1998 Minnesota Statutes

     352D.09 Administration. 

    Subdivision 1.    Administrative agency and standards.  
 The unclassified employees retirement plan and the provisions of 
 this chapter must be administered by the Minnesota state 
 retirement system.  The provisions of chapter 352 govern in all 
 instances where not inconsistent with the provisions of this 
 chapter.  Fiduciary activities of the unclassified employees 
 retirement plan must be undertaken in a manner consistent with 
 chapter 356A. 

    Subd. 2.  Whenever redemption or purchases from the 
 supplemental retirement fund are required to be made, the 
 executive director shall make them.  

    Subd. 3.  The executive director shall annually distribute 
 the prospectus prepared by the supplemental fund, by July 1 or 
 when received from such fund, whichever is later, to each 
 participant in covered employment.  

    Subd. 4.  Whenever benefits or withdrawals are authorized 
 or required to be paid, payment shall be made only after receipt 
 of an application signed by the person or representative 
 authorized to receive the benefit or withdrawal; such 
 application shall be made only on forms authorized by the 
 executive director.  

    Subd. 5.  If the beneficiary, surviving spouse or estate 
 has not made application for benefits within ten years after the 
 date of death of a participant the value of the shares shall be 
 appropriated to the regular fund and provisions of section 
 352.12, subdivision 12 shall govern.  If a former participant 
 fails to make a claim for benefits within five years after 
 termination of covered service or by age 70, whichever is later, 
 the value of the shares shall be appropriated to the general 
 employees retirement fund and the provisions of section 352.22, 
 subdivision 8, shall apply.  

    Subd. 5a.  If a former participant who contributed less 
 than $100 in employee contributions cannot be contacted by the 
 system for five or more years, the value of the shares shall be 
 appropriated to the general employees retirement fund, but upon 
 subsequent contact by the former employee the account shall be 
 reinstated to the amount that would have been payable had the 
 money been left in the unclassified plan. 

    Subd. 6. Repealed, 1994 c 528 art 1 s 15 

    Subd. 7.  The board of directors shall establish a budget 
 and charge participants a fee to pay the administrative expenses 
 of the unclassified program.  Fees cannot be charged on 
 contributions and investment returns attributable to 
 contributions made before July 1, 1992.  Annual total fees 
 charged for plan administration cannot exceed 10/100 of one 
 percent of the contributions and investment returns attributable 
 to contributions made on or after July 1, 1992. 

    Subd. 8.    Administrative charge deductions.  Any 
 administrative charges deducted under subdivision 7 that were in 
 excess of the administrative expenses between July 1, 1973, and 
 June 30, 1992, together with any investment gains or losses 
 based on fiscal year balances, must be recovered from the state 
 employees retirement plan and held in the unclassified plan to 
 pay future administrative expenses.  Any deductions to pay 
 administrative expenses under section 11A.17, subdivision 10a, 
 on contributions and investment returns attributable to 
 contributions made before July 1, 1992, must be credited back to 
 the participants in the unclassified plan.  Any deductions to 
 pay administrative expenses under section 11A.17, subdivision 
 10a, that exceed an amount equal to 1/12 of an annual charge 
 equal to one-tenth of one percent of the assets in each account 
 will be credited back to the participants. 

    HIST: 1971 c 604 s 9; 1973 c 624 s 11; 1981 c 224 s 71; 
 3Sp1981 c 2 art 1 s 69; 1989 c 319 art 8 s 15; 1992 c 539 s 12; 
 1993 c 307 art 1 s 38-40; 1994 c 604 art 1 s 13; 1998 c 390 art 
 2 s 7 

*   NOTE:  The amendment to subdivision 7 by Laws 1998, chapter 
*390, article 2, section 7, is effective July 1, 1999.  Laws 
*1998, chapter 390, article 2, section 22.  

*   NOTE:  Subdivision 8 is repealed by Laws 1998, chapter 390, 
*article 2, section 21, paragraph (a), effective July 1, 1999.  
*Laws 1998, chapter 390, article 2, section 22, paragraph (c).