(a) Notwithstanding any law to the contrary, all annuities and benefits payable by a covered retirement fund, as defined in section 356.30, subdivision 3, must be paid in advance for each month during the first week of that month.

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Terms Used In Minnesota Statutes 356.40

  • 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.
  • Month: means a calendar month and "year" means a calendar year, unless otherwise expressed; and "year" is equivalent to the expression "year of our Lord. See Minnesota Statutes 645.44

(b) In no event, however, may this section authorize the payment of both a retirement annuity and a surviving spouse’s benefit in one month where the law governing the applicable retirement fund provides for the payment of the retired member’s retirement annuity to the surviving spouse for the month in which the retired member dies.