Subdivision 1. Basis of annuity; when to apply. After separation from state service, an employee covered under section 352.91 who has reached age 55 years and is vested under section 352.925, is entitled upon application to a retirement annuity under this section, based only on covered correctional employees' service. Application may be made no earlier than 60 days before the date the employee is eligible to retire by reason of both age and service requirements.
Subd. 2. Calculating monthly annuity. The monthly annuity under this section must be determined by multiplying the average monthly salary by the number of years, or completed months, of covered correctional service by 2.4 percent if employed as a correctional state employee before July 1, 2010, or 2.2 percent if employed as a correctional state employee after June 30, 2010.
Subd. 2a. Early retirement. Any covered correctional employee who becomes at least 50 years old and is vested under section 352.925, is entitled upon application to a reduced retirement annuity equal to the annuity calculated under subdivision 2, reduced by two-tenths of one percent for each month that the correctional employee is under age 55 at the time of retirement if first employed as a correctional state employee before July 1, 2010, and if retired before July 1, 2015, or reduced by 0.417 percent for each month that the correctional employee is under age 55 at the time of retirement if first employed as a correctional state employee after June 30, 2010, or if first employed as a correctional state employee before July 1, 2010, and if retired after June 30, 2015.
Subd. 3. Annuity accrual. The annuity under this section must begin to accrue as provided in section 352.115, subdivision 8.
Subd. 3a. Optional annuities. The board may establish optional annuity forms to pay a higher amount from the date of retirement until an employee is first eligible to draw Social Security benefits, reaches age 65, or reaches the age the employee is eligible to receive unreduced Social Security benefits, at which time the monthly benefits must be reduced. The optional annuity forms must be actuarially equivalent to the normal single life annuity form provided in subdivision 2. The optional annuity forms must be certified as actuarially equivalent by the actuary retained under section 356.214.
Subd. 4. Employee with regular and correctional service. A former employee who has both regular and correctional service shall, if qualified, receive an annuity based on both periods of service under applicable sections of law but no period of service shall be used more than once in calculating the annuity.
Subd. 5. [Repealed, 1983 c 128 s 36]
Subd. 6. [Repealed, 1983 c 128 s 36]
Subd. 7. Postretirement adjustment eligibility. A retirement annuity under this section is eligible for postretirement adjustments under section 356.415.
1973 c 653 s 42; 1975 c 368 s 36; 1980 c 607 art 14 s 46; 1983 c 128 s 14; 1984 c 564 s 14,15; 1986 c 444; 1987 c 229 art 6 s 1; 1987 c 372 art 9 s 6; 1989 c 319 art 1 s 9; art 13 s 20,21; art 17 s 2,3; 1990 c 570 art 12 s 11,12; 1993 c 307 art 1 s 20; 1994 c 528 art 1 s 8; 1997 c 233 art 1 s 23-25; 1999 c 222 art 13 s 5; 2002 c 392 art 11 s 52; 1Sp2005 c 8 art 1 s 6; 2006 c 271 art 3 s 47; 2009 c 169 art 1 s 20; 2010 c 359 art 1 s 11-13; 2013 c 111 art 4 s 3
Structure Minnesota Statutes
Chapters 352 - 356B — Retirement
Chapter 352 — State Retirement
Section 352.016 — University Of Minnesota Employees; Furlough Service And Salary Credit.
Section 352.017 — Authorized Leave Of Absence Service Credit Purchase Procedure.
Section 352.021 — Minnesota State Retirement System.
Section 352.028 — Coverage Termination.
Section 352.029 — Coverage For Employees Of Labor Organizations.
Section 352.03 — Board Of Directors; Executive Director.
Section 352.04 — State Employees Retirement Fund, Contributions By Employee And Employer.
Section 352.041 — Leave Of Absence For Employment By Political Subdivision.
Section 352.05 — Commissioner Of Management And Budget To Be Treasurer Of System.
Section 352.061 — Investment Board To Invest Funds.
Section 352.113 — Permanent Disability Benefits.
Section 352.115 — Retirement Annuity.
Section 352.1155 — No Annuity Reduction.
Section 352.116 — Annuities Upon Retirement.
Section 352.12 — Refund After Death.
Section 352.15 — Exemption From Process And Taxation.
Section 352.16 — Insurance Laws Not To Apply.
Section 352.22 — Refund Or Deferred Annuities.
Section 352.23 — Termination Of Rights; Repayment Of Refund.
Section 352.27 — Federally Protected Purchase Of Service Credit For Periods Of Military Service.
Section 352.272 — State-authorized Purchase Of Service Credit For Periods Of Military Service.
Section 352.85 — Military Affairs Personnel.
Section 352.86 — Transportation Department Pilots.
Section 352.87 — State Fire Marshal Division Employees.
Section 352.91 — Covered Correctional Service.
Section 352.911 — Correctional Employees Retirement Fund.
Section 352.92 — Correctional Employee Contributions.
Section 352.93 — Retirement Annuity.
Section 352.931 — Survivor Benefits.
Section 352.94 — Augmentation For Employees With General And Correctional Service.
Section 352.95 — Disability Benefits.
Section 352.951 — Applicability Of General Law.
Section 352.955 — Transfer Of Prior Msrs-general Service Credit.
Section 352.965 — Minnesota State Deferred Compensation Plan.
Section 352.97 — Prior Deferred Compensation Plans; Construction.