Terms Used In Minnesota Statutes > Chapter 354B - Higher Education Individual Retirement Accounts

• 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.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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}
• Board: means the Board of Trustees of the Minnesota State Colleges and Universities. See Minnesota Statutes 354B.20
• Board of Trustees of the Minnesota State Colleges and Universities: means the governing board for the state universities, the community colleges, and the technical colleges established by section 136F. See Minnesota Statutes 354B.20
• Chancellor: means the chancellor of the board. See Minnesota Statutes 354B.20
• Contract: A legal written agreement that becomes binding when signed.
• Covered employment: means employment by an employee in the fiscal year in which the employee first attains eligible employee status, as determined under section 354B. See Minnesota Statutes 354B.20
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Eligible unclassified administrative position: means the following:

  (1) the chancellor of the board;

  (2) a president of a state college or university;

  (3) an administrator employed in a state university or college, by the board, or by the Minnesota Office of Higher Education; or

  (4) other managers and professionals in academic and academic support programs in the unclassified service employed in a state university or college, by the board, or by the Minnesota Office of Higher Education. See Minnesota Statutes 354B.20

• Eligible unclassified faculty position: means employment by an employing unit in:

  (1) a classification under section 179A. See Minnesota Statutes 354B.20

• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• First class city teacher retirement fund association: means a retirement plan, fund, and plan administration established under chapter 354A. See Minnesota Statutes 354B.20
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• 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
• 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
• Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
• Plan: means the individual retirement account plan established by this chapter. See Minnesota Statutes 354B.20
• Plan administrator: means the board employee or an independent contract agent designated by the board to perform the primary administrative functions relating to the plan. See Minnesota Statutes 354B.20
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Sabbatical leave: means a sabbatical leave as specified in the applicable collective bargaining agreement or personnel policy of the board for its employees. See Minnesota Statutes 354B.20
• state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
• Unclaimed plan account amounts: means the accounts of any plan participant who has terminated employment by the Minnesota State Colleges and Universities System or who has died, or of the surviving spouse, beneficiary, or estate of the participant if the plan administrator is unable to locate the applicable recipient in accordance with Internal Revenue Service due diligence requirements. See Minnesota Statutes 354B.20