2002 Minnesota Statutes

     356.47 Disposition of amount in excess of reemployed 
  annuitant earnings limitations. 

    Subdivision 1.    Application.  This section applies to 
 the balance of annual retirement annuities on the amount of 
 retirement annuity reductions after reemployed annuitant 
 earnings limitations for retirement plans governed by section 
 352.115, subdivision 10; 353.37; 354.44, subdivision 5; or 
 354A.31, subdivision 3. 

    Subd. 2.    Record keeping; reporting.  The chief 
 administrative officer of each retirement plan shall keep 
 records for each reemployed annuitant of the amount of the 
 annuity reduction.  This amount must be reported to each member 
 at least once each year. 

    Subd. 3.    Payment.  (a) Upon the retired member 
 attaining the age of 65 years or upon the first day of the month 
 next following the month occurring one year after the 
 termination of the reemployment that gave rise to the 
 limitation, whichever is later, and the filing of a written 
 application, the retired member is entitled to the payment, in a 
 lump sum, of the value of the person's amount under subdivision 
 2, plus interest at the compound annual rate of six percent from 
 the date that the amount was deducted from the retirement 
 annuity to the date of payment. 

    (b) The written application must be on a form prescribed by 
 the chief administrative officer of the applicable retirement 
 plan. 

    (c) If the retired member dies before the payment provided 
 for in paragraph (a) is made, the amount is payable, upon 
 written application, to the deceased person's surviving spouse, 
 or if none, to the deceased person's designated beneficiary, or 
 if none, to the deceased person's estate. 

    HIST: 2002 c 392 art 11 s 37