HF 1581

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to marriage dissolution; providing for 
  1.3             division of certain pension plans; amending Minnesota 
  1.4             Statutes 1994, section 518.58, subdivision 4. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1994, section 518.58, 
  1.7   subdivision 4, is amended to read: 
  1.8      Subd. 4.  [PENSION PLANS.] (a) The division of marital 
  1.9   property that represents pension plan benefits or rights in the 
  1.10  form of future pension plan payments:  
  1.11     (1) is payable only to the extent of the amount of the 
  1.12  pension plan benefit payable under the terms of the plan; 
  1.13     (2) is not payable for a period that exceeds the time that 
  1.14  pension plan benefits are payable to the pension plan benefit 
  1.15  recipient; 
  1.16     (3) is not payable in a lump sum amount from pension plan 
  1.17  assets attributable in any fashion to a spouse with the status 
  1.18  of an active member, deferred retiree, or benefit recipient of a 
  1.19  pension plan; 
  1.20     (4) if the former spouse to whom the payments are to be 
  1.21  made dies prior to the end of the specified payment period with 
  1.22  the right to any remaining payments accruing to an estate or to 
  1.23  more than one survivor, is payable only to a trustee on behalf 
  1.24  of the estate or the group of survivors for subsequent 
  1.25  apportionment by the trustee; and 
  2.1      (5) in the case of public pension plan benefits or rights, 
  2.2   may not commence until the public plan member submits a valid 
  2.3   application for a public pension plan benefit and the benefit 
  2.4   becomes payable. 
  2.5      (b) The individual retirement account plans established 
  2.6   under chapter 354B may provide in its plan document, if 
  2.7   published and made generally available, for an alternative 
  2.8   marital property division or distribution of individual 
  2.9   retirement account plan assets.  If an alternative division or 
  2.10  distribution procedure is provided, it applies in place of 
  2.11  paragraph (a), clause (5). 
  2.12     (c) In the case of a pension plan that is in lieu of social 
  2.13  security benefits because the participant does not contribute to 
  2.14  the social security plan, the division of pension plan benefits 
  2.15  or rights to future pension plan benefits may allocate one third 
  2.16  of the benefits or right to future benefits to the spouse who is 
  2.17  not a participant in the pension plan or no more than one-third 
  2.18  of the present value of the total accrued pension benefit.