If a retiree from a coordinated program who has elected a period certain and for life thereafter or a guaranteed refund optional annuity form dies without having a designated beneficiary who has survived the retiree, any remaining unpaid guaranteed annuity payments shall be computed at the rate of interest specified in section 356.215, subdivision 8, and paid in one lump sum to the estate of the retiree. If a retiree from a coordinated program who has elected a period certain and for life or a guaranteed refund optional annuity form dies with a designated beneficiary who has survived the retiree but the designated beneficiary dies without there existing another designated beneficiary, any remaining unpaid guaranteed annuity payments shall be computed with interest at the applicable annual rate or rates specified in section 356.59, subdivision 5, and paid in one lump sum to the estate of the designated beneficiary.
History:1979 c 217 s 19; 1Sp1985 c 7 s 35; 2002 c 392 art 11 s 52; 2018 c 211 art 6 s 34