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THE FIXED RET ACCOUNT is slmilnr to
<br />sav~ngs account, established for lhoso
<br />prefer to earn a specified tale of return on their
<br />Investment. Investment Is in fixed income
<br />securities such as short term securities, govern-
<br />ment bonds and high qualify corporate bonds,
<br />The actual rate of return credited may vary each
<br />year, A rate of 8,7% was credited In fiscal year
<br />1979. · -- - -..
<br />
<br /> · B~ATH - Your surviving spouse Or beneficl~
<br /> : '.. mt~lect to receive either monthly payments
<br /> · .., lump sum payment. If there is neither a survlvl
<br /> · spouse nor designated beneficiary, payment of
<br /> . funds will be made In a lump sum to your estate
<br /> you wish to designate a beneficiary, the back of t
<br /> application' form has a place to designate ye
<br /> beneficiary. Only one person may be designated
<br />;." beneficiary, -':
<br />
<br /> The State makes no guarantee as to investment ....:" '-'?. C, FINANCIAL'EMERI~ENCy - Prio'r to ter~'ln~th
<br /> performance or the return nor does the'State' ' .'.~ ..-';em'ployment,'i;you may request:early. withdraw
<br /> assume any llability for loss due to the lnvestment or - . because of bankruptcy or financial Io~'s'resultl~
<br /> failure of investment of funds and assets'in these from lllness or accident to'you, a member of yo
<br /> accounts, "' ' : · .~ . .:.. -,. "- ' family,' or your property. The uncompe'nsated Io
<br /> Your investment option selection may be changed ," -- - must be non-budget.able,-' Evidence Will be requir,
<br /> once each year for future deductions."The amount ' ~:'· by-the employer or the Executive Director of ti
<br /> to be deferred may not be less than $10.00 per pay : ' Minnesota-State Retirement System to verify ti
<br /> period for each account selected.. Total past invest- - ·, . Ioss~ Payment, if approved, is limited to the amou
<br /> ments which were invested in the Income or Growth %.- 4~-_: '-necessary to. meet the emergency and_ will· be taxE
<br /> Account may be transferred to the Fixed Return Ac- ;-·' .' ~:.*. ~' as .o. rdinary~ incom?' ia. th.e,~/ear~rece!v¢..d._..,~. _
<br /> count Contact the Retirement office for the form tO"-,?"~.::::. '.. ~-YD "D ~Ai~ ~' i.J~'-': if' '.~"- b-'~'-
<br /> ' . . . - . -._. ;._..-..,' _;., ..... -,.:~.:?--' -'.. ' .: .,' b L If. r I yOU eco e olsaoleo you m
<br /> accomp Isn a ~ransTer . .- ..... :- '-, ,, ' - :- :-,t.,;~-.~ ....... ~- ~ ' '
<br /> '... --.:.....": ..;.;.· :-/.~ -'.; .-. ;,-:-. ¢-~-.-: ,,:.-;~,..,~,choose a payout date and payout perlod,.just as
<br />' · .' . .':., :. .~'. -% '. .,~ ~r ...~.:-.:. :- ..-~- .:,~__..:'-you had rebred..A social secur,ty d~sab~ ty bene
<br /> ' : '.' .-' '. ..... ; :.".'..".;" ':..'-.",,': "~.-,":-.'"U-"? ':~'.-':.,"-"'determination"'ora medical report may be Subm
<br /> "-.: ' · :,' .. - ,'. '.; ' 'i- '." ': :. - ._: .': :' ?:--' '- .~ :'..':' '. "~ '~'- .~-' ted as evidence' of d sab i~ '.~-- -';-:~'.:-'- ...... ;.-. '".
<br />
<br /> · .- . BENEFIT PAYMENTS '.:~ :'.: - . .._--'.:; L-: ';:~- ~:: - ..... : .'~ ~.' -',.-'.;':. is:--.
<br /> -'.: ' '" . :; ..... '","-;'; :.-' '".:-:.;': ':;:'~ '~.7.:..' :'_'-'ADMiNISTRATiVE· Ci~IARG'E'i.'..-
<br /> ' A. RETIREMENT OR TERMINATION OF SE. RVlCE-. -.; ::,~ ~ .: :'i.' ! ..... ' '.' . .... -- ,..'-.
<br /> Payments from your Deferred Compensation Plan ' ';' "' ';'"A percentage, currently 2%,:-of the Defer're~l C0r
<br /> may begin amnaY~!m,e' following term. in. a.tion of..empl,oy.-..-·~::i '?. :~? ':' pensation withheld will be set aside to cover the a,
<br />; ment. You y cnoose a payou! aate any~,me, uu~. ':';.;-::~:',~-: i.." ministrative ~osts. For example, if an.employee h~
<br />i~ the p~yout date must follow your~ termination or '.; ..... ;' '-$100 O0
<br /> retirement· The payout date may be changed before "- -.:'¥ ''~ :- -' ~' ' of Deferred Compensation-withheld ca(
<br />~ payout begihs. If you do not choose a payout date :-'-: -:~":-"- :pay period, $2.00 will be taken for.administrati~
<br />~ ~: - ..... costs and $98 O0 wi be invested No other charg~
<br />~ within one month following your 70th birthday,~a-',....'~ .'~.~.~:-.' '~are dedu,'~,~,4 -'-' ' '..' - '~'" : .' ' ....
