Subdivision 1. Authorization to terminate optional annuity form. A public pension plan retired member receiving a joint and survivor retirement annuity or a person receiving a joint and survivor disability benefit from a plan listed in section 356.30, subdivision 3, and the designated survivor of that person may mutually agree to terminate the survivor designation by filing a termination statement on a form and in the manner specified by the chief administrative officer of the applicable public pension plan. Upon filing a valid termination statement accepted by the chief administrative officer, the rights of the designated survivor to receive a benefit upon death of the plan retired or disabled annuitant are terminated, and the retired or disabled annuitant must receive a normal single-life annuity.
Subd. 2. Revised annuity form. The replacement single life annuity must be actuarially equivalent to the joint and survivor annuity as of the first day of the month following acceptance of the valid termination statement by the chief administrative officer and payment of this revised prospective annuity begins on that same date.
Subd. 3. Application. This section does not apply if the designated survivor is the spouse or former spouse of the plan member.
Subd. 4. Termination statement form requirements. The annuity form termination statements must be in written form and must be notarized. Before accepting any signed form or forms, the chief administrative officer of the applicable pension plan must offer counseling to the retired or disabled annuitant and the designated survivor regarding the implications of the annuity form waiver. The forms must indicate that this counseling has been offered and either has been completed or has been waived by the retired or disabled annuitant and the designated survivor.
Subd. 5. Prohibition against further annuity form revisions. No retired or disabled annuitant who waives the annuity form under this section may further revise the annuity form at any later date.
2013 c 111 art 7 s 7
Structure Minnesota Statutes
Chapters 352 - 356B — Retirement
Chapter 356 — Retirement Systems, Generally
Section 356.001 — Purpose Of Public Plans.
Section 356.195 — Service Credit Purchase Procedures For Strike Periods.
Section 356.20 — Public Pension Fund Financial Reporting Requirement.
Section 356.214 — Actuarial Valuation Preparation.
Section 356.215 — Actuarial Valuations And Experience Studies.
Section 356.22 — Interpretation.
Section 356.23 — Supplemental Valuations; Alternative Reports And Valuations.
Section 356.245 — Local Elected Officials.
Section 356.25 — Local Governmental Pension Fund Prohibitions; Exclusions.
Section 356.30 — Combined Service Annuity.
Section 356.302 — Disability Benefit With Combined Service.
Section 356.303 — Survivor Benefit With Combined Service.
Section 356.311 — Coverage By More Than One Plan.
Section 356.315 — Retirement Benefit Formula Percentages.
Section 356.32 — Proportionate Annuity At Age 65.
Section 356.40 — Date For Payment Of Annuities And Benefits.
Section 356.401 — Exemption From Process.
Section 356.403 — Normal Retirement Age; Savings Clause.
Section 356.406 — Loss Of Entitlement To Benefits For Survivor Causing Death Of Pension Plan Member.
Section 356.407 — Restoration Of Survivor Benefits.
Section 356.408 — Termination Of Survivor Designation.
Section 356.415 — Postretirement Adjustments; Statewide Retirement Plans.
Section 356.42 — Postretirement Adjustment; Lump-sum Payments.
Section 356.441 — Payment Acceptance Allowed.
Section 356.461 — Various Retirement Systems; Joint And Survivor Annuity Computation.
Section 356.465 — Supplemental Needs Trust As Optional Annuity Form Recipient.
Section 356.47 — Disposition Of Amount In Excess Of Reemployed Annuitant Earnings Limitations.
Section 356.48 — Revocation Of Optional Annuity Due To Marriage Dissolution Or Annulment.
Section 356.49 — Provision Of Information In Event Of Marriage Dissolution.
Section 356.59 — Interest Rates.
Section 356.611 — Limitation On Public Employee Salaries For Pension Purposes.
Section 356.62 — Payment Of Employee Contribution.
Section 356.63 — Limitation On Use Of Public Pension Plan Assets.
Section 356.631 — Additional Sources Of Funding.
Section 356.635 — Internal Revenue Code Compliance.
Section 356.64 — Real Estate Investments.
Section 356.646 — Plan Participant Investment Responsibility.
Section 356.65 — Disposition Of Abandoned Public Pension Fund Amounts.
Section 356.82 — Savings Clause.
Section 356.87 — Health Insurance Withholding.
Section 356.91 — Voluntary Membership Dues Deduction.
Section 356.96 — Pension Plan Appeal Procedures.
Section 356.97 — Information Services And Technology.
Section 356.98 — Allocation Of Receivables.
Section 356.99 — Correction Of Erroneous Defined Benefit Plan Coverage.