Subd. 1. Adjustable fixed benefit annuity.

Adjustable fixed benefit annuity means the payments made from the participation in the fund to an annuitant after retirement in accordance with this section. It also means that the payments made to the persons receiving benefits must never be less than the amount originally determined on the date of retirement or on July 1, 1969, whichever is later.

Subd. 2. Valuation of assets; adjustment of benefits.

1. (a) The required reserves for retirement annuities or disability benefits under this chapter as determined in accordance with the appropriate mortality table adopted by the board of directors based on experience of the fund as recommended by the commission-retained actuary and using the interest assumption specified in section 356.215, subdivision 4d must be transferred to the Minnesota postretirement investment fund as of the last business day of the month in which the retirement annuity or disability benefit begins.
2. (b) Annuity and benefit payments must be adjusted in accordance with section 11A.18.

Subd. 3. Increases made automatically.

Notwithstanding section 356.18, increases in benefit payments under this section will be made automatically unless the intended recipient files written notice with the system requesting that the increase not be made.

Subd. 4. Determining applicable law.

The annuity is computed under the law in effect as of the last day for which the employee receives pay, or if on medical leave, the day the leave terminates. However, if the employee has returned to covered employment following a termination, the employee must have earned at least six months of allowable service following their return to qualify for improved benefits resulting from any law change enacted subsequent to that termination.