2007 Minnesota Statutes

356.465 SUPPLEMENTAL NEEDS TRUST AS OPTIONAL ANNUITY FORM
RECIPIENT.
    Subdivision 1. Inclusion as recipient. Notwithstanding any provision to the contrary of
the laws, articles of incorporation, or bylaws governing a covered retirement plan specified
in subdivision 3, a retiring member may designate a qualified supplemental needs trust under
subdivision 2 as the remainder recipient on an optional retirement annuity form for a period not to
exceed the lifetime of the beneficiary of the supplemental needs trust.
    Subd. 2. Definition of qualified supplemental needs trust. A qualified supplemental
needs trust is a trust that:
(1) was established on or after July 1, 1992;
(2) was established solely for the benefit of one person who has a disability under federal
Social Security Administration supplemental security income or retirement, survivors, and
disability insurance disability determination standards and who was determined as such before the
creation of the trust;
(3) is funded, in whole or in part, by the primary recipient of the optional annuity form and,
unless the trust is a Zebley trust, is not funded by the beneficiary, the beneficiary's spouse, or a
person who is required to pay a sum to or for the trust beneficiary under the terms of litigation
or a litigation settlement;
(4) is established to cover reasonable living expenses and other basic needs of the
disabilitant, in whole or in part, in instances when public assistance does not provide sufficiently
for these needs;
(5) is not permitted to make disbursement to replace or reduce public assistance otherwise
available;
(6) is irrevocable;
(7) terminates upon the death of the disabled person for whose benefit it was established; and
(8) is determined by the executive director to be a trust that contains excluded assets for
purposes of the qualification for public entitlement benefits under the applicable federal and
state laws and regulations.
    Subd. 3. Covered retirement plans. The provisions of this section apply to the following
retirement plans:
(1) the general state employees retirement plan of the Minnesota State Retirement System
established under chapter 352;
(2) the correctional state employees retirement plan of the Minnesota State Retirement
System established under chapter 352;
(3) the State Patrol retirement plan established under chapter 352B;
(4) the legislators retirement plan established under chapter 3A;
(5) the judges retirement plan established under chapter 490;
(6) the general employees retirement plan of the Public Employees Retirement Association
established under chapter 353;
(7) the public employees police and fire plan of the Public Employees Retirement
Association established under chapter 353;
(8) the teachers retirement plan established under chapter 354;
(9) the Duluth Teachers Retirement Fund Association established under chapter 354A;
(10) the St. Paul Teachers Retirement Fund Association established under chapter 354A;
(11) the Minneapolis Employees Retirement Fund established under chapter 422A;
(12) the Minneapolis Firefighters Relief Association established under chapter 423C;
(13) the Minneapolis Police Relief Association established under chapter 423B; and
(14) the local government correctional service retirement plan of the Public Employees
Retirement Association established under chapter 353E.
History: 2002 c 392 art 11 s 36; 2006 c 277 art 3 s 41