2007 Minnesota Statutes

354A.32 OPTIONAL RETIREMENT ANNUITIES.
    Subdivision 1. Optional forms generally. The board of the St. Paul Teachers Retirement
Fund Association shall establish for the coordinated program and the board of the Duluth
Teachers Retirement Fund Association shall establish for the new law coordinated program an
optional retirement annuity which shall take the form of a joint and survivor annuity. Each board
may also in its discretion establish an optional annuity which shall take the form of an annuity
payable for a period certain and for life thereafter. Each board shall also establish an optional
retirement annuity that guarantees payment of the balance of the annuity recipient's accumulated
deductions to a designated beneficiary upon the death of the annuity recipient. Except as provided
in subdivision 1a, optional annuity forms shall be the actuarial equivalent of the normal forms
provided in section 354A.31. In establishing these optional annuity forms, the board shall obtain
the written recommendation of the actuary retained under section 356.214. The recommendation
shall be a part of the permanent records of the board.
    Subd. 1a. Bounce-back annuity. (a) If a former coordinated member or disabilitant has
selected a joint and survivor annuity option under subdivision 1 after June 30, 1989, the former
member or disabilitant must receive a normal single life annuity if the designated optional annuity
beneficiary dies before the former member or disabilitant. Under this option, no reduction may be
made in the person's annuity to provide for restoration of the normal single life annuity in the
event of the death of the designated optional annuity beneficiary.
(b) The annuity adjustment specified in paragraph (a) also applies to joint and survivor
annuity options elected before July 1, 1989. The annuity adjustment under this paragraph occurs
on July 1, 1989, or on the first day of the first month following the death of the designated optional
annuity beneficiary, whichever is later. This paragraph may not be interpreted as authorizing
retroactive payments.
(c) Unless otherwise specified in this subdivision, the restoration of the normal single life
annuity under this subdivision takes effect on the first of the month following the date of death
of the designated optional annuity beneficiary or on the first of the month following one year
before the date on which a certified copy of the death record of the designated optional annuity
beneficiary is received in the office of the appropriate teachers retirement fund association,
whichever date is later.
    Subd. 2.[Repealed, 1989 c 319 art 13 s 98]
History: 1979 c 217 s 17; 1981 c 269 s 6; 1983 c 286 s 12; 1987 c 259 s 49; 1989 c 319
art 13 s 79,80; 1990 c 570 art 12 s 50,51; 1Sp2001 c 9 art 15 s 32; 2006 c 271 art 3 s 38,47;
2006 c 277 art 3 s 27