Minnesota Statutes Retirement (Ch. 352-356B) § 354.47. Payment after death

Subdivision 1. Death before retirement. (a) If a member dies before retirement and is covered undersection 354.44, subdivision 2, and neither an optional annuity, nor a reversionary annuity, nor a benefit undersection 354.46, subdivision 1, is payable to the survivors if the member was a basic member, then the surviving spouse, or if there is no surviving spouse, the designated beneficiary is entitled to an amount equal to the member's accumulated deductions with interest credited to the account of the member to the date of death of the member. If the designated beneficiary is a minor, interest must be credited to the date the beneficiary reaches legal age, or the date of receipt, whichever is earlier.

(b) If a member dies before retirement and is covered undersection 354.44, subdivision 6, and neither an optional annuity, nor reversionary annuity, nor the benefit described insection 354.46, subdivision 1, is payable to the survivors if the member was a basic member, then the surviving spouse, or if there is no surviving spouse, then the designated beneficiary is entitled to a refund equal to the accumulated deductions credited to the member's account plus interest compounded annually until the member's date of death using the following interest rates:

(c) If the designated beneficiary under paragraph (b) is a minor, any interest credited under that paragraph must be credited to the date the beneficiary reaches legal age, or the date of receipt, whichever is earlier.

(d) The amount of any refund payable under this subdivision must be reduced by any permanent disability payment undersection 354.48received by the member.