Minnesota Statutes Retirement (Ch. 352-356B) § 353.29. Retirement annuity upon termination of membership

Subd. 3. Retirement annuity formula. (a) This paragraph, in conjunction withsection 353.30, subdivisions 1a,1b, and1c, applies to any member who first became a public employee or a member of a pension fund listed insection 356.30, subdivision 3, before July 1, 1989, unless paragraph (b), in conjunction withsection 353.30, subdivision 5, produces a higher annuity amount, in which case paragraph (b) applies. The average salary as defined insection 353.01, subdivision 17a, multiplied by 2.2 percent for each year of allowable service for the first ten years and thereafter by 2.7 percent per year of allowable service and completed months less than a full year for a basic member, and 1.2 percent for each year of allowable service for the first ten years and thereafter by 1.7 percent per year of allowable service and completed months less than a full year for a coordinated member determines the amount of the normal retirement annuity.

(b) This paragraph applies to a member who has become at least 55 years old and first became a public employee after June 30, 1989, and to any other member whose annuity amount, when calculated under this paragraph and in conjunction withsection 353.30, subdivision 5, is higher than it is when calculated under paragraph (a), in conjunction withsection 353.30, subdivisions 1a,1b, and1c. The average salary, as defined insection 353.01, subdivision 17a, multiplied by 2.7 percent for each year of allowable service and completed months less than a full year for a basic member and 1.7 percent per year of allowable service and completed months less than a full year for a coordinated member, determines the amount of the normal retirement annuity.

Subd. 7. Annuity starting date. (a) Except as specified in paragraph (b), a retirement annuity granted under this chapter begins on the first day of the first calendar month after the date of termination of public service or up to five months before the first of the month in which a complete application is received by the executive director under subdivision 4, whichever is later. The annuity must be paid in equal monthly installments. Annuity payments shall not be paid beyond the end of the month in which entitlement to the annuity has terminated.

(b) An annuity granted to an elected public official may begin on the day following the expiration of the public office that qualified the elected official for membership undersection 353.01, subdivision 2aor2d, if a complete application is received by the executive director under subdivision 4 within six months of the date of termination of public service. The annuity for the month during which the expiration occurred is prorated accordingly.

(c) An annuity, once granted, must not be increased, decreased, or revoked except under this chapter.

(d) If an annuitant dies before negotiating the check for the month in which death occurs, payment must first be made to the surviving spouse, or if none, then to the designated beneficiary, or if none, lastly to the estate.