(a) The Board of Trustees of the Minnesota State Colleges and Universities shall invest the deductions and contributions under section 354C.12, after deduction of administrative expenses under section 354C.12, subdivision 4, in annuity contracts or custodial accounts from financial institutions selected under section 354B.25, subdivision 3.
(b) The retirement contributions and death benefits provided by annuity contracts or custodial accounts purchased by the Board of Trustees of the Minnesota State Colleges and Universities are owned by the supplemental retirement plan and must be paid in accordance with those annuity contracts or custodial account agreements.
1995 c 141 art 4 s 20; 1995 c 212 art 4 s 64; 2010 c 359 art 8 s 4
Structure Minnesota Statutes
Chapters 352 - 356B — Retirement
Chapter 354C — Higher Education Supplemental Retirement
Section 354C.10 — Establishment.
Section 354C.12 — Salary Deductions And Matching Employer Contributions.
Section 354C.13 — Administration.
Section 354C.14 — Investment Of Deductions And Contributions.
Section 354C.155 — Unclaimed Plan Account Amounts.
Section 354C.16 — Payment Of Benefits.
Section 354C.165 — Prohibition On Loans Or Pretermination Distributions.