Minnesota Statutes 354.10 – Funds Not Subject to Assignment or Process; Beneficiaries
Subdivision 1.Exemption; exceptions.
(a) The provisions of section 356.401 apply to the teachers retirement plan.
Terms Used In Minnesota Statutes 354.10
- Association: means the combined membership of all teachers who qualify and participate in the retirement program provided for in this chapter. See Minnesota Statutes 354.05
- 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
- Benefit: means an allowance paid or payable by the association to a surviving dependent spouse or a dependent child which is a fixed amount and also includes an allowance paid or payable by the association to a member or former member who is permanently and totally disabled. See Minnesota Statutes 354.05
- Designated beneficiary: means the person, trust, or organization designated by a retiree or member to receive the benefits to which a beneficiary is entitled under this chapter. See Minnesota Statutes 354.05
- fund: means the teachers retirement fund referred to in this chapter. See Minnesota Statutes 354.05
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Retirement: means the withdrawal of a member from active teaching service who is paid a retirement annuity thereafter and commences with the date designated by the retirement board when the retirement annuity first accrues to the former member after withdrawal from active teaching service and application for an annuity under section 354. See Minnesota Statutes 354.05
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
- Teacher: means :
(1) a person who renders service as a teacher, supervisor, principal, superintendent, librarian, nurse, counselor, social worker, therapist, or psychologist in:
(i) a public school of the state other than in Independent School District No. See Minnesota Statutes 354.05
(b) The right of a teacher to take advantage of the benefits provided by this chapter, is a personal right only and is not assignable. All money to the credit of a teacher’s account in the fund or any money payable to the teacher from the fund belongs to the state of Minnesota until actually paid to the teacher or a beneficiary under this chapter.
(c) The association may acknowledge a properly completed power of attorney form.
Subd. 2.
[Repealed, 1Sp2005 c 8 art 10 s 81]
Subd. 3.Payment to public bodies.
If, in the judgment of the executive director, conditions so warrant, payment of an annuity, a retirement benefit, or a refund may be made to a public body in behalf of an annuitant, disabilitant, or survivor upon such terms as the executive director may prescribe.
Subd. 4.Changes in designated beneficiaries.
(a) A beneficiary designated by a retiree or member under section 354.05, subdivision 22, may be changed or revoked by the retiree or member on a form provided by the executive director.
(b) A change or revocation made under this subdivision is valid only if the properly completed form is received by the association on or before the date of death of the retiree or the member.
(c) If a designated beneficiary dies before the retiree or member designating the beneficiary and a new beneficiary is not designated, the retiree’s or member’s estate is the beneficiary.