The executive director may purchase an annuity contract on behalf of a retiring firefighter retiring from the lump-sum retirement division of the statewide retirement plan with a total premium payment in an amount equal to the lump-sum service pension payable under section 353G.09 if the purchase was requested by the retiring firefighter in a manner prescribed by the executive director. The annuity contract must be purchased from an insurance carrier that is licensed to do business in this state. If purchased, the annuity contract is in lieu of any service pension or other benefit from the lump-sum retirement plan of the retirement plan. The annuity contract may be purchased at any time after the volunteer firefighter discontinues active service, but the annuity contract must stipulate that no annuity amounts are payable before the former volunteer firefighter attains the age of 50.
2009 c 169 art 9 s 23; 2015 c 68 art 8 s 27
Structure Minnesota Statutes
Chapters 352 - 356B — Retirement
Chapter 353G — Volunteer Firefighters; Retirement
Section 353G.01 — Definitions.
Section 353G.02 — Plan And Fund Creation.
Section 353G.03 — Statewide Volunteer Firefighter Plan Advisory Board.
Section 353G.04 — Information From Municipalities And Fire Departments.
Section 353G.05 — Plan Coverage Election.
Section 353G.07 — Certification Of Service Credit.
Section 353G.08 — Retirement Plan Funding; Disbursements.
Section 353G.09 — Retirement Benefit Eligibility.
Section 353G.10 — Deferred Service Pension Amount.
Section 353G.11 — Lump-sum Retirement Division Service Pension Levels.
Section 353G.112 — Monthly Benefit Retirement Division Service Pension Levels.
Section 353G.115 — Disability Benefit Coverage; Authority For Casualty Insurance.
Section 353G.12 — Survivor Benefit.
Section 353G.13 — Lump-sum Retirement Division; Portability.
Section 353G.14 — Purchase Of Annuity Contracts.
Section 353G.16 — Exemption From Process.
Section 353G.17 — Transfer Authorized.
Section 353G.18 — Termination Of Participation And Distribution Of Benefits.