Minnesota Statutes 356.431 – Conversion of Lump-Sum Postretirement and Supplemental Payment to an Increased Monthly Annuity
Current as of: 2023 | Check for updates
|
Other versions
Subdivision 1.Lump-sum postretirement payment conversion.
For benefits paid to eligible persons under Minnesota Statutes 2014, section 356.42, the amount of the most recent lump-sum benefit payable to an eligible recipient under Minnesota Statutes 2014, section 356.42 must be divided by 12. The result must be added to the monthly annuity or benefit otherwise payable to an eligible recipient, must become a permanent part of the benefit recipient’s pension, and must be included in any pension benefit subject to future postretirement adjustments.
Subd. 2.
Terms Used In Minnesota Statutes 356.431
- 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.
Terms Used In Minnesota Statutes 356.431
- 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.
[Repealed, 2009 c 169 art 1 s 77]