2006 Minnesota Statutes

356.46 APPLICATION FOR RETIREMENT ANNUITY; PROCEDURE FOR ELECTING
ANNUITY FORM.
    Subdivision 1. Definitions. As used in this section, each of the following terms shall have
the meaning given.
(a) "Annuity form" means the payment procedure and duration of a retirement annuity or
disability benefit available to a member of a public pension fund, based on the period over which
a retirement annuity or disability benefit is payable, determined by the number of persons to
whom the retirement annuity or disability benefit is payable, and the amount of the retirement
annuity or disability benefit which is payable to each person.
(b) "Joint and survivor optional annuity" means an optional annuity form which provides
a retirement annuity or disability benefit to a retired member and the spouse of the member
on a joint basis during the lifetime of the retired member and all or a portion of the original
retirement annuity or disability benefit amount to the surviving spouse in the event of the death of
the retired member.
(c) "Optional annuity form" means an annuity form which is elected by a member and is not
provided automatically as the standard annuity form of the public pension plan.
(d) "Public pension plan" means a public pension plan as defined under section 356.63,
paragraph (b) .
(e) "Retirement annuity" means a series of monthly payments to which a former or retired
member of a public pension fund is entitled due to attaining a specified age and acquiring credit
for a specified period of service, which includes a retirement annuity, retirement allowance, or
service pension.
(f) "Disability benefit" means a series of monthly payments to which a former or disabled
member of a public pension fund is entitled due to a physical or mental inability to engage in
specified employment.
    Subd. 2. Provision of information on annuity forms. Every public pension plan which
provides for an annuity form other than a single life retirement annuity as an option which can be
elected by an active, disabled, or retiring member shall provide as a part of, or accompanying
the annuity application form, a written statement summarizing the optional annuity forms which
are available, a general indication of the consequences of selecting one annuity form over
another, a calculation of the actuarial reduction in the amount of the retirement annuity which
would be required for each optional annuity form, and the procedure to be followed to obtain
more information from the public pension fund concerning the optional annuity forms provided
by the plan.
    Subd. 3. Requirement of notice to member's spouse. (a) If a public pension plan provides
optional retirement annuity forms which include a joint and survivor optional retirement annuity
form potentially applicable to the surviving spouse of a member, the executive director of the
public pension plan shall send a copy of the written statement required by subdivision 2 to the
spouse of the member before the member's election of an optional retirement annuity.
(b) Following the election of a retirement annuity by the member, a copy of the completed
retirement annuity application and retirement annuity beneficiary form, if applicable, must be sent
by the public pension plan to the spouse of the retiring member. A signed acknowledgment must
be required from the spouse confirming receipt of a copy of the completed retirement annuity
application and retirement annuity beneficiary form, unless the spouse's signature confirming the
receipt is on the annuity application form. If the required signed acknowledgment is not received
from the spouse within 30 days, the public pension plan must send another copy of the completed
retirement annuity application and retirement annuity beneficiary form, if applicable, to the
spouse by certified mail with restricted delivery.
History: 2002 c 392 art 11 s 35; 2003 c 2 art 1 s 41