1999 Minnesota Statutes

     356.65 Disposition of abandoned public pension fund 
  amounts. 

    Subdivision 1.    Definitions.  For purposes of this 
 section, unless the context clearly indicates otherwise, the 
 following terms shall have the meanings given to them:  

    (a) "Public pension fund" means any public pension plan as 
 defined in section 356.61 and any Minnesota volunteer 
 firefighters relief association which is established pursuant to 
 chapter 424A and governed pursuant to sections 69.771 to 69.776. 

    (b) "Unclaimed public pension fund amounts" means any 
 amounts representing accumulated member contributions, any 
 outstanding unpaid annuity, service pension or other retirement 
 benefit payments, including those made on warrants issued by the 
 commissioner of finance, which have been issued and delivered 
 for more than six months prior to the date of the end of the 
 fiscal year applicable to the public pension fund, and any 
 applicable interest to the credit of:  

    (1) an inactive or former member of a public pension fund 
 who is not entitled to a defined retirement annuity and who has 
 not applied for a refund of those amounts within five years 
 after the last member contribution was made; 

    (2) a deceased inactive or former member of a public 
 pension fund if no survivor is entitled to a survivor benefit 
 and no survivor, designated beneficiary or legal representative 
 of the estate has applied for a refund of those amounts within 
 five years after the date of death of the inactive or former 
 member. 

    Subd. 2.    Disposition of abandoned amounts.  Any 
 unclaimed public pension fund amounts existing in any public 
 pension fund shall be presumed abandoned, but shall not be 
 subject to the provisions of sections 345.31 to 345.60.  Unless 
 the benefit plan of the public pension fund specifically 
 provides for a different disposition of unclaimed or abandoned 
 funds or amounts, any unclaimed public pension fund amounts 
 shall cancel and shall be credited to the public pension fund.  
 If the unclaimed public pension fund amount exceeds $25 and the 
 inactive or former member again becomes a member of the public 
 pension fund or applies for a retirement annuity pursuant to 
 section 3A.12, 352.72, 352B.30, 352C.051, 353.71, 354.60, 
 356.30, or 422A.16, subdivision 8, whichever is applicable, the 
 canceled amount shall be restored to the credit of the person.  

    HIST: 1981 c 224 s 178; 1983 c 286 s 17; 1992 c 513 art 4 s 41