1998 Minnesota Statutes

     356.371 Application for retirement annuity; procedure 
  for electing annuity form. 

    Subdivision 1.    Definitions.  As used in this section, 
 the following terms shall have the meanings given. 

    (1) "Annuity form" means the payment procedure and duration 
 of a retirement annuity or disability benefit available to a 
 member of a public pension fund, based on the period over which 
 a retirement annuity or disability benefit is payable, 
 determined by the number of persons to whom the retirement 
 annuity or disability benefit is payable, and the amount of the 
 retirement annuity or disability benefit which is payable to 
 each person. 

    (2) "Joint and survivor optional annuity" means an optional 
 annuity form which provides a retirement annuity or disability 
 benefit to a retired member and the spouse of the member on a 
 joint basis during the lifetime of the retired member and all or 
 a portion of the original retirement annuity or disability 
 benefit amount to the surviving spouse in the event of the death 
 of the retired member. 

    (3) "Optional annuity form" means an annuity form which is 
 elected by a member and is not provided automatically as the 
 standard annuity form of the public pension fund. 

    (4) "Public pension fund" means a public pension plan as 
 defined pursuant to section 356.61. 

    (5) "Retirement annuity" means a series of monthly payments 
 to which a former or retired member of a public pension fund is 
 entitled on account of attaining a specified age and acquiring 
 credit for a specified period of service, which shall include a 
 retirement annuity, retirement allowance or service pension.  

    (6) "Disability benefit" means a series of monthly payments 
 to which a former or disabled member of a public pension fund is 
 entitled on account of a physical or mental inability to engage 
 in specified employment.  

    Subd. 2.    Provision of information on annuity forms.  
 Every public pension fund which provides for an annuity form 
 other than a single life retirement annuity as an option which 
 can be elected by an active, disabled or retiring member shall 
 provide as a part of, or accompanying the annuity application 
 form, a written statement summarizing the optional annuity forms 
 which are available, a general indication of the consequences of 
 selecting one annuity form over another, a calculation of the 
 actuarial reduction in the amount of the retirement annuity 
 which would be required for each optional annuity form and the 
 procedure to be followed to obtain more information from the 
 public pension fund concerning the optional annuity forms 
 provided by the fund. 

    Subd. 3.    Requirement of notice to member's spouse.  
 If a public pension fund provides optional retirement annuity 
 forms which include a joint and survivor optional retirement 
 annuity form potentially applicable to the surviving spouse of a 
 member, the executive director of the public pension fund shall 
 send a copy of the written statement required by subdivision 2 
 to the spouse of the member before the member's election of an 
 optional retirement annuity.  

    Following the election of a retirement annuity by the 
 member, a copy of the completed retirement annuity application 
 and retirement annuity beneficiary form, if applicable, must be 
 sent by the public pension fund to the spouse of the retiring 
 member.  A signed acknowledgment must be required from the 
 spouse confirming receipt of a copy of the completed retirement 
 annuity application and retirement annuity beneficiary form 
 unless the spouse's signature confirming the receipt is on the 
 annuity application form.  If the required signed acknowledgment 
 is not received from the spouse within 30 days, the public 
 pension fund must send another copy of the completed retirement 
 annuity application and retirement annuity beneficiary form, if 
 applicable, to the spouse by certified mail with restricted 
 delivery. 

    HIST: 1981 c 68 s 29; 1981 c 156 s 6; 1982 c 578 art 3 s 9,10; 
 1987 c 384 art 2 s 1; 1989 c 319 art 2 s 24; 1990 c 570 art 12 s 
 58; 1991 c 341 s 44