SUPPLEMENTAL NEEDS TRUST AS OPTIONAL ANNUITY FORM RECIPIENT.

356.465 SUPPLEMENTAL NEEDS TRUST AS OPTIONAL ANNUITY FORM RECIPIENT. § 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. § 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. § 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. § 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. History: 2002 c 392 art 11 s 36; 2006 c 277 art 3 s 41; 2009 c 169 art 4 s 41,42; 2010 c 359 art 12 s 34; 1Sp2011 c 8 art 6 s 19; art 7 s 19; art 8 s 9,14; 2014 c 296 art 6 s 42,49; 2015 c 68 art 14 s 27