356A.11 FIDUCIARY INDEMNIFICATION.
Subdivision 1. Indemnified fiduciaries.
A fiduciary who is a member of the governing board
of a pension plan, the State Board of Investment or the Investment Advisory Council, or who is
an employee of a covered pension plan or of the State Board of Investment may be indemnified
from liability for fiduciary breach. Indemnification is at the discretion of the governing board
of the plan or of the State Board of Investment in the case of members of the state board or of
the Investment Advisory Council. A decision to indemnify a fiduciary must apply to all eligible
fiduciaries of similar rank.
Subd. 2. Allowable indemnification.
An indemnified fiduciary must be held harmless
from reasonable costs or expenses incurred as a result of any actual or threatened litigation or
History: 1989 c 319 art 7 s 11