Minnesota Statutes Retirement (Ch. 352-356B) § 353E.04. Correctional service plan retirement annuity

Subdivision 1. Eligibility requirements. After termination of public employment, a member who has attained the age of at least 55 years and who is vested under section 353.01, subdivision 47, in the local government correctional service plan is entitled, upon application, to a normal retirement annuity. Instead of a normal retirement annuity, a retiring employee may elect to receive the optional annuity provided insection 353.30, subdivision 3.

Subd. 2. Average salary base. In calculating the annuity under subdivision 3, “average salary” means an amount equivalent to the average of the highest salary earned as a member upon which employee contributions were paid for any five successive years of allowable service. Average salary must be based on all allowable service if this service is less than five years.

Subd. 4. Early retirement. A member who has attained the age of at least 50 years and who is vested under section 353.01, subdivision 47, in the local government correctional service plan is entitled, upon application, to a reduced retirement annuity equal to the annuity calculated under subdivision 3, reduced so that the reduced annuity is the actuarial equivalent of the annuity that would be payable if the employee deferred receipt of the annuity from the day the annuity begins to accrue until age 55.

Subd. 5. Accrual and duration. The retirement annuity under this section begins to accrue as provided insection 353.29, subdivision 7. The retirement annuity is payable for the life of the recipient, or in accordance with the terms of any optional annuity form selected by the retiring member.

Subd. 6. Multiple service limitation. A former employee who has both public employees retirement plan and public employees local government correctional retirement plan credited service must, if qualified, receive a retirement annuity from each retirement plan that takes into account both periods of service and both covered salary amounts, but no period of service may be used more than once in calculating the annuity.

Subd. 7. Postretirement adjustment eligibility. An annuity under this section is eligible for postretirement adjustments undersection 356.415.