SF 2297

Introduction - 83rd Legislature (2003 - 2004)

Posted on 12/15/2009 12:00 a.m.

  1.1                          A bill for an act 
  1.2             relating to retirement; Teachers Retirement 
  1.3             Association; authorizing certain members to designate 
  1.4             their children as optional annuity beneficiaries. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [TEACHERS RETIREMENT ASSOCIATION; BENEFICIARY 
  1.7   DESIGNATION.] 
  1.8      (a) An eligible person described in paragraph (b) is 
  1.9   entitled to make a specification that the benefits provided in 
  1.10  Minnesota Statutes, section 354.46, subdivision 2, or in 
  1.11  Minnesota Statutes, section 354.47, subdivision 1, may be paid 
  1.12  only to a designated beneficiary or beneficiaries.  
  1.13     (b) An eligible person is a person who: 
  1.14     (1) was born on July 9, 1956; 
  1.15     (2) is employed as a teacher by Independent School District 
  1.16  No. 535, Rochester; 
  1.17     (3) is a member of the Teachers Retirement Association; 
  1.18     (4) has more than 19 years of allowable service credit in 
  1.19  the Teachers Retirement Association; 
  1.20     (5) has two minor children; 
  1.21     (6) has no potential surviving spouse by virtue of a prior 
  1.22  marriage dissolution; and 
  1.23     (7) has been diagnosed with a serious medical condition 
  1.24  that is life threatening. 
  1.25     (c) The designated beneficiary or beneficiaries may only be 
  2.1   a biological or adopted child, the biological or adopted 
  2.2   children of the eligible person, or a trust established for the 
  2.3   child or children if the trust is required to provide for the 
  2.4   proper health, support, maintenance, and education of the 
  2.5   dependent child or children.  If two or more children are 
  2.6   designated or if a trust established for more than one child is 
  2.7   designated, the benefit payable to or on behalf of each child is 
  2.8   an equal share of the total benefit. 
  2.9      (d) The specification must be made in writing on a form 
  2.10  prescribed by the executive director of the Teachers Retirement 
  2.11  Association.  
  2.12     Sec. 2.  [EFFECTIVE DATE.] 
  2.13     Section 1 is effective the day following final enactment.