SF 2885
Introduction - 85th Legislature (2007 - 2008)
Posted on 12/15/2009 12:00 a.m.
KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to retirement; various retirement plans; disallowing the creation of
liquidating trusts for any purpose; proposing coding for new law in Minnesota
Statutes, chapter 356.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
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[356.493] PROHIBITION ON LIQUIDATING TRUST CREATION.
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A Minnesota public retirement plan governed by section 356.20 may not create a
liquidating trust for any purpose and may not deposit any of its assets in a liquidating trust.
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new text begin EFFECTIVE DATE. new text end
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This section is effective the day following final enactment.
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