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HF 2101

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Rtf

Bill Text Versions

Engrossments
Introduction Posted on 03/23/2005

Current Version - as introduced

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A bill for an act
 relating to retirement; higher education individual
retirement account plan; modifying an investment
option provision; amending Minnesota Statutes 2004,
section 354B.25, subdivision 2.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2004, section 354B.25,
subdivision 2, is amended to read:


Subd. 2.

Investment options.

new text begin (a) new text end The plan administrator
shall arrange for the purchase of investment products.

new text begin (b) new text end The investment products must be purchased with
contributions under section 354B.23 or with money or assets
otherwise provided by law by authority of the board.

new text begin (c) Various investment accounts offered through new text end the
Minnesota supplemental investment fund established under section
11A.17 and administered by the State Board of Investment deleted text begin is one
of the deleted text end new text begin may be included as new text end investment products for the individual
retirement account plan. Direct access must also be provided to
lower expense and no-load mutual funds, as those terms are
defined by the federal Securities and Exchange Commission,
including stock funds, bond funds, and balanced funds. Other
investment products or combination of investment products which
may be included are:

(1) savings accounts at federally insured financial
institutions;

(2) life insurance contracts, fixed and variable annuity
contracts from companies that are subject to regulation by the
commerce commissioner;

(3) investment options from open-ended investment companies
registered under the federal Investment Company Act of 1940,
United States Code, title 15, sections 80a-1 to 80a-64;

(4) investment options from a firm that is a registered
investment advisor under the federal Investment Advisers Act of
1940, United States Code, title 15, sections 80b-1 to 80b-21;
and

(5) investment options of a bank as defined in United
States Code, title 15, section 80b-2, subsection (a), paragraph
2, or a bank holding company as defined in the Bank Holding
Company Act of 1956, United States Code, title 12, section 1841,
subsection (a), paragraph (1).

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin Section 1 is effective the day following final enactment.
 new text end