language to be deleted (2) new language
Laws of Minnesota 1990 CHAPTER 450-S.F.No. 2412 An act relating to state government; requiring the state board of investment to invest certain assets currently managed by the commerce department; amending Minnesota Statutes 1988, section 79.251, by adding a subdivision; and 79A.12, subdivision 2. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. Minnesota Statutes 1988, section 79.251, is amended by adding a subdivision to read: Subd. 7. [INVESTMENT OF ASSETS.] The commissioner shall certify and transfer to the state board of investment all assigned risk plan assets which in the commissioner's judgment are not required for immediate use. The state board of investment shall invest the certified assets, and may invest the assets consistent with the provisions of section 11A.14. All investment income and losses attributable to the investment of assigned risk plan assets must be credited to the assigned risk plan. When the commissioner certifies to the state board that invested assets are required for immediate use, the state board shall sell assets to provide the amount of assets the commissioner certifies. The board shall transfer the sale proceeds to the commissioner. Sec. 2. Minnesota Statutes 1988, section 79A.12, subdivision 2, is amended to read: Subd. 2. [ASSESSMENT.] The security fund may assess each of its members a pro rata share of the funding necessary to carry out its obligation and the purposes of this chapter. Total annual assessments in any calendar year shall not exceed
fourten percent of the workers' compensation benefits paid under sections 176.101 and 176.111 during the previous calendar year. The annual assessment calculation shall not include supplementary benefits paid which will be reimbursed by the special compensation fund. Funds obtained by assessments pursuant to this subdivision may only be used for the purposes of this chapter. The trustees shall certify to the commissioner the collection and receipt of all money from assessments, noting any delinquencies. The trustees shall take any action deemed appropriate to collect any delinquent assessments. Sec. 3. [EFFECTIVE DATE.] Section 1 is effective May 1, 1991. Presented to the governor April 12, 1990 Signed by the governor April 12, 1990, 10:50 a.m.