356.465 SUPPLEMENTAL NEEDS TRUST AS OPTIONAL ANNUITY FORM RECIPIENT.
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356.465 SUPPLEMENTAL NEEDS TRUST AS OPTIONAL ANNUITY FORM RECIPIENT.
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Subdivision 1. Inclusion as recipient.
A retiring member may designate a qualified supplemental needs trust under subdivision 2 as the remainder recipient on an optional retirement annuity form for a period not to exceed the lifetime of the beneficiary of the supplemental needs trust.
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Subd. 2. Definition of qualified supplemental needs trust.
A qualified supplemental needs trust is a trust that:
(1)was established on or after July 1, 1992;
(2)was established solely for the benefit of one person who has a disability under federal Social Security Administration Supplemental Security Income or retirement, survivors, and disability insurance disability determination standards and who was determined as such before the creation of the trust;
(3)is funded, in whole or in part, by the primary recipient of the optional annuity form and, unless the trust is a Zebley trust, is not funded by the beneficiary, the beneficiary's spouse, or a person who is required to pay a sum to or for the trust beneficiary under the terms of litigation or a litigation settlement;
(4)is established to cover reasonable living expenses and other basic needs of the disabilitant, in whole or in part, in instances when public assistance does not provide sufficiently for these needs;
(5)is not permitted to make disbursement to replace or reduce public assistance otherwise available;
(6)is irrevocable;
(7)terminates upon the death of the disabled person for whose benefit it was established; and
(8)is determined by the executive director to be a trust that contains excluded assets for purposes of the qualification for public entitlement benefits under the applicable federal and state laws and regulations.
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Subd. 3. Covered retirement plans.
The provisions of this section apply to the following retirement plans:
(1)the general state employees retirement plan of the Minnesota State Retirement System established under chapter 352;
(2)the correctional state employees retirement plan of the Minnesota State Retirement System established under chapter 352;
(3)the State Patrol retirement plan established under chapter 352B;
(4)the legislators retirement plan established under chapter 3A;
(5)the judges retirement plan established under chapter 490;
(6)the general employees retirement plan of the Public Employees Retirement Association established under chapter 353;
(7)the public employees police and fire plan of the Public Employees Retirement Association established under chapter 353;
(8)the teachers retirement plan established under chapter 354;
(9)the St. Paul Teachers Retirement Fund Association established under chapter 354A; and
(10)the local government correctional service retirement plan of the Public Employees Retirement Association established under chapter 353E.
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Subd. 4. Expanded eligibility.
(a)Notwithstanding subdivision 1, for a retirement plan specified in paragraph (b), a designation under subdivision 1 may be made by an active, disabled, deferred, or retiring member.
(b)The applicable plan is the Teachers Retirement Association established under chapter 354.