356A.02 FIDUCIARY STATUS AND ACTIVITIES.
Subdivision 1. Fiduciary status.
For purposes of this chapter, the following persons are
(1) any member of the governing board of a covered pension plan;
(2) the chief administrative officer of a covered pension plan or of the State Board of
(3) any member of the State Board of Investment; and
(4) any member of the Investment Advisory Council.
Subd. 2. Fiduciary activity.
The activities of a fiduciary identified in subdivision 1 that
must be carried out in accordance with the requirements of section
include, but are
not limited to:
(1) the investment and reinvestment of plan assets;
(2) the determination of benefits;
(3) the determination of eligibility for membership or benefits;
(4) the determination of the amount or duration of benefits;
(5) the determination of funding requirements or the amounts of contributions;
(6) the maintenance of membership or financial records;
(7) the expenditure of plan assets; and
(8) the selection of financial institutions and investment products.
History: 1989 c 319 art 7 s 2; 2000 c 461 art 12 s 17; 2007 c 133 art 3 s 3