Minnesota Statutes 352D.075 – Death Benefits
Subdivision 1.
[Repealed, 1975 c 368 s 51]
Subd. 2.Surviving spouse benefit.
Terms Used In Minnesota Statutes 352D.075
- 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.
- 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
- children: includes children by birth or adoption;
(9) "day" comprises the time from midnight to the next midnight;
(10) "fiscal year" means the year by or for which accounts are reckoned;
(11) "hereafter" means a reference to the time after the time when the law containing such word takes effect;
(12) "heretofore" means a reference to the time previous to the time when the law containing such word takes effect;
(13) "judicial sale" means a sale conducted by an officer or person authorized for the purpose by some competent tribunal;
(14) "minor" means an individual under the age of 18 years;
(15) "money" means lawful money of the United States;
(16) "night time" means the time from sunset to sunrise;
(17) "non compos mentis" refers to an individual of unsound mind;
(18) "notary" means a notary public;
(19) "now" in any provision of a law referring to other laws in force, or to persons in office, or to any facts or circumstances as existing, relates to the laws in force, or to the persons in office, or to the facts or circumstances existing, respectively, on the effective date of such provision;
(20) "verified" when used in reference to writings, means supported by oath or affirmation. See Minnesota Statutes 645.45
- Employee shares: means shares in the supplemental fund purchased with the employee's contributions. See Minnesota Statutes 352D.015
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- 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.075
- 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.
- 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
- children: includes children by birth or adoption;
(9) "day" comprises the time from midnight to the next midnight;
(10) "fiscal year" means the year by or for which accounts are reckoned;
(11) "hereafter" means a reference to the time after the time when the law containing such word takes effect;
(12) "heretofore" means a reference to the time previous to the time when the law containing such word takes effect;
(13) "judicial sale" means a sale conducted by an officer or person authorized for the purpose by some competent tribunal;
(14) "minor" means an individual under the age of 18 years;
(15) "money" means lawful money of the United States;
(16) "night time" means the time from sunset to sunrise;
(17) "non compos mentis" refers to an individual of unsound mind;
(18) "notary" means a notary public;
(19) "now" in any provision of a law referring to other laws in force, or to persons in office, or to any facts or circumstances as existing, relates to the laws in force, or to the persons in office, or to the facts or circumstances existing, respectively, on the effective date of such provision;
(20) "verified" when used in reference to writings, means supported by oath or affirmation. See Minnesota Statutes 645.45
- Employee shares: means shares in the supplemental fund purchased with the employee's contributions. See Minnesota Statutes 352D.015
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- 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) Notwithstanding any designation of a beneficiary to the contrary, if a participant or a former participant dies before an annuity or a disability benefit becomes payable, the surviving spouse is entitled to receive:
(1) a lump-sum payment of the value of the participant’s total shares;
(2) a lump-sum payment of a portion of the value of the total shares and, at any time after the participant’s death, an annuity based on the remaining value of the total shares. If the spouse dies before receiving any annuity payments, the remaining value of the shares is payable to the spouse’s children in equal shares, and if no children survive, then to the parents of the spouse in equal shares, and if no children or parents survive, then to the estate of the spouse; or
(3) at any time after the participant’s death, an annuity based on the value of the total shares. If the spouse dies before receiving any annuity payments, the value of the shares is payable to the spouse’s children in equal shares, and if no children survive, then to the parents of the spouse in equal shares, and if no such children or parents survive, then to the estate of the spouse; and if the spouse dies after receiving annuity payments but before receiving payments equal to the value of the employee shares, the value of the employee shares remaining is payable to the spouse’s children in equal shares, and if no children survive, then to the parents of the spouse in equal shares, and if no children or parents survive, then to the estate of the spouse.
(b) A participant or a former participant and the person‘s spouse may make a joint specification, in writing, on a form prescribed by the executive director, that the benefits provided in this section must be paid only to the designated beneficiary.
Subd. 2a.Surviving spouse coverage term certain.
In lieu of the annuity under subdivision 2, clause (2) or (3), or in lieu of a distribution under subdivision 2, clause (1), the surviving spouse of a deceased participant may elect to receive survivor coverage in the form of a term certain annuity of ten, 15, or 20 years, based on the value of the remaining shares. The monthly term certain annuity must be calculated under section 352D.06, subdivision 1.
Subd. 2b.Postretirement adjustment eligibility.
A survivor benefit under this section is eligible for postretirement adjustments under section 356.415.
Subd. 3.Refund to beneficiary.
If a participant dies and has no surviving spouse, the value of the total shares is payable to a designated beneficiary, but if the beneficiary dies before receiving payment, or if no beneficiary has been named, the value of the shares is payable to the children of the participant in equal shares, or if no children survive, then in equal shares to the parents of the participant, or if no parents survive, then to the estate of the participant.