Section 356B.02 — Drafting Pension And Retirement Bills.
356B.02 DRAFTING PENSION AND RETIREMENT BILLS. (a) Notwithstanding section 3C.035, an agency or pension system intending to urge the legislature to adopt a bill affecting the pension system, one or more plans administered by the pension system, or one or more volunteer firefighter relief associations; or relating to pensions or retirement shall deliver the drafting […]
Section 356B.10 — Public Pension Facilities.
356B.10 PUBLIC PENSION FACILITIES. Subdivision 1. Definitions. (a) The definitions in this subdivision apply to this section. (b) “Boards” mean the Board of Directors of the Minnesota State Retirement System, the board of trustees of the Public Employees Retirement Association, and the board of trustees of the Teachers Retirement Association. (c) “Commissioner” means the commissioner […]
Section 356A.05 — Duties Applicable To All Activities.
356A.05 DUTIES APPLICABLE TO ALL ACTIVITIES. (a) The activities of a fiduciary of a covered pension plan must be carried out solely for the following purposes: (1) to provide authorized benefits to plan participants and beneficiaries; (2) to incur and pay reasonable and necessary administrative expenses; or (3) to manage a covered pension plan in […]
Section 356A.06 — Investments; Additional Duties.
356A.06 INVESTMENTS; ADDITIONAL DUTIES. Subdivision 1. Authorized holder of assets; title to assets. (a) Assets of a covered pension plan may be held only by: (1) the plan treasurer; (2) the State Board of Investment; (3) the depository agent of the plan; (4) a security broker or the broker’s agent with, in either case, insurance […]
Section 356A.07 — Benefit Summary; Annual Reports; Additional Duties.
356A.07 BENEFIT SUMMARY; ANNUAL REPORTS; ADDITIONAL DUTIES. Subdivision 1. Benefit provisions summary. The chief administrative officer of a covered pension plan shall prepare and provide each active plan participant with a summary of the benefit provisions of the plan document. The summary must be provided within 30 days of the start or resumption of a […]
Section 356A.08 — Plan Administration; Additional Duties.
356A.08 PLAN ADMINISTRATION; ADDITIONAL DUTIES. Subdivision 1. Public meetings. A meeting of the governing board of a covered pension plan or of a committee of the governing board of the covered pension plan is governed by chapter 13D. Subd. 2. Limit on compensation. No fiduciary of a covered pension plan or a direct relative of […]
Section 356A.09 — Fiduciary Breach; Remedies.
356A.09 FIDUCIARY BREACH; REMEDIES. Subdivision 1. Occurrence of breach. A fiduciary breach occurs if a fiduciary violates the general standard of fiduciary conduct as specified in section 356A.04 in carrying out the activities of a fiduciary. A fiduciary breach also occurs if a fiduciary of a covered pension plan violates the provisions of section 356A.06, […]
Section 356A.10 — Cofiduciary Responsibility And Liability.
356A.10 COFIDUCIARY RESPONSIBILITY AND LIABILITY. Subdivision 1. Cofiduciary responsibility in general. A cofiduciary has a general responsibility to oversee the fiduciary activities of all other fiduciaries unless the activity has been allocated or delegated in accordance with subdivision 3. A cofiduciary also has a general responsibility to correct or alleviate a fiduciary breach of which […]
Section 356A.11 — Fiduciary Indemnification.
356A.11 FIDUCIARY INDEMNIFICATION. Subdivision 1. Indemnified fiduciaries. A fiduciary who is a member of the governing board of a pension plan, the State Board of Investment or the Investment Advisory Council, or who is an employee of a covered pension plan or of the State Board of Investment may be indemnified from liability for fiduciary […]
Section 356A.12 — Jurisdiction; Service Of Process; And Statute Of Limitations.
356A.12 JURISDICTION; SERVICE OF PROCESS; AND STATUTE OF LIMITATIONS. Subdivision 1. Jurisdiction. The district court has jurisdiction over a challenge of a fiduciary action or inaction. Subd. 2. Service of process. For a fiduciary or cofiduciary alleged in the complaint to be responsible for an alleged breach, personal service of process must be obtained. Subd. […]