Minnesota Statutes Retirement (Ch. 352-356B) § 354.49. Refund

Subdivision 1. Entitlement, application. A person who ceases to render teaching service in any school or institution to which the provisions of this chapter apply is entitled to a refund provided in subdivision 2, or a deferred retirement annuity undersection 354.55, subdivision 11. An application for a refund must not be made sooner than 30 days after termination of teaching service if the applicant has not again become a teacher. This payment must be made within 45 days after the receipt of an application for a refund or upon the receipt of member reporting data undersection 354.52, subdivision 4a, and payroll cycle data undersection 354.52, subdivision 4b, whichever is later.

Subd. 3. Refund in certain instances. Any person not covered by the formula program who has attained normal retirement age with less than the minimum service required for an annuity and who ceases to be a member because of termination of teaching service is entitled upon application to a refund in an amount equal to the person's accumulated deductions plus interest at the rates used to compute annuities undersection 354.44, subdivision 2in lieu of a proportionate annuity pursuant tosection 356.32. If a person who has attained normal retirement age is eligible for an annuity or is covered by the formula program, the refund is an amount equal to the accumulated deductions credited to the person's account as of June 30, 1957, and after July 1, 1957, the accumulated deductions plus interest computed as provided under subdivision 2.

Subd. 4. Termination of membership. Membership in the retirement association of any person shall terminate under the following conditions: (1) if a person takes a refund pursuant to this section; (2) when a person's retirement annuity first begins to accrue as provided insection 354.44, subdivisions 1and 4; (3)upon the person's ceasing to be a “teacher” whether by resignation, dismissal, or termination of temporary or provisional employment for the purpose of determining eligibility for disability or survivorship benefits as provided insections 354.48, subdivision 1and354.46, subdivision 1, respectively.

Subd. 5. Repealed byLaws 2007, c. 134, art. 2, § 50, eff. May 26, 2007.