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. […]
Section 356A.13 — Continuing Fiduciary Education.
356A.13 CONTINUING FIDUCIARY EDUCATION. Subdivision 1. Obligation of fiduciaries. A fiduciary of a covered pension plan shall make reasonable effort to obtain knowledge and skills sufficient to enable the fiduciary to perform fiduciary activities adequately. At a minimum, a fiduciary of a covered pension plan shall comply with the program established in accordance with subdivision […]
Section 356A.04 — General Standard Of Fiduciary Conduct.
356A.04 GENERAL STANDARD OF FIDUCIARY CONDUCT. Subdivision 1. Duty. A fiduciary of a covered pension plan owes a fiduciary duty to: (1) the active, deferred, and retired members of the plan, who are its beneficiaries; (2) the taxpayers of the state or political subdivision, who help to finance the plan; and (3) the state of […]