Subdivision 1. Effect of refund; termination of service credit. If a coordinated member or former coordinated member applies for and is issued a refund pursuant to section 354A.37, all allowable service which was credited to the member or former member shall be terminated.
Subd. 2. Repayment of refund. A coordinated member with at least two years of allowable service credited subsequent to the member's last application for and payment of a refund pursuant to section 354A.37 shall be entitled to repay the refund. The amount of the refund repayment shall be calculated pursuant to subdivision 3. If the member has taken more than one refund, all refunds must be repaid pro rata.
Subd. 3. Computation of refund repayment amount. If the coordinated member elects to repay a refund under subdivision 2, the repayment to the fund must be in an amount equal to refunds the member has been issued plus interest at the applicable annual rate or rates specified in section 356.59, subdivision 5, compounded annually, from the date that the refund was issued to the date that the refund is repaid.
1979 c 217 s 23; 1980 c 509 s 141; 1992 c 598 art 6 s 17; 2015 c 68 art 2 s 15; 2018 c 211 art 12 s 5
Structure Minnesota Statutes
Chapters 352 - 356B — Retirement
Chapter 354A — Teachers Retirement, St. Paul
Section 354A.011 — Definitions.
Section 354A.021 — Teachers Retirement Fund Association In St. Paul.
Section 354A.05 — Membership In A Teachers Retirement Association In St. Paul.
Section 354A.08 — Authorized Investments.
Section 354A.09 — Pro Rata Distribution Of Funds.
Section 354A.091 — Teachers On Extended Leave.
Section 354A.092 — Sabbatical Leave.
Section 354A.093 — Break In Service To Provide Uniformed Service.
Section 354A.094 — Qualified Part-time Teachers; Participation In Fund.
Section 354A.095 — Parental And Maternity Leave.
Section 354A.096 — Medical Leave.
Section 354A.0961 — Service Credit Purchase For Teaching Service In Other States.
Section 354A.11 — Certain Money And Credits Of Teachers Exempt.
Section 354A.12 — Contributions By Employee And Employer.
Section 354A.21 — Proportionate Annuity.
Section 354A.23 — St. Paul Teachers Retirement Fund Associations; Basic Programs.
Section 354A.29 — St. Paul Teachers Retirement Fund Association Postretirement Adjustment.
Section 354A.30 — St. Paul Teachers Retirement Fund Association; Coordinated Program.
Section 354A.31 — Coordinated Program Retirement Benefits.
Section 354A.32 — Optional Retirement Annuities.
Section 354A.33 — Social Security Leveling Adjustment Option.
Section 354A.35 — Survivor Benefits.
Section 354A.36 — Permanent Disability Benefits.
Section 354A.37 — Refunds; Deferred Annuity.
Section 354A.38 — Effect Of Refund; Repayment Of Refund.
Section 354A.40 — Computation Of Benefits With Partial Service As Coordinated Member.