354.07 POWERS OF THE BOARD.
Subdivision 1. General powers of board.
The board has the power to frame bylaws for
its own government and for the management of the association not inconsistent with the laws
of the state and to modify them at its pleasure; to adopt, alter, and enforce reasonable rules not
inconsistent with the laws of the state for the administration and management of the association,
for the payment and collection of payments from members, and for the payment of withdrawals
and benefits; to pass upon and allow or disallow applications for membership in the association
and for credit for teaching service; to pass upon and allow or disallow claims for withdrawals,
pensions, or benefits payable by the fund; to adopt an appropriate mortality table based on
experience of the association as recommended by the actuary retained under section
using the applicable postretirement interest assumption specified in section
; to provide for the payment out of the fund of necessary expenses for the administration by the
association and of claims for withdrawals, pensions, or benefits allowed.
Subd. 2. Investigatory powers.
In passing upon all applications and claims, the board may
summon, swear, hear, and examine witnesses and, in the case of claims for disability benefits,
may require the claimant to submit to a medical examination by a physician of the board's choice,
at the expense of the claimant, as a condition precedent to the passing on the claim, and, in
the case of all applications and claims, may conduct investigations necessary to determine the
validity and merit of the same.
Subd. 3. Attorney general; venue.
The attorney general shall be legal advisor to the board
and the executive director. The board may sue or be sued or petitioned under section
the name of the board of trustees of the Teachers Retirement Association. In all actions brought by
or against it the board shall be represented by the attorney general. Except as provided in section
354.071, subdivision 9
, venue of all actions is in the Ramsey County district court.
Subd. 4. Certification of funds to State Board of Investment.
It shall be the duty of the
board from time to time to certify to the State Board of Investment for investment as much of the
funds in its hands as shall not be needed for current purposes. Such funds that are certified as to
investment in the postretirement investment fund shall include the amount as required for the
total reserves needed for the purposes described in section
. The State Board of Investment
shall thereupon transfer such assets to the appropriate fund provided herein, in accordance with
the procedure set forth in section
, or invest and reinvest an amount equal to the sum so
certified in such securities as are now or may hereafter be duly authorized legal investments
for state employees retirement fund and all such securities so transferred or purchased shall be
deposited with the commissioner of finance. All interest from these investments shall be credited
to the appropriate funds and used for current purposes or investments, except as hereinafter
provided. The State Board of Investment shall have authority to sell, convey, and exchange such
securities and invest and reinvest the funds when it deems it desirable to do so, and shall sell
securities upon request of the officers of the association when such officers determine funds are
needed for its purposes. All of the provisions regarding accounting procedures and restrictions
and conditions for the purchase and sale of securities for the state employees retirement fund shall
apply to the accounting, purchase and sale of securities for the Teachers' Retirement Association.
Subd. 5. Records; accounts; interest.
The board shall keep a record of the receipts and
disbursements of the fund and a separate account with each member of the association. The board
shall also keep separate accounts for annuity payments, for employer contributions and all other
necessary accounts and reserves. It shall determine annually the annual interest earnings of the
fund which shall include realized capital gains and losses. Any amount in the capital reserve
account on July 1, 1973 shall be transferred to the employer contribution's account. The annual
interest earnings shall be apportioned and credited to the separate members' accounts except those
covered under the provisions of section
354.44, subdivision 6
or 7. The rate to be used in this
distribution computed to the last full quarter percent shall be determined by dividing the interest
earnings by the total invested assets of the fund. The excess of the annual interest earnings in the
excess earnings reserve which was not credited to the various accounts shall be credited to the
gross interest earnings for the next succeeding year.
Subd. 6.[Repealed, 1969 c 485 s 40
Subd. 7. Electronic data processing.
Notwithstanding chapter 16B or 16C or any law to
the contrary, the board may use the services of the Department of Administration, Information
Services Division, for electronic data processing and related services or may contract for all or
a portion of such services.
Subd. 8.[Repealed, 1984 c 564 s 51
Subd. 9. Information distribution.
All school districts, the Minnesota State Colleges and
Universities, and other employers of members of the association are obligated to distribute to
their employees ballots for the election of members to the board of trustees, pamphlets, brochures,
documents or any other material containing association information which are prepared by the
executive director or the board and are delivered to the employers for distribution.
History: (2950-4) 1931 c 406 s 4; 1949 c 708 s 1; 1951 c 481 s 1; 1953 c 750 s 1; 1961 c
380 s 3; Ex1961 c 17 s 4; 1965 c 305 s 2; 1969 c 485 s 5; 1971 c 40 s 4; 1973 c 270 s 3; 1973 c
728 s 4; 1974 c 289 s 11; 1975 c 306 s 6,7; 1977 c 67 s 4; 1980 c 607 art 14 s 45 subd 2; 1981 c
224 s 104; 1985 c 248 s 70; 1Sp1985 c 7 s 35; 1987 c 259 s 32; 1987 c 284 art 6 s 4; 1989 c 319
art 2 s 6; 1990 c 570 art 12 s 24; 1995 c 141 art 3 s 20; 1995 c 186 s 71; 1998 c 386 art 2 s 89;
2002 c 392 art 11 s 52; 2003 c 112 art 2 s 50; 2004 c 267 art 6 s 1; 2006 c 271 art 3 s 47