Subdivision 1. Administrative agency and standards.
The unclassified employees
retirement plan and the provisions of this chapter must be administered by the Minnesota State
Retirement System. The provisions of chapter 352 govern in all instances where not inconsistent
with the provisions of this chapter. Fiduciary activities of the unclassified employees retirement
plan must be undertaken in a manner consistent with chapter 356A.
Subd. 2. Redemption; purchases.
Whenever redemption or purchases from the
supplemental retirement fund are required to be made, the executive director shall make them.
Subd. 3. Prospectus.
The executive director shall annually distribute the prospectus prepared
by the supplemental fund, by July 1 or when received from such fund, whichever is later, to each
participant in covered employment.
Subd. 4. Applications.
Whenever benefits or withdrawals are authorized or required to
be paid, payment shall be made only after receipt of an application signed by the person or
representative authorized to receive the benefit or withdrawal; such application shall be made
only on forms authorized by the executive director.
Subd. 5. Unclaimed benefits.
If the beneficiary, surviving spouse or estate has not made
application for benefits within ten years after the date of the death of a participant, the value of the
shares is appropriated to the general state employees retirement fund and the provisions of section
352.12, subdivision 12
, govern. If a former participant fails to make a claim for benefits within
five years after the termination of covered service or by age 70, whichever is later, the value of
the shares is appropriated to the general state employees retirement fund and the provisions of
352.22, subdivision 8
Subd. 5a. Small balance accounts.
If a former participant who contributed less than $500 in
employee contributions cannot be contacted by the system for five or more years, the value of
the shares shall be appropriated to the general employees retirement fund, but upon subsequent
contact by the former employee the account shall be reinstated to the amount that would have
been payable had the money been left in the unclassified plan.
Subd. 6.[Repealed, 1994 c 528 art 1 s 15
Subd. 7. Administrative fees.
The board of directors shall establish a budget and charge
participants a fee to pay the administrative expenses of the unclassified program. Fees cannot be
charged on contributions and investment returns attributable to contributions made before July 1,
1992. Annual total fees charged for plan administration cannot exceed 10/100 of one percent of the
contributions and investment returns attributable to contributions made on or after July 1, 1992.
Subd. 8.[Repealed, 1998 c 390 art 2 s 21
History: 1971 c 604 s 9; 1973 c 624 s 11; 1981 c 224 s 71; 3Sp1981 c 2 art 1 s 69; 1989 c
319 art 8 s 15; 1992 c 539 s 12; 1993 c 307 art 1 s 38-40; 1994 c 604 art 1 s 13; 1998 c 390 art 2
s 7; 2000 c 461 art 3 s 6; 1Sp2005 c 8 art 10 s 36