Minnesota Statutes Retirement (Ch. 352-356B) § 354.55. Options to certain members

Subd. 11. Deferred annuity; augmentation. (a) Any person covered undersection 354.44, subdivision 6, who ceases to render teaching service, may leave the person's accumulated deductions in the fund for the purpose of receiving a deferred annuity at retirement.

(b) The deferred retirement annuity of any former member must be augmented from the first day of the month following the termination of active service to the effective date of retirement.

(c) No augmentation is creditable if the deferral period is less than three months or if deferral commenced before July 1, 1971.

(d) For persons who became covered employees before July 1, 2006, the annuity must be augmented at the following rate or rates, compounded annually:

(e) For persons who become covered employees after June 30, 2006, the annuity must be augmented at the following rate or rates, compounded annually:

(f) In no case may the annuity payable under this subdivision be less than the amount of annuity payable undersection 354.44, subdivision 6.

(g) The requirements and provisions for retirement before normal retirement age contained insection 354.44, subdivision 6, also apply to an employee fulfilling the requirements with a combination of service as provided insection 356.311.

(h) The augmentation provided by this subdivision applies to the benefit provided insection 354.46, subdivision 2.

(i) The augmentation provided by this subdivision does not apply to any period in which a person is on an approved leave of absence from an employer unit covered by the provisions of this chapter.

(j) The retirement annuity or disability benefit of, or the survivor benefit payable on behalf of, a former teacher who terminated service before July 1, 1997, which is not first payable until after June 30, 1997, must be increased on an actuarial equivalent basis to reflect the change in the investment return actuarial assumption undersection 356.215, subdivision 8, from five percent to six percent under a calculation procedure and tables adopted by the board as recommended by an approved actuary and approved by the actuary retained undersection 356.214.

Subd. 18. 1972-1973 retirements; no election. (1) Teachers who retired after June 30, 1972 and before July 1, 1973 who failed to make an election pursuant toMinnesota Statutes 1971, section 354.145, subdivision 1, clause (1) shall have their annuity recomputed under the law in effect on June 30, 1973 under the provisions of eitherMinnesota Statutes 1971, section 354.33, subdivision 1or7, whichever is larger.

(2) Teachers who retired after June 30, 1972 and before July 1, 1973 and who failed to make an election pursuant toMinnesota Statutes 1971, section 354.145, subdivision 2, clause (1) shall have their annuity recomputed under the law in effect on June 30, 1973 under the provisions of eithersection 354.44, subdivision 2or6, whichever is larger.