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 356B.01 — Definitions.
356B.01 DEFINITIONS. (a) For the purposes of this chapter, each of the following terms has the meaning given, unless the context of the term indicates otherwise. (b) “Agency” means: (1) an agency as defined in section 14.02, subdivision 2; or (2) the Minnesota State Colleges and Universities system governed by chapter 136F. (c) “Commission” means […]
Section 356.98 — Allocation Of Receivables.
356.98 ALLOCATION OF RECEIVABLES. If an employing unit is dissolved or closed and amounts are owed to more than one Minnesota public pension plan, any amounts available to cover payments to the plans must be applied first to the employee contributions owed to the applicable plans, and next to the unpaid employer contributions, including any […]
Section 356.99 — Correction Of Erroneous Defined Benefit Plan Coverage.
356.99 CORRECTION OF ERRONEOUS DEFINED BENEFIT PLAN COVERAGE. Subdivision 1. Definitions. (a) For purposes of this section, the terms in paragraphs (b) to (e) have the meanings given them. (b) “Chief administrative officer” means the person selected or elected by the governing board of a covered pension plan with primary responsibility to administer the covered […]
Section 356A.01 — Definitions.
356A.01 DEFINITIONS. Subdivision 1. Scope. For purposes of this chapter, the following terms have the meanings given them in this section. Subd. 2. Benefit. “Benefit” means an amount, other than an administrative expense, paid or payable from a pension plan, including a retirement annuity, service pension, disability benefit, survivor benefit, death benefit, funeral benefit, or […]
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 […]
Section 356.87 — Health Insurance Withholding.
356.87 HEALTH INSURANCE WITHHOLDING. Subdivision 1. Public employees insurance program withholding. (a) Upon authorization of a person entitled to receive a retirement annuity, disability benefit or survivor benefit, the executive director of a public pension fund enumerated in section 356.20, subdivision 2, shall withhold health insurance premium amounts from the retirement annuity, disability benefit or […]
Section 356.91 — Voluntary Membership Dues Deduction.
356.91 VOLUNTARY MEMBERSHIP DUES DEDUCTION. (a) Upon written authorization of a person receiving an annuity from a public pension fund administered by the Minnesota State Retirement System, the Public Employees Retirement Association, or the Teachers Retirement Association, the executive director of the public pension fund shall deduct from the retirement annuity an amount requested by […]