Funds Not Subject to Assignment or Process; Beneficiaries

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. 2. [Repealed, 1Sp2005 c 8 art 10 s 81] Subd. 3.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.