2009 Minnesota Statutes

423C.08 MEMBER CONTRIBUTION REFUND TO BENEFICIARY UPON DEATH.

If an active, deferred, or retired member of the association dies and no survivor benefit is payable, the designated beneficiary of the decedent or, if none, the legal representative of the estate of the decedent is entitled, upon application, to a refund. The refund shall be an amount equal to the member contributions to the credit of the decedent, plus interest on those contributions at an annual compounded rate of five percent from the first day of the month following the date of the contribution to the first day of the month following the date of death of the decedent, reduced by the sum of any service pension or disability benefit previously paid by the fund to the decedent.

History:

1Sp2001 c 10 art 15 s 8; 1Sp2003 c 12 art 11 s 2