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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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, […]
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 […]
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 […]
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. […]
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 […]
