2007 Minnesota Code
Chapters 419 - 425 Municipal Personnel, Retirement
Chapter 424B Volunteer Firefighters, Dissolutions, and Consolidations
Section 424B.21 ANNUITY PURCHASES UPON DISSOLUTION.
424B.21 ANNUITY PURCHASES UPON DISSOLUTION.
The board of trustees of a volunteer firefighters relief association that is scheduled for
dissolution may purchase annuity contracts under section
424A.02, subdivision 8a, instead of
transferring special fund assets to a municipal trust fund under section
424B.20, subdivision 4.
Payment of an annuity for which a contract is purchased may not commence before the retirement
age specified in the relief association bylaws and in compliance with section
424A.02, subdivision
1
. Legal title to the annuity contract transfers to the municipal trust fund under section
424B.20,
subdivision 4
.
History: 2000 c 461 art 16 s 12
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