(a) Notwithstanding any provision of law to the contrary, a former member of the general state employees retirement plan of the Minnesota State Retirement System who is a member of the individual retirement account plan under this chapter may elect to transfer to the individual retirement account plan an amount equal to the refund under section 352.22, subdivision 2, that the member could otherwise receive. The transfer must be made from the general state employees retirement fund directly to the individual retirement account plan and credited by the plan appropriately. No amount under this section is payable directly to any individual.
(b) The election must be made on a form prescribed by the executive director of the Minnesota State Retirement System, after consultation with the administrators of the plan.
1994 c 508 art 2 s 7; 1995 c 141 art 4 s 30
Structure Minnesota Statutes
Chapters 352 - 356B — Retirement
Chapter 354D — Retirement Election, Arts Board, Humanities Center, Historical Society
Section 354D.01 — Definitions.
Section 354D.02 — Participants.
Section 354D.03 — Social Security Coverage.
Section 354D.04 — Plan Coverage.
Section 354D.05 — Contributions.
Section 354D.06 — Administration.
Section 354D.07 — Transfer Of Certain Msrs Member Contribution Refund Amounts To Plan.
Section 354D.08 — Individual Retirement Account Plan Administration; Minnesota Historical Society.