1998 Minnesota Statutes

     422A.17 Retirement allowance; options. 

    At retirement, any employee who is eligible to receive a 
 service allowance may elect to receive benefits in a retirement 
 allowance payable throughout life or may on retirement elect to 
 receive the actuarial equivalent at that time of annuity, 
 pension, or retirement allowance in a lesser annuity, or a 
 lesser pension, or a lesser retirement allowance, payable 
 throughout life, with the provisions that: 

    Option I.  If the benefit recipient dies before receiving 
 in payments an amount equal to the present value of the benefit 
 recipient's annuity, pension, or retirement allowance, as of the 
 date of the benefit recipient's retirement, the balance shall be 
 paid to the benefit recipient's legal representatives or to such 
 person as the benefit recipient shall nominate by written 
 designation duly acknowledged and filed with the retirement 
 board as of the date of retirement, or 

    Option II.  Upon the death of the benefit recipient, the 
 benefit recipient's annuity, pension, or retirement allowance 
 shall be continued throughout the life of and paid to the person 
 as the benefit recipient shall nominate by written designation 
 duly acknowledged and filed with the retirement board as of the 
 date of retirement, or 

    Option III.  Upon death of the benefit recipient, one-half 
 of the benefit recipient's annuity, pension, or retirement 
 allowance shall be continued throughout the life of and paid to 
 the person as the benefit recipient shall nominate by written 
 designation duly acknowledged and filed with the retirement 
 board as of the date of retirement, or 

    Option IV.  Other optional retirement allowance forms, 
 including a joint and survivor option under which the benefit 
 recipient receives a normal single-life annuity if the 
 designated optional annuity beneficiary dies before the benefit 
 recipient, shall be paid to the benefit recipient or other 
 person or persons the benefit recipient nominates, provided that 
 the optional annuity is of equivalent actuarial value to the 
 applicable single life annuity calculated under section 422A.15 
 and is approved by the retirement board.  

    Any optional retirement allowance shall be computed and 
 determined under a procedure specified by the 
 commission-retained actuary utilizing the appropriate mortality 
 table established by the board of trustees based on the 
 experience of the fund as recommended by the commission-retained 
 actuary and using the applicable postretirement interest rate 
 assumption specified in section 356.215, subdivision 4d. 

    In adopting optional annuity forms, the board of trustees 
 shall obtain the written recommendation of the 
 commission-retained actuary.  The recommendations shall be a 
 part of the permanent records of the board of trustees. 

    HIST: 1973 c 133 s 17; 1980 c 607 art 16 s 17 subd 3; 1986 c 
 444; 1987 c 259 s 76; 1991 c 345 art 4 s 11; 1992 c 480 s 4