353F.02 DEFINITIONS.
653 words·~3 min read·
/mn/chapter-353/353f-02A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
353F.02 DEFINITIONS.
§
Subdivision 1. Generally.
As used in this chapter, unless the context clearly indicates otherwise, each of the terms in the following subdivisions has the meaning indicated.
§
Subd. 2. Allowable service.
"Allowable service" has the meaning provided in section 353.01, subdivision 16 , of the edition of Minnesota Statutes published in the year before the year in which the privatization occurred.
§
Subd. 2a. Association.
"Association" means the Public Employees Retirement Association established under chapter 353.
[See Note.]
§
Subd. 3. Effective date of privatization.
"Effective date of privatization" means the date that a governmental subdivision becomes a privatized employer or the date that a governmental subdivision is purchased in a privatization and active membership in the association consequently terminates.
[See Note.]
§
Subd. 3a. Executive director.
"Executive director" means the executive director of the Public Employees Retirement Association.
§
Subd. 3b. Funding ratio.
"Funding ratio" means the actuarial value of assets of the general employees retirement fund, divided by the present value of accrued benefits for the fund, expressed as a percentage.
[See Note.]
§
Subd. 3c. General employees retirement fund.
"General employees retirement fund" means the general employees retirement fund as defined under section 353.27, subdivision 1 .
[See Note.]
§
Subd. 3d. General employees retirement plan.
"General employees retirement plan" or "general plan" means the general employees retirement plan of the association established under chapter 353.
[See Note.]
§
Subd. 3e. Governmental subdivision.
"Governmental subdivision" has the meaning given in section 353.01, subdivision 6 .
[See Note.]
§
Subd. 4.
[Repealed, 2013 c 111 art 3 s 31 ]
§
Subd. 4a. Medical facility.
"Medical facility" means a facility that has the primary purpose of providing medical care and that satisfies the definition of governmental subdivision under section 353.01, subdivision 6 .
[See Note.]
§
Subd. 4b. Privatization.
"Privatization" means the process of privatizing, through which a governmental subdivision ceases to be a governmental subdivision for any reason other than that the governmental subdivision closes or permanently ceases to operate.
[See Note.]
§
Subd. 4c. Privatize or privatizing.
"Privatize" or "privatizing" means to engage in a transaction, including a sale to, acquisition by, or merger with an entity or a sale to or acquisition by one or more individuals, or a series of such transactions that result in a governmental subdivision ceasing to be a governmental subdivision on or after the effective date of privatization. Privatize or privatizing does not mean ceasing to be a governmental subdivision because the subdivision closed or permanently ceased to operate.
[See Note.]
§
Subd. 5.
[Repealed, 2013 c 111 art 3 s 31 ]
§
Subd. 5a. Privatized employer.
"Privatized employer" means an entity that was a governmental subdivision on the day before the effective date of privatization and whose employees are privatized employees.
[See Note.]
§
Subd. 6. Privatized employee.
(a)"Privatized employee" means a person who, before the effective date of the privatization of a governmental subdivision:
(1)was employed by the governmental subdivision; and
(2)was a member of the general employees retirement plan for the period of employment with the governmental subdivision.
(b)Privatized employee does not mean a person who, on the day before the effective date of privatization, was simultaneously employed with the privatized employer and by a governmental subdivision and who, after the effective date of privatization, continues to accrue service credit under section 353.01, subdivision 16 , through simultaneous employment with a governmental subdivision.
[See Note.]
§
Subd. 6a. Privatizing active employee.
"Privatizing active employee" means a privatized employee who was employed by the privatizing governmental subdivision on the day before the effective date of the privatization.
[See Note.]
§
Subd. 7. Years of allowable service.
"Years of allowable service" means the total number of years of allowable service under section 353.01, subdivision 18 , of the edition of Minnesota Statutes published in the year before the year in which the privatization occurred.