2000 Minnesota Statutes

     354C.165 Prohibition on loans or pretermination 
  distributions. 

    (a) Except as provided in paragraph (c), no participant may 
 obtain a loan or any distribution from the plan before the 
 participant terminates the employment that gave rise to plan 
 coverage. 

    (b) No amounts to the credit of the plan are assignable 
 either in law or in equity, are subject to state estate tax, or 
 are subject to execution, levy, attachment, garnishment, or 
 other legal process, except as provided in section 518.58, 
 518.581, or 518.6111.  

    (c) Unless prohibited by or subject to a penalty under 
 federal law, a teacher who is a participant in the supplemental 
 retirement plan may request, in writing, a transfer of all or a 
 portion of the funds accumulated in the person's supplemental 
 plan account to the teachers retirement association to purchase 
 service credit under sections 354.53, 354.533, 354.534, 354.535, 
 354.536, 354.537, and 354.538 or to the teachers retirement fund 
 association to purchase service credit under sections 354A.097, 
 354A.098, 354A.099, 354A.101, 354A.102, 354A.103, and 354A.104.  
 Upon receipt of a valid request, the board shall execute the 
 transfer.  The transfer must be a fund-to-fund transfer, and in 
 no event shall the participant directly receive any of the funds 
 while still employed by the board.  In no event may the board 
 transfer more than the participant's account balance.  The 
 board, in cooperation with the executive director of the 
 teachers retirement association, shall develop the forms for 
 requesting a transfer and the procedures for executing the 
 requested transfers. 

    HIST: 1995 c 141 art 4 s 23; 1997 c 203 art 6 s 92; 2000 c 461 
 art 12 s 14 

*   NOTE:  Paragraph (c), as added by Laws 2000, chapter 461, 
*article 12, section 14, expires May 16, 2002.  Laws 2000, 
*chapter 461, article 12, section 20, paragraph (c).