1997 Minnesota Statutes

     352D.075 Death benefits. 

    Subdivision 1.  Repealed, 1975 c 368 s 51 

    Subd. 2.  If a participant dies leaving a spouse and there 
 is no named beneficiary who survives to receive payment or the 
 spouse is named beneficiary, the spouse may receive: 

    (1) The value of the participant's total shares; 

    (2) The value of one-half of the total shares and beginning 
 at age 55 or thereafter receive an annuity based on the value of 
 one-half of the total shares, provided that if the spouse dies 
 before receiving any annuity payments the value of said shares 
 shall be paid to the spouse's children in equal shares, but if 
 no such children survive then to the parents of the spouse in 
 equal shares, but if no such children or parents survive, then 
 to the estate of the spouse; or 

    (3) Beginning at age 55 or thereafter receive an annuity 
 based on the value of the total shares, provided that if the 
 spouse dies before receiving any annuity payments the value of 
 said shares shall be paid to the spouse's children in equal 
 shares, but if no such children survive then to the parents of 
 the spouse in equal shares, but if no such children or parents 
 survive, then to the estate of the spouse; and further provided, 
 if said spouse dies after receiving annuity payments but before 
 receiving payments equal to the value of the employee shares, 
 the value of the employee shares remaining shall be paid to the 
 spouse's children in equal shares, but if no such children 
 survive then to the parents of the spouse in equal shares, but 
 if no such children or parents survive, then to the estate of 
 the spouse.  

    Subd. 3.  If a participant dies and has named a 
 beneficiary, the value of the total shares shall be paid to such 
 beneficiary, but if such beneficiary dies before receiving 
 payment, or if no beneficiary has been named and there is no 
 spouse, the value of said shares shall be paid to the children 
 of the participant in equal shares, but if no such children 
 survive then in equal shares to the parents of the participant, 
 but if no such children or parents survive, then to the estate 
 of the participant.  

    HIST: 1973 c 624 s 9; 1975 c 368 s 49,50; 1986 c 444; 1989 c 
 319 art 1 s 15