1.1                          A bill for an act
  1.2             relating to retirement; authorizing public pension 
  1.3             fund members to designate a new beneficiary under a 
  1.4             joint and survivor annuity at the time of marriage 
  1.5             dissolution; proposing coding for new law in Minnesota 
  1.6             Statutes, chapter 356. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [356.315] [NEW BENEFICIARY AFTER MARRIAGE 
  1.9   DISSOLUTION.] 
  1.10     A joint and survivor optional annuity form offered by a 
  1.11  public pension plan described in section 356.001, subdivision 4, 
  1.12  must permit a person to designate a new beneficiary at the time 
  1.13  of marriage dissolution, if the original beneficiary was the 
  1.14  person's spouse and if the designation of a new beneficiary is 
  1.15  authorized in the marriage dissolution decree.  A designation of 
  1.16  a new beneficiary under this section must be made within 60 days 
  1.17  of the date of marriage dissolution in a manner designated by 
  1.18  the director of the applicable public pension plan.  Upon 
  1.19  designation of a new beneficiary, the person's annuity must be 
  1.20  recalculated, based on the new beneficiary, so that the 
  1.21  actuarial value of the annuity with the new beneficiary is the 
  1.22  same as the value with the former beneficiary.  A person may not 
  1.23  make more than one change of beneficiary under this section. 
  1.24     Sec. 2.  [EFFECTIVE DATE.] 
  1.25     Section 1 is effective the day following final enactment, 
  1.26  and applies to a marriage dissolution occurring on or after that 
  2.1   date.