Minnesota § 356.441 - PAYMENT ACCEPTANCE ALLOWED
Full text of Minnesota Minnesota Statutes § 356.441 — PAYMENT ACCEPTANCE ALLOWED, with citation guidance and answers to common questions.
§ 356.441. PAYMENT ACCEPTANCE ALLOWED
Subdivision 1.Payment authorization.
The repayment of a refund and interest on that refund or the payment of equivalent contributions and interest for an eligible leave of absence, as permitted under laws governing any public pension plan in Minnesota, may be made:
(1) with funds distributed or transferred from a plan qualified under the federal Internal Revenue Code of 1986, section 401, subsection (a) or (k); 403; 408; or 457, subsection (b), as amended from time to time; or
(2) with funds distributed from an individual retirement account or individual retirement annuity, if done solely in a manner that is eligible for treatment as a nontaxable rollover or transfer under the applicable federal law.
Subd. 2.Separate accounting requirement.
Nontaxable rollovers or transfer amounts under subdivision 1 received by a public pension fund must be separately accounted for as member contributions not previously taxed. Before accepting any rollovers or transfers to which this section applies, the executive director shall require the member to provide written documentation to demonstrate that the amounts to be rolled over or transferred are eligible for a tax-free rollover or transfer and qualify for that treatment under the federal Internal Revenue Code of 1986, as amended.
History:
2002 c 392 art 11 s 34; 2004 c 267 art 9 s 22
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 356.441
What does Minnesota Statutes § 356.441 cover?
Section 356.441 ("PAYMENT ACCEPTANCE ALLOWED") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 356.441?
A common citation format is "Minnesota Statutes § 356.441" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 356.441 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.