HF 2203

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to legislative enactments; correcting 
  1.3             miscellaneous noncontroversial oversights, 
  1.4             inconsistencies, ambiguities, unintended results, and 
  1.5             technical errors; amending Minnesota Statutes 1996, 
  1.6             section 352.96, subdivision 2. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1996, section 352.96, 
  1.9   subdivision 2, is amended to read: 
  1.10     Subd. 2.  [PURCHASE OF SHARES.] The amount of compensation 
  1.11  so deferred may be used to purchase: 
  1.12     (1) shares in the Minnesota supplemental investment fund 
  1.13  established in section 11A.17; 
  1.14     (2) saving accounts in federally insured financial 
  1.15  institutions; 
  1.16     (3) life insurance contracts, fixed annuity and variable 
  1.17  annuity contracts from companies that are subject to regulation 
  1.18  by the commissioner of commerce; or 
  1.19     (4) a combination of (1), (2), or (3), as specified by the 
  1.20  participant. 
  1.21     The shares accounts or contracts purchased shall stand in 
  1.22  the name of the state or other employing unit, for the officer 
  1.23  or employee whose deferred compensation purchased the shares, 
  1.24  until distributed to the officer or employee in a manner agreed 
  1.25  upon by the employee and the executive director of the Minnesota 
  1.26  state retirement system, acting for the employer.  This 
  2.1   subdivision does not authorize an employer contribution, except 
  2.2   as authorized in section 356.24, subdivision 1, paragraph (a), 
  2.3   clause (4) (5).  The state, political subdivision, or other 
  2.4   employing unit is not responsible for any loss that may result 
  2.5   from investment of the deferred compensation.