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 2.
Subd. 2. Continuing fiduciary education program. The governing boards of covered pension plans shall each develop and periodically revise a program for the continuing education of any of their board members and any of their chief administrative officers who are not reasonably considered to be experts with respect to their activities as fiduciaries. The program must be designed to provide those persons with knowledge and skills sufficient to enable them to perform their fiduciary activities adequately.
1989 c 319 art 7 s 13
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.