Minnesota Statutes 352D.065 – Disability Benefits
Subdivision 1.
[Repealed, 1975 c 368 s 51]
Subd. 2.Disability benefit amount.
Terms Used In Minnesota Statutes 352D.065
- 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.
- contributions: shall mean "shares. See Minnesota Statutes 352D.015
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Total shares: means all the employee shares and employer shares credited to a participant. See Minnesota Statutes 352D.015
- Value: means the market value of the account at the end of the United States investment market day. See Minnesota Statutes 352D.015
Terms Used In Minnesota Statutes 352D.065
- 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.
- contributions: shall mean "shares. See Minnesota Statutes 352D.015
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Total shares: means all the employee shares and employer shares credited to a participant. See Minnesota Statutes 352D.015
- Value: means the market value of the account at the end of the United States investment market day. See Minnesota Statutes 352D.015
A participant who becomes totally and permanently disabled has the option, even if on leave of absence without pay, to receive:
(1) the value of the participant’s total shares;
(2) the value of a portion of the total shares and an annuity based on the remainder of the total shares; or
(3) an annuity based on the value of the participant’s total shares.
Subd. 3.Annuity payment.
The annuity payable under this section begins to accrue the day following receipt of the application or the day after termination, whichever is later, plus any contributions and interest received after that date, and must be based on the participant’s age when the annuity begins to accrue. The shares must be valued as of the end of the day on which the benefit accrues.
Subd. 3a.Postretirement adjustment eligibility.
A disability benefit under this section is eligible for postretirement adjustments under section 356.415.
Subd. 4.No workers’ compensation reduction.
The benefits payable under this section shall not be reduced by amounts received or receivable under applicable workers’ compensation laws.
Subd. 5.Return to service.
A participant who returns to covered service after receiving benefits under this section shall not be required or allowed to repay such benefits.