Skip to main content Skip to office menu Skip to footer
Capital IconMinnesota Legislature

Office of the Revisor of Statutes

Chapter 356A

Section 356A.02

Topics

Recent History

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