2004 Minnesota Statutes

     62H.05 Management of funds. 

    Funds collected from the participating employers under 
 joint self-insurance plans must be held in trust subject to the 
 following requirements:  

    (a) A board of trustees elected by participating employers 
 shall serve as fund managers on behalf of participants.  
 Trustees must be plan participants.  No participating employer 
 may be represented by more than one trustee.  A minimum of three 
 and a maximum of seven trustees may be elected.  Trustees shall 
 receive no remuneration, but they may be reimbursed for actual 
 and reasonable expenses incurred in connection with duties as 
 trustees.  

    (b) Trustees shall be bonded in an amount not less than 
 $100,000 or no more than $500,000 from a licensed bonding 
 company.  

    (c) Investment of plan funds is subject to the same 
 restrictions as are applicable to political subdivisions 
 pursuant to section 118A.04.  All investments must be managed by 
 a bank or other investment organization licensed to operate in 
 Minnesota.  

    (d) Trustees, on behalf of the fund, shall file annual 
 reports with the commissioner of commerce within 30 days 
 immediately following the end of each calendar year.  The 
 reports must summarize the financial condition of the fund, 
 itemize collection from participating employers, and detail all 
 fund expenditures.  

    HIST: 1983 c 241 s 5; 1983 c 289 s 114 subd 1; 1984 c 655 art 
 1 s 92; 1996 c 399 art 2 s 12