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2007 Minnesota Statutes
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Chapter 383B
Section 383B.48
Topics
Recent History
- 2018 383B.48 Amended 2018 c 211 art 15 s 10
- 2005 383B.48 Amended 2005 c 8 art 11 s 6
- 1995 383B.48 Amended 1995 c 141 art 3 s 17
This is an historical version of this statute chapter. Also view the most recent published version.
383B.48 BUYING STATE SUPPLEMENTAL INVESTMENT FUND SHARES.
A participant in the Hennepin County supplemental retirement program shall indicate the
account of the Minnesota supplemental investment fund in which the participant wishes salary
deductions and county matching contributions attributable to salary deductions to be invested for
such time as allowed by the Minnesota State Retirement System. The Minnesota State Retirement
System shall purchase with the salary deductions and county matching funds attributable to the
salary deductions shares in the appropriate account of the Minnesota supplemental investment
fund in accordance with the indicated preferences of the participant. However, the county
of Hennepin has the authority to determine which accounts of the Minnesota supplemental
investment fund will be available for participant investment. The shares purchased must stand in
the name of the county of Hennepin. A record must be kept by the Minnesota State Retirement
System indicating the number of shares in each account of the Minnesota supplemental investment
fund purchased with the salary deductions and county matching funds attributable to the salary
deductions of each participant. The record must be known as the "participant's share account
record." The participant's share account record must show, in addition to the number of shares
in the account, any cash balance of salary deductions or county matching funds attributable to
those deductions which stand uninvested in shares. At the option of the county of Hennepin, and
subject to any terms and conditions established and communicated in writing by the county to a
participant, the participant may designate no more often than once each month that prior salary
deductions and county matching contributions attributable to the salary deductions, together with
any interest earned, be reinvested in another account of the Minnesota supplemental investment
fund made available by the county of Hennepin.
History: 1969 c 950 s 3; 1975 c 153 s 1; 1982 c 450 s 3; 1986 c 356 s 10; 1995 c 141
art 3 s 17; 1Sp2005 c 8 art 11 s 6
A participant in the Hennepin County supplemental retirement program shall indicate the
account of the Minnesota supplemental investment fund in which the participant wishes salary
deductions and county matching contributions attributable to salary deductions to be invested for
such time as allowed by the Minnesota State Retirement System. The Minnesota State Retirement
System shall purchase with the salary deductions and county matching funds attributable to the
salary deductions shares in the appropriate account of the Minnesota supplemental investment
fund in accordance with the indicated preferences of the participant. However, the county
of Hennepin has the authority to determine which accounts of the Minnesota supplemental
investment fund will be available for participant investment. The shares purchased must stand in
the name of the county of Hennepin. A record must be kept by the Minnesota State Retirement
System indicating the number of shares in each account of the Minnesota supplemental investment
fund purchased with the salary deductions and county matching funds attributable to the salary
deductions of each participant. The record must be known as the "participant's share account
record." The participant's share account record must show, in addition to the number of shares
in the account, any cash balance of salary deductions or county matching funds attributable to
those deductions which stand uninvested in shares. At the option of the county of Hennepin, and
subject to any terms and conditions established and communicated in writing by the county to a
participant, the participant may designate no more often than once each month that prior salary
deductions and county matching contributions attributable to the salary deductions, together with
any interest earned, be reinvested in another account of the Minnesota supplemental investment
fund made available by the county of Hennepin.
History: 1969 c 950 s 3; 1975 c 153 s 1; 1982 c 450 s 3; 1986 c 356 s 10; 1995 c 141
art 3 s 17; 1Sp2005 c 8 art 11 s 6
Official Publication of the State of Minnesota
Revisor of Statutes