2007 Minnesota Statutes

353D.05 INVESTMENT OF FUNDS.
    Subdivision 1. Investment. Employing unit contributions, after the deduction of an amount
for administrative expenses, and individual participant contributions must be remitted to the State
Board of Investment for investment in the Minnesota supplemental investment fund established
by section 11A.17.
    Subd. 2. Investment options. (a) A participant may elect to purchase shares in the income
share account, the growth share account, the international share account, the money market
account, the bond market account, the fixed interest account, or the common stock index account
established by section 11A.17, or a combination of those accounts. The participant may elect to
purchase shares in a combination of those accounts by specifying the percentage of the total
contributions to be used to purchase shares in each of the accounts.
(b) A participant or a former participant may indicate in writing a choice of options for
subsequent purchases of shares. After a choice is made, until the participant or former participant
makes a different written indication, the executive director of the association shall purchase shares
in the supplemental investment account or accounts specified by the participant. If no initial option
is indicated by a participant or the specifications made by the participant exceeds 100 percent to
be invested in more than one account, the executive director shall invest all contributions made
by or on behalf of a participant in the income share account. If the specifications are less than
100 percent, the executive director shall invest the remaining percentage in the income share
account. A choice of investment options is effective the first of the month following the date of
receipt of the signed written choice of options.
(c) Shares in the fixed interest account attributable to any guaranteed investment contract
as of July 1, 1994, may not be withdrawn from the fund or transferred to another account until
the guaranteed investment contract has expired, unless the participant qualifies for a benefit
payment under section 353D.07.
(d) A participant or former participant may also change the investment options selected
for all or a portion of the individual's previously purchased shares in accounts, subject to the
provisions of paragraph (c) concerning the fixed interest account. A change under this paragraph is
effective the first of the month following the date of receipt of a signed written choice of options.
(e) The change or selection of an investment option or the transfer of all or a portion of the
deceased or former participant's shares in the income share, growth share, common stock index,
bond market, international share, money market, or fixed interest accounts must not be made
following death of the participant or former participant.
    Subd. 3. Administrative expenses. The executive director of the association with the advice
and consent of the board shall annually set an amount to recover the costs of the association in
administering the public employees defined contribution plan.
History: 1987 c 372 art 5 s 5; 1988 c 453 s 11; 1988 c 709 art 5 s 34; 1990 c 570 art 8 s 6,7;
1991 c 291 art 19 s 7,11; 1991 c 341 s 38; 1992 c 432 art 2 s 40,41; 1992 c 539 s 13,14; 1993 c
307 art 4 s 49; 1994 c 465 art 3 s 57; 1994 c 604 art 1 s 14; 1998 c 390 art 2 s 8