Minnesota Statutes Retirement (Ch. 352-356B) § 354.45. Optional retirement annuities; unpaid annuities, disposition

Subdivision 1. Optional annuity forms.The retirement board shall establish optional annuities at retirement which shall take the form of an annuity payable for a period certain and for life thereafter or the form of a joint and survivor annuity. The board shall also establish an optional annuity which shall take the form of a guaranteed refund annuity paying the annuitant a fixed amount for life with the guarantee that in the event of death the balance of the accumulated deductions and interest accrued to the date of retirement will be paid to the designated beneficiary. Except as provided in subdivision 1a, any optional annuity forms shall be actuarially equivalent to the normal forms provided insection 354.44. In establishing these optional annuity forms, the board shall obtain the written recommendation of the actuary retained undersection 356.214. The recommendations shall be a part of the permanent records of the board.

Subd. 2. Refund upon death of retired member.Upon the death of the member after retirement where no designated beneficiary shall survive the member, any remaining unpaid guaranteed annuity payments shall be commuted at the applicable investment return specified insection 356.215, subdivision 8, and paid in one sum to the estate of the member. Upon the death of the last designated beneficiary after the death of the member, the value of any unpaid guaranteed annuity payments shall be commuted at the applicable investment return specified insection 356.215, subdivision 8, and paid in one sum to the estate of the designated beneficiary.

Subd. 3.Payment upon death of former spouse. Upon the death of the former spouse to whom payments are to be made before the end of the specified payment period, payments shall be made according to the terms of a beneficiary form completed by the former spouse or, if no beneficiary form, to the estate of the former spouse or as otherwise ordered by a court of competent jurisdiction.