Subdivision 1. Repayment of refund. When any member accepts a refund provided in section 354.49, all existing service credits to which the member was entitled before accepting the refund terminate and are not restored until the former member acquires not less than two years allowable service credit after taking the last refund. In that event the former member may repay the refund. If more than one refund has been taken, all refunds must be repaid. Teaching service covered under the provisions of chapter 354B may be used to fulfill the two-year requirement of this subdivision.
Subd. 2. Interest charge. If a member desires to repay the refunds, payment shall include interest at the applicable annual rate or rates specified in section 356.59, subdivision 4, compounded annually, from date of withdrawal to the date payment is made and shall be credited to the fund.
Subd. 3. [Repealed, 1974 c 289 s 59]
Subd. 4. Repayment of refund. Any person who has received a refund from the Teachers Retirement Association and who is a member of any public retirement fund referred to in section 356.311 may repay such refund with interest to the Teachers Retirement Association. Repayment of the refunds under the provisions of this subdivision will be in accordance with all the provisions of this section.
Subd. 5. Refund of variable account accumulations. A member who received a refund of variable account accumulations may repay this refund to the member's formula account under this section.
Ex1957 c 16 s 12; Ex1961 c 17 s 14; Ex1967 c 6 s 4; 1969 c 485 s 25; 1971 c 40 s 23,24; 1973 c 728 s 22; 1974 c 289 s 39-41; 1977 c 67 s 10; 1981 c 224 s 115; 1986 c 444; 1989 c 319 art 9 s 2; 1990 c 570 art 12 s 39; 1991 c 340 s 27; 1992 c 598 art 3 s 3; 2018 c 211 art 6 s 25; 2019 c 50 art 1 s 114
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.