Subdivision 1. Aid authorization. The state shall pay $12,954,000 to the Teachers Retirement Association on behalf of the former Minneapolis Teachers Retirement Fund Association and shall pay $14,377,000 during fiscal year 2015 to the Teachers Retirement Association for the credit of the Duluth Teachers Retirement Fund Association and, after fiscal year 2015, shall pay $14,377,000 on behalf of the Duluth Teachers Retirement Fund Association.
Subd. 2. Aid appropriation. The commissioner of management and budget shall pay the aid amounts under subdivision 1 annually on October 1. The amount required is appropriated annually from the general fund to the commissioner of management and budget.
Subd. 3. Aid expiration. The aid amounts specified in this section continue until the earlier of:
(1) the first day of the fiscal year following the fiscal year in which the actuarial value of assets of the fund equals or exceeds 100 percent of the actuarial accrued liabilities as reported by the actuary retained under section 356.214 in the annual actuarial valuation prepared under section 356.215; or
(2) July 1, 2048.
2013 c 111 art 13 s 1; 2014 c 296 art 6 s 8,49; 2018 c 211 art 8 s 3
Structure Minnesota Statutes
Chapters 352 - 356B — Retirement
Chapter 354 — Teachers Retirement
Section 354.06 — Board Of Trustees; Membership; Duties.
Section 354.07 — Powers Of The Board.
Section 354.091 — Service Credit.
Section 354.092 — Sabbatical Leave.
Section 354.093 — Parental Leave.
Section 354.094 — Extended Leaves Of Absence.
Section 354.095 — Medical Leave.
Section 354.096 — Family Leave.
Section 354.10 — Funds Not Subject To Assignment Or Process; Beneficiaries.
Section 354.105 — Payments Using Pretax Transfers.
Section 354.35 — Optional Accelerated Retirement Annuity Before Normal Retirement Age.
Section 354.41 — Teachers Retirement Association, Eligibility For Membership.
Section 354.42 — Contributions By Employer And Employee.
Section 354.435 — Additional Contributions By Special School District No. 1 And City Of Minneapolis.
Section 354.44 — Retirement Benefits.
Section 354.444 — Return To Work Agreement.
Section 354.445 — No Annuity Reduction.
Section 354.45 — Optional Retirement Annuities; Unpaid Annuities, Disposition.
Section 354.46 — Payments After Death.
Section 354.47 — Payment After Death.
Section 354.471 — Account Termination; Restoration.
Section 354.48 — Permanent Disability Benefits.
Section 354.50 — Termination Of Service Credits.
Section 354.51 — Payments To Receive Credit For Prior Service; Shortages In Member Deductions.
Section 354.512 — Recovery Of Deficiencies.
Section 354.53 — Credit For Break In Service To Provide Uniformed Service.
Section 354.543 — Prior Or Uncredited Military Service Credit Purchase.
Section 354.544 — Service Credit Purchase For Teaching Service In Other States.
Section 354.55 — Options To Certain Members.
Section 354.64 — Effect Of Records.
Section 354.66 — Qualified Part-time Teachers; Membership In Association.
Section 354.69 — Information Supplied By District.
Section 354.70 — Consolidation Of Minneapolis Teachers Retirement Fund Association.
Section 354.72 — Authorized Leave Of Absence And Strike Period Service Credit Purchase Procedure.