2007 Minnesota Statutes

354.10 FUNDS NOT SUBJECT TO ASSIGNMENT OR PROCESS; BENEFICIARIES.
    Subdivision 1. Exemption; exceptions. (a) The provisions of section 356.401 apply to
the teachers retirement plan.
(b) The right of a teacher to take advantage of the benefits provided by this chapter, is a
personal right only and is not assignable. All money to the credit of a teacher's account in the
fund or any money payable to the teacher from the fund belongs to the state of Minnesota until
actually paid to the teacher or a beneficiary under this chapter.
(c) The association may acknowledge a properly completed power of attorney form.
    Subd. 2.[Repealed, 1Sp2005 c 8 art 10 s 81]
    Subd. 3. Payment to public bodies. If, in the judgment of the executive director, conditions
so warrant, payment of an annuity, a retirement benefit, or a refund may be made to a public body
in behalf of an annuitant, disabilitant, or survivor upon such terms as the executive director
may prescribe.
    Subd. 4. Changes in designated beneficiaries. (a) A beneficiary designated by a retiree
or member under section 354.05, subdivision 22, may be changed or revoked by the retiree or
member on a form provided by the executive director.
(b) A change or revocation made under this subdivision is valid only if the properly
completed form is received by the association on or before the date of death of the retiree
or the member.
(c) If a designated beneficiary dies before the retiree or member designating the beneficiary
and a new beneficiary is not designated, the retiree's or member's estate is the beneficiary.
History: (2950-10) 1931 c 406 s 10; 1955 c 361 s 8; 1961 c 745 s 1; 1971 c 789 s 6; 1974 c
289 s 14; 1975 c 306 s 9; 1977 c 67 s 5; 1978 c 772 s 62; 1979 c 303 art 3 s 30; 1984 c 547 s 7;
1986 c 444; 1987 c 157 s 6; 1989 c 319 art 2 s 10; 1991 c 340 s 14-16; 1994 c 528 art 3 s 13,14;
1995 c 141 art 3 s 20; 1997 c 203 art 6 s 92; 1999 c 222 art 9 s 6; 2000 c 461 art 3 s 33; 2003 c
127 art 3 s 20; 1Sp2005 c 8 art 10 s 53-55