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HF 778

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
  1.1                          A bill for an act 
  1.2             relating to family law; modifying provisions dealing 
  1.3             with distribution of certain pension plan assets or 
  1.4             benefits; amending Minnesota Statutes 2002, section 
  1.5             518.58, subdivision 4. 
  1.7      Section 1.  Minnesota Statutes 2002, section 518.58, 
  1.8   subdivision 4, is amended to read: 
  1.9      Subd. 4.  [PENSION PLANS.] (a) The division of marital 
  1.10  property that represents pension plan benefits or rights in the 
  1.11  form of future pension plan payments:  
  1.12     (1) is payable only to the extent of the amount of the 
  1.13  pension plan benefit payable under the terms of the plan; 
  1.14     (2) is not payable for a period that exceeds the time that 
  1.15  pension plan benefits are payable to the pension plan benefit 
  1.16  recipient; 
  1.17     (3) is not payable in a lump sum amount from defined 
  1.18  benefit pension plan assets attributable in any fashion to a 
  1.19  spouse with the status of an active member, deferred retiree, or 
  1.20  benefit recipient of a pension plan; 
  1.21     (4) if the former spouse to whom the payments are to be 
  1.22  made dies prior to the end of the specified payment period with 
  1.23  the right to any remaining payments accruing to an estate or to 
  1.24  more than one survivor, is payable only to a trustee on behalf 
  1.25  of the estate or the group of survivors for subsequent 
  2.1   apportionment by the trustee; and 
  2.2      (5) in the case of defined benefit public pension plan 
  2.3   benefits or rights, may not commence until the public plan 
  2.4   member submits a valid application for a public pension plan 
  2.5   benefit and the benefit becomes payable. 
  2.6      (b) The individual retirement account plans established 
  2.7   under chapter 354B may provide in its plan document, if 
  2.8   published and made generally available, for an alternative 
  2.9   marital property division or distribution of individual 
  2.10  retirement account plan assets.  If an alternative division or 
  2.11  distribution procedure is provided, it applies in place of 
  2.12  paragraph (a), clause (5).