352D.12 TRANSFER OF PRIOR SERVICE CONTRIBUTIONS.

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(a)An employee who is a participant in the unclassified program and who has prior service credit in a covered plan under chapter 352 , 353 , 354 , 354A , or 422A may, within the time limits specified in this section, elect to transfer to the unclassified program prior service contributions to one or more of those plans.

(b)For participants with prior service credit in a plan governed by chapter 352 , 353 , 354 , 354A , or 422A , "prior service contributions" means the accumulated employee and equal employer contributions with interest at the applicable annual rate or rates specified in section 356.59, subdivision 2 , compounded annually, based on fiscal year balances.

(c)If a participant has taken a refund from a retirement plan listed in this section, the participant may repay the refund to that plan, notwithstanding any restrictions on repayment to that plan, with interest at the applicable annual rate or rates specified in section 356.59, subdivision 2 , compounded annually, and have the accumulated employee and equal employer contributions transferred to the unclassified program with interest at the rate of 8.5 percent until June 30, 2015, and eight percent thereafter compounded annually based on fiscal year balances. If a person repays a refund and subsequently elects to have the money transferred to the unclassified program, the repayment amount, including interest, is added to the fiscal year balance in the year which the repayment was made.

(d)A participant electing to transfer prior service contributions credited to a retirement plan governed by chapter 352 , 353 , 354 , 354A , or 422A as provided under this section must complete a written application for the transfer and repay any refund within one year of the commencement of the employee's participation in the unclassified program.