1999 Minnesota Statutes

     136A.244 Investment of accounts. 

    Subdivision 1.    State board to invest.  The state 
 board of investment shall invest the money deposited in accounts 
 in the program. 

    Subd. 2.    Permitted investments.  The board may invest 
 the accounts in any permitted investment under section 11A.24, 
 except that the accounts may be invested without limit in 
 investment options from open-ended investment companies 
 registered under the federal Investment Company Act of 1940, 
 United States Code, title 15, sections 80a-1 to 80a-64.  

    Subd. 3.    Contracting authority.  The board may 
 contract with one or more third parties for investment 
 management, recordkeeping, or other services in connection with 
 investing the accounts.  The board and office may jointly 
 contract with third-party providers, if the office and board 
 determine that it is desirable to contract with the same entity 
 or entities for administration and investment management. 

    Subd. 4.    Fees.  The board may impose fees on 
 participants in the program to recover the cost of investment 
 management and related tasks for the program.  The board must 
 use its best efforts to keep these fees as low as possible, 
 consistent with high quality investment management, so that the 
 returns on savings invested in the program will be as high as 
 possible. 

    HIST: 1997 c 183 art 2 s 15; 1999 c 214 art 2 s 9