This text of Minnesota § 352F.04 (AUGMENTATION RATES FOR TERMINATED PRIVATIZED EMPLOYEES; RETURN TO COVERAGE) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Subdivision 1.Enhanced augmentation rates.
The deferred annuity of a terminated hospital employee is subject to augmentation under Minnesota Statutes 1994, section 352.72, subdivision 2, except that the rate of augmentation to be applied each January 1 is set by this subdivision. For augmentation through December 31, 2018, the rate of augmentation is set under Minnesota Statutes 2016, section352.04, subdivision 1. For augmentation beginning January 1, 2019, the rate of augmentation is the following:
Augmentation for each year is effective as of January 1 of that year.
Subd. 2.Exceptions.
The enhanced augmentation rates specified in subdivision 1 do not apply if the terminated hospital employee:
(1)became covered again by a retirement plan enumerated in section356.30, subdivision 3, on o
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Subdivision 1.Enhanced augmentation rates.
The deferred annuity of a terminated hospital employee is subject to augmentation under Minnesota Statutes 1994, section 352.72, subdivision 2, except that the rate of augmentation to be applied each January 1 is set by this subdivision. For augmentation through December 31, 2018, the rate of augmentation is set under Minnesota Statutes 2016, section352.04, subdivision 1. For augmentation beginning January 1, 2019, the rate of augmentation is the following:
Augmentation for each year is effective as of January 1 of that year.
Subd. 2.Exceptions.
The enhanced augmentation rates specified in subdivision 1 do not apply if the terminated hospital employee:
(1) became covered again by a retirement plan enumerated in section356.30, subdivision 3, on or before June 30, 2015; or
(2) begins receipt of a retirement annuity under chapter352before age 62 while employed by the employer which assumed operations of the medical facility or other public employing unit or purchased the medical facility or other public employing unit.
Subd. 3.Return to covered employment.
(a) If a terminated hospital employee becomes covered by a retirement plan enumerated in section356.30, subdivision 3, the employee shall be entitled to whichever of the following annuities produces the highest monthly payment:
(1) the deferred annuity and augmentation to which the employee would have been entitled under subdivision 1 reduced by the dollar amount of any annuity earned under any enumerated retirement plan after the effective date defined in section352F.02, subdivision 3;
(2) a combined service annuity calculated under section356.30; or
(3) an annuity calculated under section352.72for coverage by more than one retirement system using the augmentation rates in section352.72, subdivision 2, paragraph (a).
(b) This subdivision applies to any terminated hospital employee who begins to receive a retirement annuity under chapter352on or after July 1, 2015.