HF 1570

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; teachers retirement 
  1.3             association; authorizing assignment of survivorship 
  1.4             interest in a 100 percent joint and survivor optional 
  1.5             annuity to an estate. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [TEACHERS RETIREMENT ASSOCIATION; EXCEPTION TO 
  1.8   NONASSIGNABILITY PROVISION.] 
  1.9      Subdivision 1.  [ASSIGNMENT AUTHORIZATION.] Notwithstanding 
  1.10  Minnesota Statutes, section 354.10, a person described in 
  1.11  subdivision 3 may assign a survivorship interest in a 100 
  1.12  percent joint and survivor optional annuity from the teachers 
  1.13  retirement association to the current wife of the person's 
  1.14  ex-spouse.  The assignment document must meet contents 
  1.15  requirements specified by the executive director of the teachers 
  1.16  retirement association. 
  1.17     Subd. 2.  [APPLICATION.] If the assignment under 
  1.18  subdivision 1 is made and the retired employee receiving the 
  1.19  first half of the 100 percent joint and survivor optional 
  1.20  annuity from the teachers retirement association dies before the 
  1.21  eligible person described in subdivision 3, benefits under the 
  1.22  survivorship interest are payable to the deceased retired 
  1.23  employee's estate.  Benefits are payable to the estate from the 
  1.24  date of death of the retired employee until the date of death of 
  1.25  the eligible person described in subdivision 3. 
  2.1      Subd. 3.  [ELIGIBILITY.] A person may make the assignment 
  2.2   under subdivision 1 if the former spouse of that person: 
  2.3      (1) was born on January 23, 1936; 
  2.4      (2) began receiving a retirement annuity from the teachers 
  2.5   retirement association on February 1, 1991; and 
  2.6      (3) was married to the person seeking assignment and the 
  2.7   marriage was dissolved by a Lee county, Florida court after 
  2.8   February 1, 1991. 
  2.9      Subd. 4.  [ASSIGNMENT DATE.] The assignment authorization 
  2.10  provided by subdivision 1 is voided if assignment is not made 
  2.11  before January 1, 2000. 
  2.12     Sec. 2.  [EFFECTIVE DATE.] 
  2.13     Section 1 is effective on the day following final enactment.