Minnesota Statutes
Chapter 353 — Public Employees Retirement Association
Section 353.95 — Account For Duluth Postemployment Benefits.

Subdivision 1. Establishment. The Public Employees Retirement Association may administer an account representing the irrevocable trust fund established by the city of Duluth to be used only to fund and pay for the postemployment benefits owed to retired employees in accordance with language contained in labor agreements between the city and its employee bargaining units, or between participating subgroups in the city's health plan and their retirees. The city of Duluth investment committee shall serve as trustee of the irrevocable trust.
Subd. 2. Definition. For purposes of this section, "postemployment benefit" means a benefit giving rise to a liability under Statement 45 of the Governmental Accounting Standards Board, and therefore does not include benefits to be paid by a Minnesota public pension plan listed in section 356.20, subdivision 2, or 356.30, subdivision 3, and benefits provided on a defined contribution individual account basis.
Subd. 3. Account maintenance and investment. (a) The Public Employees Retirement Association may charge the city fees for reasonable administrative costs, and the amount of those fees is appropriated to the association from the account. The Public Employees Retirement Association may establish other terms and conditions for participation in the account.
(b) The Public Employees Retirement Association must certify all money in the account to the State Board of Investment for investment in the combined investment funds established in section 11A.14, subject to the policies and procedures established by the State Board of Investment. Investment earnings must be credited to the account of the city. At least quarterly, the State Board of Investment shall provide to the city of Duluth the total rate of return for the assets invested by the board for the city of Duluth under this section. The State Board of Investment shall also include in its annual report the annual total rate of return results for those assets.
Subd. 4. Management and termination of account. The city may deposit money in the account and may withdraw money from the account as needed for postemployment benefits owed on behalf of retired employees of the city or its subgroups. Such transactions must be at a time and in a manner required by the executive director of the Public Employees Retirement Association. The city of Duluth must ensure that the investment and management of the assets complies with the prudent investor rule in section 501C.0901 and that withdrawals comply with the requirements of this section. The account may be terminated only to the extent the city's postemployment benefit actuarial liability is satisfied or otherwise defeased. The city shall file with the state auditor an investment policy statement under section 356.219, subdivision 3, paragraph (a).
Subd. 5. Status of irrevocable fund. (a) All money in the account representing the irrevocable fund created in this section is held in trust for the exclusive benefit of retired employees of the city and of subgroups participating in the city's health plan, and is not subject to claims by creditors of the state, the city, the city's subgroups, or the current and former employees of the city or its subgroups.
(b) The irrevocable trust fund underlying the account created in this section must be deemed an arrangement equivalent to a trust for all legal purposes.
2007 c 14 s 2; 2015 c 5 art 15 s 4

Structure Minnesota Statutes

Minnesota Statutes

Chapters 352 - 356B — Retirement

Chapter 353 — Public Employees Retirement Association

Section 353.01 — Definitions.

Section 353.012 — University Of Minnesota Employees; Furlough Service And Salary Credit.

Section 353.014 — Federally Protected Military Leave.

Section 353.0141 — Other Military Leave.

Section 353.0162 — Salary Credit Purchase For Periods Of Reduced Salary.

Section 353.017 — Employees Of Labor Organizations.

Section 353.028 — City Managers; Election; Deferred Compensation.

Section 353.03 — Board Of Trustees.

Section 353.031 — Disability Determination Procedures.

Section 353.05 — Custodian Of Funds.

Section 353.06 — State Board Of Investment To Invest Funds.

Section 353.08 — Legal Adviser, Attorney General; Venue.

Section 353.14 — Benefits From Other Funds.

Section 353.15 — Nonassignability And Exemption From Judicial Process.

Section 353.16 — Audit Of Books And Accounts; Insurance Laws Not Applicable.

Section 353.18 — Rules.

Section 353.19 — Penalties For False Information.

Section 353.27 — General Employees Retirement Fund.

Section 353.28 — Financing Of Employer Contributions.

Section 353.29 — Retirement Annuity Upon Termination Of Membership.

Section 353.30 — Annuities Upon Retirement.

Section 353.31 — Survivor Benefits.

Section 353.32 — Refunds After Death Of Member Or Former Member.

Section 353.33 — Total And Permanent Disability Benefits.

Section 353.335 — Disabilitant Earnings Reports.

Section 353.34 — Rights Upon Termination Of Membership.

Section 353.35 — Consequences Of Refund; Repayment, Rights Restored.

Section 353.37 — Reemployment Of Annuitant.

Section 353.371 — Postretirement Option.

Section 353.46 — Savings Clauses.

Section 353.50 — Merf Consolidation Account; Establishment And Operation.

Section 353.505 — State Contributions; Former Merf Division.

Section 353.63 — Policy.

Section 353.64 — Membership; Qualifications; Police Officer, Firefighter.

Section 353.65 — Contributions.

Section 353.651 — Retirement Annuity Upon Separation From Public Service.

Section 353.6511 — Alternative Retirement Benefit Coverage In Certain Instances.

Section 353.6512 — Alternative Retirement Benefit Coverage In Certain Instances.

Section 353.652 — Social Security Benefit Offset.

Section 353.656 — Disability Benefits.

Section 353.657 — Survivor Benefits.

Section 353.659 — Local Relief Association Consolidation Account Benefits.

Section 353.665 — Merger Of Certain Consolidation Accounts Into Pera-p&f.

Section 353.666 — Past Service Credit For Certain Members Extended Coverage.

Section 353.67 — Application For Annuity.

Section 353.68 — Scope And Application.

Section 353.855 — Coverage By The Public Employees Retirement Association.

Section 353.86 — Volunteer Ambulance Service Personnel; Participation; Election; Limitation; And Compensation.

Section 353.87 — Volunteer Firefighters; Participation; Limitation; And Refund.

Section 353.95 — Account For Duluth Postemployment Benefits.