§
Subdivision 1.Exemption; exceptions.
(a) The provisions of section 356.401 apply to the teachers retirement plan.
(b) The right of a teacher to take advantage of the benefits provided by this chapter, is a personal right only and is not assignable. All money to the credit of a teacher's account in the fund or any money payable to the teacher from the fund belongs to the state of Minnesota until actually paid to the teacher or a beneficiary under this chapter.
(c) The association may acknowledge a properly completed power of attorney form.
§
Subd. 3.Payment to public bodies.
If, in the judgment of the executive director, conditions so warrant, payment of an annuity, a retirement benefit, or a refund may be made to a public body in behalf of an annuitant, disabilitant, or survivor upon such terms as the executive director may prescribe.
§
Subd. 4.Changes in designated beneficiaries.
(a) A beneficiary designated by a retiree or member under section 354.05, subdivision 22, may be changed or revoked by the retiree or member on a form provided by the executive director.
(b) A change or revocation made under this subdivision is valid only if the properly completed form is received by the association on or before the date of death of the retiree or the member.
(c) If a designated beneficiary dies before the retiree or member designating the beneficiary and a new beneficiary is not designated, the retiree's or member's estate is the beneficiary.
Notes of Decisions
Cited in
9
cases, 1983–2015 · leading case:
In re McKeag, 104 B.R. 160 (Bankr. D. Minn. 1989).
In re McKeag, 104 B.R. 160 (Bankr. D. Minn. 1989).
· cites it 18× “The debtor claimed these amounts as exempt under Minn.Stat. § 354.10, subd. 1 2 which provides: *162 Exemption; exceptions.”
In re Werner, 31 B.R. 418 (Bankr. D. Minn. 1983).
· cites it 2× “§ 354.10, the TRA falls within the meaning of “trust” under § 541(c)(2) and, therefore, is not part of the estate.”
In re McKeag, 111 B.R. 815 (Bankr. D. Minn. 1990).
· cites it 10× “DISCUSSION As a result of my prior decisions on this objection, I am now squarely faced with the question of whether Minn.Stat. § 354.10, subd. 1 is unconstitutional as being in violation of either Article 1, § 12 or Article 12, § 1 of the Minnesota Constitution.”
Buckley v. Bd. of Trs. (In re Swanson), 79 B.R. 422 (D. Minn. 1987).
· cites it 2× “Minn.Stat. § 354.10. Accordingly, appellant argues this section creates an enforceable spendthrift trust under Minnesota law, thereby excluding the debtors’ interests in the Fund from the reach of their bankruptcy estates.”
In re Est. of Fink, 425 N.W.2d 600 (Minn. Ct. App. 1988).
· cites it 14× “Therefore, under Minn.Stat. § 354.10, the retirement account was paid to Robert Fink’s estate.”
In re Sederstrom, 52 B.R. 448 (Bankr. D. Minn. 1985).
· cites it 2× “Likewise it was agreed that the debtor’s teacher’s retirement account was exempt under Minn.Stat. § 354.10. *450 See In re Werner, 31 B.”
In re Montgomery, 104 B.R. 112 (Bankr. N.D. Iowa 1989).
“2d at 1122 -23 (Citing Minn.Stat. § 354.10 (1982)). The Swanson court found that in spite of the substantial restrictions placed on the power of a teacher to transfer or assign his or her interests in the plan, the plan “would not be a valid spendthrift trust under Minnesota law.”
Humphrey v. Buckley (In re Swanson), 873 F.2d 1121 (8th Cir. 1989).
· cites it 2× “Minn.Stat. § 354.10 (1982). 5 TRA maintains that because this statute contains restrictions that prevent its members from assigning their interests in the Fund, a literal reading of section 541(c)(2) would honor the restrictions and thus exclude the Funds from a debtor’s…”
In re Upshaw, 542 B.R. 619 (Bankr. N.D. Ga. 2015).
“We believe it was this concern which prompted the legislature to enact Minn.Stat. § 354.10.”). Second, the plain language of section 541(c)(2) imposes no requirement that the funds being held in a trust on behalf of the debtor be the debtor’s retirement savings or any other…”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.