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Minnesota Statutes Retirement (Ch. 352-356B) § 353D.07. Benefits

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Subdivision 1. Type of plan;  uniformity.  (a) The plan is a defined contribution plan the benefits from which are payable upon termination of service, retirement, disability, or death.  The amount of benefits is determined by the value of accumulated contributions plus a proportionate share of investment income of the fund credited to each individual account.

(b) In the case of ambulance service personnel, eligibility standards must be uniform among all ambulance service personnel of an ambulance service electing to participate.

Subd. 2. Payment of benefits.  Withdrawal of a benefit based on individual participant contributions and employer contributions plus accrued investment income is payable upon the death or termination of a participant but not at the time an individual revokes membership in the defined contribution plan under section 353D.02.  An application by or on behalf of the participant must be filed before any payment of benefits may be made.

Subd. 3. Form of benefit.  A retirement benefit is payable in a lump sum equal to the value of a participant's account at the date of withdrawal.  As an alternative to a lump-sum distribution, the participant may choose to have the association transfer the total account value for the purchase of an annuity payable at a designated age to an insurance company of the participant's choice that is licensed to do business in the state.

Subd. 4. Disability of participant.  If an active participant becomes permanently and totally disabled as defined in section 353.01, subdivision 19, that participant may withdraw from the account in equal monthly installments an amount, designated by the participant in increments of $100 but not to exceed ten times the joint employer and employee contribution for the month preceding disability.  The option must be exercised by filing an application on a form prescribed by the executive director.  Payments begin on the first day of the month following the month in which the disability occurred.  Payments end when the participant's disabled status ends or the account balance is exhausted, whichever occurs first.

Subd. 5. Death of a participant.  If an active participant dies, the total value of the account must be paid in a lump sum to the designated beneficiary or, if none, the heirs at law of the decedent.

Cite this article: - Minnesota Statutes Retirement (Ch. 352-356B) § 353D.07. Benefits - last updated January 01, 2018 |

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