1.1                          A bill for an act 
  1.2             relating to state government; requiring members of the 
  1.3             state board of investment to disclose certain 
  1.4             arrangements; amending Minnesota Statutes 2000, 
  1.5             section 11A.075. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2000, section 11A.075, is 
  1.8   amended to read: 
  1.9      11A.075 [DISCLOSURE OF EXPENSE REIMBURSEMENT.] 
  1.10     (a) A member or employee of the state board must annually 
  1.11  disclose expenses paid for or reimbursed by:  (1) each 
  1.12  investment advisor, consultant, or outside money manager under 
  1.13  contract to the state board; (2) each investment advisor, 
  1.14  consultant, or outside money manager that has bid on a contract 
  1.15  offered by the state board during that year; and (3) each 
  1.16  business, including officers or employees of the business, in 
  1.17  which the state board has invested money under the board's 
  1.18  control during the annual reporting period.  The disclosure 
  1.19  requirement of this paragraph does not apply to expenses or 
  1.20  reimbursements from an investment advisor, consultant, money 
  1.21  manager or business if the board member or employee received 
  1.22  less than $50 during the annual reporting period from that 
  1.23  person or entity. 
  1.24     (b) For purposes of this section, expenses include payments 
  1.25  or reimbursements for meals, entertainment, transportation, 
  2.1   lodging, and seminars. 
  2.2      (c) A member of the state board must disclose any contract 
  2.3   or other arrangement under which the member will perform 
  2.4   services for compensation as a consultant, employee, or 
  2.5   independent contractor for a person or entity other than the 
  2.6   state.  The disclosure must include the person or entity for 
  2.7   whom services will be performed, the duration of the 
  2.8   arrangement, and the compensation that the member of the state 
  2.9   board will receive under the arrangement.  The disclosure must 
  2.10  be made to the campaign finance and public disclosure board on a 
  2.11  form provided by the board.  Disclosure must be made before the 
  2.12  member begins to perform the services, or within 30 days after 
  2.13  the member agrees to perform the services, whichever is sooner.  
  2.14     (d) The disclosure required by this section paragraph (a) 
  2.15  must be filed with the campaign finance and public disclosure 
  2.16  board by April 15 each year.  Each disclosure report must cover 
  2.17  the previous calendar year.  The statement must be on a form 
  2.18  provided by the campaign finance and public disclosure board.  
  2.19  An individual who fails to file the form required by this 
  2.20  section or who files false information, is subject to penalties 
  2.21  specified in sections 10A.09 and 10A.025, subdivision 2.