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 of Investment; and
(4) any member of the Investment Advisory Council.
Subd. 2. Fiduciary activity. The activities of a fiduciary identified in subdivision 1 that must be carried out in accordance with the requirements of section 356A.04 include, but are not limited to:
(1) the investment and reinvestment of plan assets;
(2) the determination of benefits;
(3) the determination of eligibility for membership or benefits;
(4) the determination of the amount or duration of benefits;
(5) the determination of funding requirements or the amounts of contributions;
(6) the maintenance of membership or financial records;
(7) the expenditure of plan assets; and
(8) the selection of financial institutions and investment products.
1989 c 319 art 7 s 2; 2000 c 461 art 12 s 17; 2007 c 133 art 3 s 3
Structure Minnesota Statutes
Chapters 352 - 356B — Retirement
Chapter 356A — Public Pension Fiduciary Responsibility
Section 356A.01 — Definitions.
Section 356A.02 — Fiduciary Status And Activities.
Section 356A.03 — Prohibition Of Certain Persons From Fiduciary Status.
Section 356A.04 — General Standard Of Fiduciary Conduct.
Section 356A.05 — Duties Applicable To All Activities.
Section 356A.06 — Investments; Additional Duties.
Section 356A.07 — Benefit Summary; Annual Reports; Additional Duties.
Section 356A.08 — Plan Administration; Additional Duties.
Section 356A.09 — Fiduciary Breach; Remedies.
Section 356A.10 — Cofiduciary Responsibility And Liability.
Section 356A.11 — Fiduciary Indemnification.
Section 356A.12 — Jurisdiction; Service Of Process; And Statute Of Limitations.