Section 356A.02 — Fiduciary Status And Activities.
356A.02 FIDUCIARY STATUS AND ACTIVITIES. 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 […]
Section 356A.03 — Prohibition Of Certain Persons From Fiduciary Status.
356A.03 PROHIBITION OF CERTAIN PERSONS FROM FIDUCIARY STATUS. Subdivision 1. Individual prohibition. For the prohibition period established by subdivision 2, a person, other than a constitutional officer of the state, who has been convicted of a violation listed in subdivision 3, may not serve in a fiduciary capacity identified in section 356A.02. Subd. 2. Prohibition […]
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 […]