SF 2273

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to governmental operations; changing the 
  1.3             location for filing certain statements of economic 
  1.4             interest; amending Minnesota Statutes 1994, section 
  1.5             356A.06, subdivision 4. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1994, section 356A.06, 
  1.8   subdivision 4, is amended to read: 
  1.9      Subd. 4.  [ECONOMIC INTEREST STATEMENT.] (a) Each member of 
  1.10  the governing board of a covered pension plan and the chief 
  1.11  administrative officer of the plan shall, by July 1 each year, 
  1.12  file with the plan ethical practices board a statement of 
  1.13  economic interest.  
  1.14     (b) For a covered pension plan other than a plan specified 
  1.15  in paragraph (c), the statement must contain the information 
  1.16  required by section 10A.09, subdivision 5, and any other 
  1.17  information that the fiduciary or the governing board of the 
  1.18  plan determines is necessary to disclose a reasonably 
  1.19  foreseeable potential or actual conflict of interest.  
  1.20     (c) For a covered pension plan governed by sections 69.771 
  1.21  to 69.776 or a covered pension plan governed by section 69.77 
  1.22  with assets under $8,000,000, the statement must contain the 
  1.23  following: 
  1.24     (1) the person's principal occupation and principal place 
  1.25  of business; 
  2.1      (2) whether or not the person has an ownership of or 
  2.2   interest of ten percent or greater in an investment security 
  2.3   brokerage business, a real estate sales business, an insurance 
  2.4   agency, a bank, a savings and loan, or another financial 
  2.5   institution; and 
  2.6      (3) any relationship or financial arrangement that can 
  2.7   reasonably be expected to give rise to a conflict of interest. 
  2.8      (d) The statement must be filed annually with the chief 
  2.9   administrative officer of the plan and be available for public 
  2.10  inspection during regular office hours at the office of the 
  2.11  pension plan.  
  2.12     (e) A disclosure form meeting the requirements of the 
  2.13  federal Investment Advisers Act of 1940, United States Code, 
  2.14  title 15, sections 80b-1 to 80b-21 as amended, and filed with 
  2.15  the state board of investment or the pension plan ethical 
  2.16  practices board meets the requirements of this subdivision. 
  2.17     Sec. 2.  [EFFECTIVE DATE.] 
  2.18     Section 1 is effective the day following final enactment.