<br />~ lump sum payment will be made. :".. :--- .-'-'-; ' .; .:.. .-: ,.~-: .. -':.'--:. ,.: ..... '-_. ,... ,- r '. .':;:
<br />!' . . . '.,.- - ;-.--'.h "-r'"'.'"'"'i .'~'- ':~ ;. -'':~-"t';-~--:-i- ";'~;;- '::~: "r_' ':~"~.-'"' '.' '/ :'"-'''?.: ': ..?~' : ~..:.'-
<br />r~-- YOU may choose'a payout period anytime'.before'-::-;)¢~;:~;.-;'-;;';~::%!-'.-.;;.}~l~.~-'l'~ ~'~-~.~=
<br /> u t al b ' - . -. '- -- .-.::.~:-..r...-~i'-.-:-:'.z:%~:5."~.t';.,,.-:,.~,~,~,~, :~,~.~ ~,~1,~,~,.1_. ~,,,~iii,~i~,iF_.o"?.'- ,"-_
<br />[ payo 1 ac u ly eg~ns You ma take the payout in.- ~.¢.-~ ..... r-.-~¢ ,-,., -_- . , .,- ................
<br />~ - 'either a lump sum or'in monthly paymeets;'fanging'::-:¢~:.,~;~?~t.':,%~'':-a; .... ;:.'"::'. :'-'"'.:-:.""; '~ '.'" ': ':':','.'~.'-'~' :' '
<br />,r., ....... ... . : ..... ;. ,'--'-:~.-.~ e greemem continues in force untilit is cnange
<br />i':"- from 2 to 240 months (20 'years). . ...... .If 'death occursTM..,..,. .:-~";~-"':'"':'"'0r-~--. ~-, .'terminated-:'-Tc~- chan-'e"the,~. . g amoum- ' .... or yo~
<br />, - before payout is comP eted, you'r surviving spouse ;: ?:..-.;.<r-.s;-' ~deSucti-n'- -'"':- ..... ' - ': - - '
<br />i · ,-'-:.-~'--.-..--,'.,- u ~ ur roves[mere se ect on; 'suDmit.a ne
<br /> or beneficiaw may elect the date and payout period: ;;:':-'-; ~.':,.- ' " - -
<br />~ '- . ..-~ -..~ -, :application. Changes apply to amounts withheld ti.
<br />i.': to receive the balance of.your account. I1 you have · :"..',-;' ..... - ~ 'first full pay period 30-days following receipt c~f a
<br />~ no surviving spouse or beneficiary;.then the balance "" -' --" - ·
<br />
<br />[ of your account Will be'paid to,your estate in a lump.i ~:"~'!:i;',i ":' approved application. The amount you enter on ti'
<br /> .... '- " ' 'i ....................... .-.-,', application form 'is t%e total amount that wi -b
<br />~ sum. '~"-:' !':: -": ' ~ ~." '::'::..;~ . ¥' .'...':-' ~ .'i:'~-.,;~\~." ;:-¢-":-'.'.' i~.'.:-',' i withhe d each pay per od.' It may be changed twfc
<br /> during the ear
<br />r .The minimum monthly payout is equal to the Value "-.?-:-i :¥-';- '- . Y -.':_.'"'--':- ~'~',,?...:
<br />i' of 10 shares· The 'amoUnt of each payment is deter; ":~':' ,:--,t'-; :~.' ~:.-e~te,¢i-nL...z;~O Cn-~h,=;_-~.t'L, ~--
<br />· m~ned by the per share value as of the end of the
<br />~ . . · :-:-.?:::~.: : tion-of the application you may stop the deferre
<br />I preceeding month. The balance in your account .-::,.-: ;-.:..'_-.:compensation deductions the first full pa~' peridd 3
<br />~' remains invested. Fixed Return 'investment pay- :~.:-.,i.;'-:?i~.....: days followin~l recei,ot of the application. You ma
<br />! ments shall also include payment Of annualinterest ;- . f.¢:- ' ..... not re-uest withdrawe of our mone un' '
<br /> . ' -. ,' , -:.: ....'- :.:: ..... -.'f ':-'.'-: ,[ ::-..:~' .q · y y
<br />!.....on the ,.nv..e. sted b?la,n.cer :':,(:?:.: :t::-'-:~: :"-'~_.';" ..: %':.??: :;~ ;,'~:.:*~.;-i~-:-the withdrawal 'cOnditions' is reeL'
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