1997 Minnesota Statutes

     353D.05 Investment of funds. 

    Subdivision 1.    Investment.  Employing unit 
 contributions, after the deduction of an amount for 
 administrative expenses, and individual participant 
 contributions must be remitted to the state board of investment 
 for investment in the Minnesota supplemental investment fund 
 established by section 11A.17. 

    Subd. 2.    Investment options.  (a) A participant may 
 elect to purchase shares in the income share account, the growth 
 share account, the international share account, the money market 
 account, the bond market account, the fixed interest account, or 
 the common stock index account established by section 11A.17, or 
 a combination of those accounts.  The participant may elect to 
 purchase shares in a combination of those accounts by specifying 
 the percentage of the total contributions to be used to purchase 
 shares in each of the accounts. 

    (b) A participant or a former participant may indicate in 
 writing a choice of options for subsequent purchases of shares.  
 After a choice is made, until the participant or former 
 participant makes a different written indication, the executive 
 director of the association shall purchase shares in the 
 supplemental investment account or accounts specified by the 
 participant.  If no initial option is indicated by a participant 
 or the specifications made by the participant exceeds 100 
 percent to be invested in more than one account, the executive 
 director shall invest all contributions made by or on behalf of 
 a participant in the income share account.  If the 
 specifications are less than 100 percent, the executive director 
 shall invest the remaining percentage in the income share 
 account.  A choice of investment options is effective the first 
 of the month following the date of receipt of the signed written 
 choice of options. 

    (c) Shares in the fixed interest account attributable to 
 any guaranteed investment contract as of July 1, 1994, may not 
 be withdrawn from the fund or transferred to another account 
 until the guaranteed investment contract has expired, unless the 
 participant qualifies for a benefit payment under section 
 353D.07. 

    (d) A participant or former participant may also change the 
 investment options selected for all or a portion of the 
 individual's previously purchased shares in accounts, subject to 
 the provisions of paragraph (c) concerning the fixed interest 
 account.  A change under this paragraph is effective the first 
 of the month following the date of receipt of a signed written 
 choice of options. 

    (e) The change or selection of an investment option or the 
 transfer of all or a portion of the deceased or former 
 participant's shares in the income share, growth share, common 
 stock index, bond market, international share, money market, or 
 fixed interest accounts must not be made following death of the 
 participant or former participant. 

    Subd. 3.    Administrative expenses.  The executive 
 director of the association shall annually set an amount to 
 recover the costs of the association in administering the public 
 employees defined contribution plan that are not met by the 
 amount recovered under section 11A.17. 

    HIST: 1987 c 372 art 5 s 5; 1988 c 453 s 11; 1988 c 709 art 5 
 s 34; 1990 c 570 art 8 s 6,7; 1991 c 291 art 19 s 7,11; 1991 c 
 341 s 38; 1992 c 432 art 2 s 40,41; 1992 c 539 s 13,14; 1993 c 
 307 art 4 s 49; 1994 c 465 art 3 s 57; 1994 c 604 art 1 s 14