under chapter 352 before age 62 while employed by the employer which assumed operations of the medical facility or other public employing unit or purchased the medical facility or other public employing unit.

Subd. 3.Return to covered employment. (a) If a terminated hospital employee becomes covered by a retirement plan enumerated insection 356.30, subdivision 3, the employee shall be entitled to whichever of the following annuities produces the highest monthly payment:

(1) the deferred annuity and augmentation to which the employee would have been entitled under subdivision 1 reduced by the dollar amount of any annuity earned under any enumerated retirement plan after the effective date defined insection 352F.02, subdivision 3;

(2) a combined service annuity calculated undersection 356.30; or

(3) an annuity calculated undersection 352.72for coverage by more than one retirement system using the augmentation rates insection 352.72, subdivision 2, paragraph (a).

(b) This subdivision applies to any terminated hospital employee who begins to receive a retirement annuity under chapter 352 on or after July 1, 2015.

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Cite this article: FindLaw.com - Minnesota Statutes Retirement (Ch. 352-356B) § 352F.04. Augmentation rates for terminated privatized employees; return to coverage - last updated January 01, 2025 | https://codes.findlaw.com/mn/retirement-ch-352-356b/mn-st-sect-352f-04/

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