(a) No participant may obtain a loan from the plan or obtain any distribution from the plan at a time before the participant terminates the employment that gave rise to plan coverage.

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Terms Used In Minnesota Statutes 354B.30

  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Participant: means a person who is employed in covered employment by the board and who elects coverage by the plan under section 354B. See Minnesota Statutes 354B.20
  • Plan: means the individual retirement account plan established by this chapter. See Minnesota Statutes 354B.20

(b) No amounts to the credit of the plan are assignable either in law or in equity, or are subject to execution, levy, attachment, garnishment, or other legal process, except as provided in section 518.58, 518.581, or 518A.53.