2006 Minnesota Statutes

356.401 EXEMPTION FROM PROCESS.
    Subdivision 1. Exemption; exceptions. None of the money, annuities, or other benefits
provided for in the governing law of a covered retirement plan is assignable either in law or in
equity or subject to state estate tax, or to execution, levy, attachment, garnishment, or other legal
process, except as provided in subdivision 2 or section 518.58, 518.581, or 518A.53.
    Subd. 2. Automatic deposits. (a) The chief administrative officer of a covered retirement
plan may remit, through an automatic deposit system, annuity, benefit, or refund payments only to
a financial institution associated with the National Automated Clearinghouse Association or a
comparable successor organization that is trustee for a person who is eligible to receive the
annuity, benefit, or refund.
(b) Upon the request of a retiree, disabilitant, survivor, or former member, the chief
administrative officer of a covered retirement plan may remit the annuity, benefit, or refund
check to the applicable financial institution for deposit in the person's individual account or the
person's joint account. An overpayment to a joint account after the death of the annuitant or
benefit recipient must be repaid to the fund of the applicable covered retirement plan by the joint
tenant if the overpayment is not repaid to that fund by the financial institution associated with
the National Automated Clearinghouse Association or its successor. The governing board of the
covered retirement plan may prescribe the conditions under which these payments may be made.
    Subd. 3. Covered retirement plans. The provisions of this section apply to the following
retirement plans:
(1) the legislators retirement plan, established by chapter 3A;
(2) the general state employees retirement plan of the Minnesota State Retirement System,
established by chapter 352;
(3) the correctional state employees retirement plan of the Minnesota State Retirement
System, established by chapter 352;
(4) the State Patrol retirement plan, established by chapter 352B;
(5) the elective state officers retirement plan, established by chapter 352C;
(6) the unclassified state employees retirement program, established by chapter 352D;
(7) the general employees retirement plan of the Public Employees Retirement Association,
established by chapter 353;
(8) the public employees police and fire plan of the Public Employees Retirement
Association, established by chapter 353;
(9) the public employees defined contribution plan, established by chapter 353D;
(10) the local government correctional service retirement plan of the Public Employees
Retirement Association, established by chapter 353E;
(11) the Teachers Retirement Association, established by chapter 354;
(12) the Duluth Teachers Retirement Fund Association, established by chapter 354A;
(13) the Minneapolis Teachers Retirement Fund Association, established by chapter 354A;
(14) the St. Paul Teachers Retirement Fund Association, established by chapter 354A;
(15) the individual retirement account plan, established by chapter 354B;
(16) the higher education supplemental retirement plan, established by chapter 354C;
(17) the Minneapolis Employees Retirement Fund, established by chapter 422A;
(18) the Minneapolis Police Relief Association, established by chapter 423B;
(19) the Minneapolis Firefighters Relief Association, established by chapter 423C; and
(20) the judges retirement fund, established by chapter 490.
History: 2005 c 164 s 29; 1Sp2005 c 7 s 28; 1Sp2005 c 8 art 10 s 64; 2006 c 271 art 11 s 48