Minnesota § 187.09 FIDUCIARY DUTY; STANDARD OF CARE

Minnesota Statutes

§ 187.09 — FIDUCIARY DUTY; STANDARD OF CARE

Minnesota § 187.09

PartLABOR, INDUSTRY

Ch. 187MINNESOTA SECURE CHOICE RETIREMENT PROGRAM

This text of Minnesota § 187.09 (FIDUCIARY DUTY; STANDARD OF CARE) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 187.09 (2026).

Text

(a)The members of the board, the executive director of the program, the executive director and members of the State Board of Investment, and any person who controls the disposition or investment of the assets of the Secure Choice trust:

(1)owe a fiduciary duty to the covered employees who participate in the program and their beneficiaries;

(2)must administer the program solely for the exclusive benefit of such covered employees and their beneficiaries, and for the exclusive purpose of providing benefits and paying reasonable plan expenses;

(3)are subject to the standard of care established in section356A.04, subdivision 2; and

(4)are indemnified and held harmless by the state of Minnesota for the reasonable costs, expenses, or liability incurred as a result of any actual or threatened

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(a) The members of the board, the executive director of the program, the executive director and members of the State Board of Investment, and any person who controls the disposition or investment of the assets of the Secure Choice trust:
(1) owe a fiduciary duty to the covered employees who participate in the program and their beneficiaries;
(2) must administer the program solely for the exclusive benefit of such covered employees and their beneficiaries, and for the exclusive purpose of providing benefits and paying reasonable plan expenses;
(3) are subject to the standard of care established in section356A.04, subdivision 2; and
(4) are indemnified and held harmless by the state of Minnesota for the reasonable costs, expenses, or liability incurred as a result of any actual or threatened litigation or administrative proceeding arising out of the performance of the person's duties.
(b) Except as otherwise established in this chapter, the fiduciaries under paragraph (a) owe no other duty to covered employees, express or implied, in common law or otherwise.