354C.14 INVESTMENT OF DEDUCTIONS AND CONTRIBUTIONS.
(a) The Board of Trustees of the Minnesota State Colleges and Universities shall invest the
deductions and contributions under section
, after deduction of administrative expenses
354C.12, subdivision 4
, in annuity contracts or custodial accounts from financial
institutions selected by the State Board of Investment under section
354B.25, subdivision 3
(b) The retirement contributions and death benefits provided by annuity contracts or custodial
accounts purchased by the Board of Trustees of the Minnesota State Colleges and Universities are
owned by the supplemental retirement plan and must be paid in accordance with those annuity
contracts or custodial account agreements.
History: 1995 c 141 art 4 s 20; 1995 c 212 art 4 s 64