Minn. Stat. § 352D.065

Current through 2024, c. 127

Section 352D.065 - DISABILITY BENEFITS

Subdivision 1.

[Repealed, 1975 c 368 s 51]

Subd. 2.Disability benefit amount.

A participant who becomes totally and permanently disabled has the option, even if on leave of absence without pay, to receive:

(1) the value of the participant's total shares;

(2) the value of a portion of the total shares and an annuity based on the remainder of the total shares; or

(3) an annuity based on the value of the participant's total shares.

Subd. 3.Annuity payment.

The annuity payable under this section begins to accrue the day following receipt of the application or the day after termination, whichever is later, plus any contributions and interest received after that date, and must be based on the participant's age when the annuity begins to accrue. The shares must be valued as of the end of the day on which the benefit accrues.

Subd. 3a.Postretirement adjustment eligibility.

A disability benefit under this section is eligible for postretirement adjustments under section 356.415.

Subd. 4.No workers' compensation reduction.

The benefits payable under this section shall not be reduced by amounts received or receivable under applicable workers' compensation laws.

Subd. 5.Return to service.

A participant who returns to covered service after receiving benefits under this section shall not be required or allowed to repay such benefits.

Minn. Stat. § 352D.065

1973 c 624 s 8; 1975 c 359 s 23; 1975 c 368 s 47,48; 1986 c 444; 1986 c 458 s 9; 2004 c 267 art 8 s 14; 2009 c 169 art 1s 29; 2010 c 359 art 4 s 14