Minnesota § 356A.02 FIDUCIARY STATUS AND ACTIVITIES

Minnesota Statutes

§ 356A.02 — FIDUCIARY STATUS AND ACTIVITIES

Minnesota § 356A.02

PartRETIREMENT

Ch. 356APUBLIC PENSION FIDUCIARY RESPONSIBILITY

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Bluebook

Minn. Stat. § 356A.02 (2026).

Text

Subdivision 1.Fiduciary status. For purposes of this chapter, the following persons are fiduciaries:

(1)any member of the governing board of a covered pension plan;

(2)the chief administrative officer of a covered pension plan or of the State Board of Investment;

(3)any member of the State Board of Investment; and

(4)any member of the Investment Advisory Council. Subd. 2.Fiduciary activity. The activities of a fiduciary identified in subdivision 1 that must be carried out in accordance with the requirements of section356A.04include, but are not limited to:

(1)the investment and reinvestment of plan assets;

(2)the determination of benefits;

(3)the determination of eligibility for membership or benefits;

(4)the determination of the amount or duration of benefits;

(5)the determinat

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Subdivision 1.Fiduciary status.
For purposes of this chapter, the following persons are fiduciaries:
(1) any member of the governing board of a covered pension plan;
(2) the chief administrative officer of a covered pension plan or of the State Board of Investment;
(3) any member of the State Board of Investment; and
(4) any member of the Investment Advisory Council.

Subd. 2.Fiduciary activity.
The activities of a fiduciary identified in subdivision 1 that must be carried out in accordance with the requirements of section356A.04include, but are not limited to:
(1) the investment and reinvestment of plan assets;
(2) the determination of benefits;
(3) the determination of eligibility for membership or benefits;
(4) the determination of the amount or duration of benefits;
(5) the determination of funding requirements or the amounts of contributions;
(6) the maintenance of membership or financial records;
(7) the expenditure of plan assets; and
(8) the selection of financial institutions and investment products.