SF 3294

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/22/2022 08:34am

A bill for an act
relating to local government; permitting government entities to enter into contracts
and agreements for fixed-rate annuities; amending Minnesota Statutes 2020, section
118A.05, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2020, section 118A.05, is amended by adding a subdivision
to read:

new text begin Subd. 6. new text end

new text begin Fixed-rate annuities. new text end

new text begin Agreements or contracts for fixed-rate annuities may be
entered into if they are issued by a United States insurance company or mutual company
as long as the company is rated in one of the two highest rating categories by at least one
nationally recognized statistical rating organization.
new text end