Section 356.97 — Information Services And Technology.
356.97 INFORMATION SERVICES AND TECHNOLOGY. The executive directors subject to the standard of fiduciary conduct under chapter 356A and the boards to which they report are exempt from the requirements of chapter 16E. An executive director or a board may use services provided by the Department of Information Technology Services. History: 1Sp2019 c 8 art […]
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 356.611 — Limitation On Public Employee Salaries For Pension Purposes.
356.611 LIMITATION ON PUBLIC EMPLOYEE SALARIES FOR PENSION PURPOSES. Subdivision 1. [Repealed, 2005 c 169 s 2] Subd. 2. Federal compensation limits. (a) For members of a covered pension plan enumerated in section 356.30, subdivision 3, and of the plan established under chapter 353D, compensation in excess of the limitation specified in section 401(a)(17) of […]
Section 356.62 — Payment Of Employee Contribution.
356.62 PAYMENT OF EMPLOYEE CONTRIBUTION. (a) For purposes of any public pension plan, as defined in section 356.63, paragraph (b), each employer shall pick up the employee contributions required under law or under the pension plan document for all salaries. If the United States Treasury Department rules that under section 414(h) of the Internal Revenue […]
Section 356.63 — Limitation On Use Of Public Pension Plan Assets.
356.63 LIMITATION ON USE OF PUBLIC PENSION PLAN ASSETS. (a) Money held by or credited to a public pension plan as assets, including employer and employee contributions, state aid, appropriations from the state or a governmental subdivision, and accrued earnings on investments, constitutes a dedicated fund. The dedicated fund may be used exclusively to pay […]
Section 356.631 — Additional Sources Of Funding.
356.631 ADDITIONAL SOURCES OF FUNDING. Notwithstanding any other provision of law to the contrary, in addition to all sources of funding described in Minnesota Statutes, section 356.63, any public retirement plan described in Minnesota Statutes, section 356.63, paragraph (b), is authorized to accept, at its discretion, for deposit in its fund the following: (1) gifts; […]
Section 356.635 — Internal Revenue Code Compliance.
356.635 INTERNAL REVENUE CODE COMPLIANCE. Subdivision 1. Retirement benefit commencement. (a) The retirement benefit of a member or participant must begin to be distributed or, if a lump sum, be distributed no later than the member’s or participant’s required beginning date. “Required beginning date” means April 1 of the calendar year following the later of […]
Section 356.64 — Real Estate Investments.
356.64 REAL ESTATE INVESTMENTS. (a) Notwithstanding any law to the contrary, any public pension plan whose assets are not invested by the State Board of Investment may invest its funds in Minnesota situs nonfarm real estate ownership interests or loans secured by mortgages or deeds of trust if the investment is consistent with section 356A.04. […]
Section 356.645 — Investment Of Defined Contribution Plans And Volunteer Firefighters Relief Associations.
356.645 INVESTMENT OF DEFINED CONTRIBUTION PLANS AND VOLUNTEER FIREFIGHTERS RELIEF ASSOCIATIONS. The State Board of Investment shall determine the investments to be made available to plan participants in plans defined in sections 352.965, 352.98, and 383B.46 and chapters 352D and 353D and to volunteer firefighters relief associations under chapter 424A. Investments made available to plan […]
Section 356.646 — Plan Participant Investment Responsibility.
356.646 PLAN PARTICIPANT INVESTMENT RESPONSIBILITY. Subdivision 1. Member investment responsibility. The state, State Board of Investment and its executive director and staff, plan administrators and their staff, and participating public employers are not liable and are not responsible for any investment losses due to choices made by participants or due to qualified default investment alternatives. […]