Minnesota Statutes 354.47 – Payment After Death
Subdivision 1.Death before retirement.
(a) If a member dies before retirement and is covered under section 354.44, subdivision 2, and neither an optional annuity, nor a reversionary annuity, nor a benefit under section 354.46, subdivision 1, is payable to the survivors if the member was a basic member, then the surviving spouse, or if there is no surviving spouse, the designated beneficiary is entitled to an amount equal to the member’s accumulated deductions with interest credited to the account of the member to the date of death of the member. If the designated beneficiary is a minor, interest must be credited to the date the beneficiary reaches legal age, or the date of receipt, whichever is earlier.
Terms Used In Minnesota Statutes 354.47
- Accumulated deductions: means the total of the sums deducted from the salary of a member and the total amount of assessments paid by a member in lieu of such deductions, credited to the member's individual fund, less amounts paid to the member or any person in the member's behalf in the form of refundments, annuity payments or benefit payments and less any other amounts deducted pursuant to law. See Minnesota Statutes 354.05
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Annuity: means a retirement annuity, optional survivors annuity, or spouses annuity. See Minnesota Statutes 354.05
- Association: means the combined membership of all teachers who qualify and participate in the retirement program provided for in this chapter. See Minnesota Statutes 354.05
- Basic member: means any teacher not covered by any agreement or modification made between the state and the Secretary of Health, Education and Welfare. See Minnesota Statutes 354.05
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Benefit: means an allowance paid or payable by the association to a surviving dependent spouse or a dependent child which is a fixed amount and also includes an allowance paid or payable by the association to a member or former member who is permanently and totally disabled. See Minnesota Statutes 354.05
- board: means the board of trustees of the Teachers Retirement Association. See Minnesota Statutes 354.05
- Decedent: A deceased person.
- Designated beneficiary: means the person, trust, or organization designated by a retiree or member to receive the benefits to which a beneficiary is entitled under this chapter. See Minnesota Statutes 354.05
- Minor: means an individual under the age of 18. See Minnesota Statutes 645.451
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- Probate: Proving a will
- Retirement: means the withdrawal of a member from active teaching service who is paid a retirement annuity thereafter and commences with the date designated by the retirement board when the retirement annuity first accrues to the former member after withdrawal from active teaching service and application for an annuity under section 354. See Minnesota Statutes 354.05
- Retirement annuity: means the payments made by the association to a former member after retirement. See Minnesota Statutes 354.05
- Surviving spouse: means the spouse of a deceased member or a disabilitant who was legally married to the member at the time of death. See Minnesota Statutes 354.05
(b) If a member dies before retirement and is covered under section 354.44, subdivision 6, and neither an optional annuity, nor reversionary annuity, nor the benefit described in section 354.46, subdivision 1, is payable to the survivors if the member was a basic member, then the surviving spouse, or if there is no surviving spouse, then the designated beneficiary is entitled to a refund equal to the accumulated deductions credited to the member’s account plus interest compounded annually until the member’s date of death using the following interest rates:
(1) before July 1, 1957, no interest accrues;
(2) July 1, 1957, to June 30, 2011, six percent; and
(3) after June 30, 2011, four percent.
(c) If the designated beneficiary under paragraph (b) is a minor, any interest credited under that paragraph must be credited to the date the beneficiary reaches legal age, or the date of receipt, whichever is earlier.
(d) The amount of any refund payable under this subdivision must be reduced by any permanent disability payment under section 354.48 received by the member.
Subd. 1a.Uncashed annuity or benefit warrants.
Uncashed annuity or benefit warrants issued before the recipient’s death are payable to the designated beneficiary, and if none, to the recipient’s estate.
Subd. 2.Benefits of $1,500 or less.
If a member or a former member dies without having a surviving designated beneficiary and the amount to the credit of the decedent is $1,500 or less, the board of trustees may 90 days after the date of death, in the absence of probate proceedings, make payment to the surviving spouse of the decedent. This payment is a bar to recovery of this payment from the association by any other person or persons. Any accrued retirement annuity, disability, or survivor benefit may be paid in the same manner.
Subd. 3.
[Repealed, 1974 c 289 s 59]