2001 Minnesota Statutes

     356A.02 Fiduciary status and activities. 

    Subdivision 1.    Fiduciary status.  For purposes of 
 this chapter, the following persons are fiduciaries: 

    (1) any member of the governing board of a covered pension 
 plan; 

    (2) the chief administrative officer of a covered pension 
 plan or of the state board of investment; 

    (3) any member of the state board of investment; 

    (4) any member of the investment advisory council; and 

    (5) any member of the advisory committee established under 
 section 354B.25. 

    Subd. 2.    Fiduciary activity.  The activities of a 
 fiduciary identified in subdivision 1 that must be carried out 
 in accordance with the requirements of section 356A.04 include, 
 but are not limited to: 

    (1) the investment and reinvestment of plan assets; 

    (2) the determination of benefits; 

    (3) the determination of eligibility for membership or 
 benefits; 

    (4) the determination of the amount or duration of 
 benefits; 

    (5) the determination of funding requirements or the 
 amounts of contributions; 

    (6) the maintenance of membership or financial records; 

    (7) the expenditure of plan assets; and 

    (8) the selection of financial institutions and investment 
 products. 

    HIST: 1989 c 319 art 7 s 2; 2000 c 461 art 12 s 17