11A.01 STATEMENT OF PURPOSE. The purpose of this chapter is to establish standards, in addition to the applicable standards of chapter 356A, to ensure that state and pension assets subject to this legislation will be responsibly invested to maximize the total rate of return without incurring undue risk. History: 1980 c 607 art 14 s […]
11A.02 DEFINITIONS. Subdivision 1. Applicability. For the purposes of sections 11A.01 to 11A.25, the terms defined in this section shall have the meanings given them. Subd. 2. State board. “State board” means the Minnesota State Board of Investment created by article XI, section 8 of the Constitution of the state of Minnesota for the purpose […]
11A.03 STATE BOARD; MEMBERSHIP; ORGANIZATION. Pursuant to article XI, section 8, of the Constitution of the state of Minnesota, the state board shall be composed of the governor, state auditor, secretary of state, and attorney general. The governor shall serve as ex officio chair of the state board. History: 1980 c 607 art 14 s […]
11A.04 DUTIES AND POWERS; APPROPRIATION. The state board shall: (1) Act as trustees for each fund for which it invests or manages money in accordance with the standard of care set forth in section 11A.09 if state assets are involved and in accordance with chapter 356A if pension assets are involved. (2) Formulate policies and […]
11A.07 EXECUTIVE DIRECTOR. Subdivision 1. Selection. The state board shall select an executive director. Subd. 2. Qualifications. The director of the state board shall be well qualified by training to administer and invest the money available for investment and possess experience in the management of institutional investment portfolios. The director shall be in the unclassified […]
11A.075 DISCLOSURE OF EXPENSE REIMBURSEMENT. (a) A member or employee of the state board must annually disclose expenses paid for or reimbursed by: (1) each investment advisor, consultant, or outside money manager under contract to the state board; (2) each investment advisor, consultant, or outside money manager that has bid on a contract offered by […]
11A.08 INVESTMENT ADVISORY COUNCIL. Subdivision 1. Membership. There is created an Investment Advisory Council consisting of 17 members. Ten of these members must be experienced in general investment matters. The state board must appoint the ten members. The other seven members are: the commissioner of management and budget; the executive director of the Minnesota State […]
11A.09 STANDARD OF CARE. In the discharge of their respective duties, the members of the state board, director, board staff, and members of the council and any other person charged with the responsibility of investing money pursuant to the standards set forth in sections 11A.01 to 11A.25 shall act in good faith and shall exercise […]
11A.10 DUTIES OF OTHER OFFICIALS. Subdivision 1. Custody of securities. The commissioner of management and budget and other custodians of securities belonging to the various funds shall provide in the appropriate cases the state board and its delegates with reasonable access thereto. Each security shall be held as an asset of the fund from which […]
11A.11 INVESTMENT AND EXPENSE APPROPRIATION. There is appropriated to the state board annually, and from time to time, the various moneys as are available for investment in the various funds subject to their supervision and control, for the purposes of the purchase, sale, exchange and lending of securities, reinvestment activities, payment of the execution expenses […]
11A.12 GAINS AND LOSSES; DISPOSITION. All interest and profit accruing from and all losses incurred by investment activity shall be credited to or borne by the fund from which the investment was made. History: 1980 c 607 art 14 s 10
11A.13 ASSETS AND DOCUMENTATION. Subdivision 1. Legal title to fund assets. Legal title to the assets of state funds to be invested by the state board must be in the state of Minnesota, or its nominees. Legal title to pension funds to be invested by the state board must be as specified in section 356A.06. […]
11A.14 MINNESOTA COMBINED INVESTMENT FUNDS. Subdivision 1. Establishment. The Minnesota combined investment funds are established for the purpose of providing investment vehicles for assets of the participating public retirement plans and nonretirement funds. The assets of participating nonretirement funds may not be commingled with the assets of participating public retirement plans. The combined funds shall […]
11A.15 STATE BOND FUND. Subdivision 1. Establishment. Pursuant to article XI, section 7, of the Constitution of the state of Minnesota, there is hereby established a state bond fund for the purpose of the timely payment of principal and interest on bonds for which the full faith and credit of the state has been pledged. […]
11A.16 PERMANENT SCHOOL FUND. Subdivision 1. Establishment. Pursuant to article XI, section 8, of the Constitution of the state of Minnesota, there is hereby established a permanent school fund which shall be a continuation of the permanent school fund in existence on January 1, 1980. Subd. 2. Assets. The permanent school fund shall consist of […]
11A.17 MINNESOTA SUPPLEMENTAL INVESTMENT FUND. Subdivision 1. Purpose; accounts; continuation. (a) The purpose of the supplemental investment fund is to provide an investment vehicle for the assets of various public retirement plans and funds. (b) The state board shall determine and make available investment accounts within the supplemental investment fund. These accounts shall include an […]
11A.20 INVESTMENT OF STATE TREASURY FUNDS NOT CURRENTLY NEEDED. Subdivision 1. Certification. When there are funds in the state treasury over and above the amount that the commissioner of management and budget has determined are currently needed, the commissioner shall certify to the state board the amount thereof. Subd. 2. Investment. The certified amount of […]
11A.21 INVESTMENT OF HIGHWAY FUNDS. Subdivision 1. Certification. The commissioner of transportation shall certify to the state board those portions of the highway user tax distribution fund established pursuant to article XIV, section 5 of the Constitution of the state of Minnesota; the trunk highway fund established pursuant to article XIV, section 6 of the […]
11A.23 INVESTMENT OF RETIREMENT FUNDS AND PLANS. Subdivision 1. Certification of assets not needed for immediate use. Each executive director administering a retirement fund or plan enumerated in subdivision 4 shall, from time to time, certify to the state board for investment those portions of the assets of the retirement fund or plan which in […]
11A.235 ACCOUNT FOR INVESTMENT OF CERTAIN DULUTH FUNDS OR ASSETS. Subdivision 1. Establishment. The State Board of Investment, when requested by the city of Duluth, may invest the funds or assets of the city’s community investment trust fund in a special account for that purpose in the combined investment funds established in section 11A.14, subject […]
