356.65 DISPOSITION OF ABANDONED PUBLIC PENSION FUND AMOUNTS.
Subdivision 1. Definitions.
For purposes of this section, unless the context clearly indicates
otherwise, each of the following terms has the meaning given to it:
(a) "Public pension fund" means any public pension plan as defined in section
, and any Minnesota volunteer firefighters relief association which is established
under chapter 424A and governed under sections
(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; or
(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 are presumed to be abandoned, but are not subject to the
provisions of sections
. 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 cancel and must 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 applicable public pension plan or applies for a retirement annuity under
422A.16, subdivision 8
whichever applies, the canceled amount must be restored to the credit of the person.
History: 1981 c 224 s 178; 1983 c 286 s 17; 1992 c 513 art 4 s 41; 2001 c 7 s 67; 2002
c 392 art 11 s 47,48