1999 Minnesota Statutes

     181B.11 Certification of amounts available.  

    After the investigation of the employer the commissioner 
 shall certify to the employer the present value of the total 
 amount of nonvested and vested pension benefits which are 
 includable in determining an employer's pension funding charge 
 liability under sections 181B.01 to 181B.17 and the amount of 
 such benefits which have been compromised or settled to the 
 satisfaction of the commissioner.  When the assets of an 
 employer available for distribution under sections 181B.01 to 
 181B.17 are less than the sum total of the pension funding 
 charges owed to employees as calculated by the commissioner, the 
 commissioner shall calculate the proportion of available assets 
 owed to each employee so that the actual amount to be received 
 by any covered employee at normal retirement age divided by the 
 amount that employee would have received at normal retirement 
 age had there been no shortage of assets available for 
 distribution under sections 181B.01 to 181B.17 is a ratio as 
 constant as is possible from employee to employee.  In seeking 
 to keep such ratio constant the commissioner shall consider the 
 amounts to be received by an employee from trust fund assets set 
 aside for employee pension benefits but unavailable for 
 distribution under sections 181B.01 to 181B.17.  The amount 
 certified by the commissioner shall be due and payable to the 
 employees in the manner specified in section 181B.12 on the date 
 that the employer ceases to operate its place of employment or a 
 pension plan and shall be a lien upon the employer's assets.  If 
 the pension funding charge is not paid when due, the employer 
 shall be liable for interest on the amount due at the rate of 
 eight percent per annum until the charge and interest are paid, 
 and the attorney general of this state shall bring action in an 
 appropriate district court of this state or in the courts of 
 another state or in an appropriate federal court as provided for 
 in section 181B.13.  

    HIST: 1974 c 437 s 11