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HF 3805

as introduced - 89th Legislature (2015 - 2016) Posted on 04/04/2016 01:36pm

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
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Current Version - as introduced

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A bill for an act
 relating to retirement; authorizing Minnesota public pension plans to accept
certain additional sources of funding; proposing coding for new law in Minnesota
Statutes, chapter 356.

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

Section 1.

new text begin [356.631] ADDITIONAL SOURCES OF FUNDING.
 new text end

new text begin Notwithstanding any other provision of law to the contrary, in addition to all sources
of funding described in Minnesota Statutes, section 356.63, paragraphs (a) and (b), any
public retirement plan described in Minnesota Statutes, section 356.63, paragraph (b), is
authorized to accept for deposit in its fund the following:
 new text end

new text begin (1) gifts;
 new text end

new text begin (2) donations;
 new text end

new text begin (3) bequests;
 new text end

new text begin (4) life insurance death benefits, including benefits pursuant to a life insurance
premium financing or other arrangement covering the lives of retirees and survivors under
any such pension plan; and
 new text end

new text begin (5) other similar sources of funding.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end