2007 Minnesota Statutes

422A.20 DEATH BENEFITS; DISTRIBUTION.
    Subdivision 1. Death benefits. In all cases where the retirement board of the city pursuant
to this chapter is required to refund the net accumulated credits of any contributing employee
standing to the employee's credit on date of death, or to refund the balance remaining to the credit
of a retired employee on the date of death, who has retired under the Option I plan of retirement,
the retirement board shall, at the written request of such employee filed with the retirement
board prior to death, or at the written request of a beneficiary filed with the retirement board
after the employee's death, provide for the payment of such credits or balances or any portion
thereof in monthly installments until such credits or balances are exhausted; provided that such
beneficiary shall be of the class of persons permitted to receive a sum or sums standing to the
credit of the employee at the time of death.
    Subd. 2. Interest. The retirement board shall provide for the payment of annual interest on
the credits or balances remaining on deposit at the same rate that is paid to contributing employees
on accumulated salary deductions.
    Subd. 3. Applicability. Nothing in this section shall be construed to alter the method of
determining the persons entitled to receive such refunds or the amount to be paid.
History: 1973 c 133 s 20; 1986 c 444; 1Sp2005 c 8 art 10 s 80