2000 Minnesota Statutes

     181B.12 Purchase of prepaid deferred annuity.  

    The amount certified by the commissioner as due and payable 
 to the employees shall be paid to the employees by the employer 
 through the purchase of a prepaid deferred annuity payable to 
 the employee when normal retirement age is reached or to a 
 beneficiary upon the employee's death.  Such purchase shall be 
 made through a trust authorized by the United States Internal 
 Revenue Service to make such purchases in a manner which exempts 
 from federal income taxation the money used to purchase the 
 annuity and all income earned by such annuity up to the date of 
 the distribution of the annuity amount.  In no event shall the 
 amount of annuity to be distributed at normal retirement age 
 exceed the amount of the accrued normal retirement benefit.  

    HIST: 1974 c 437 s 12; 1986 c 444