2000 Minnesota Statutes

     356.24 Supplemental pension or deferred compensation 
  plans, restrictions upon government units. 

    Subdivision 1.    Restriction; exceptions.  It is 
 unlawful for a school district or other governmental subdivision 
 or state agency to levy taxes for, or contribute public funds to 
 a supplemental pension or deferred compensation plan that is 
 established, maintained, and operated in addition to a primary 
 pension program for the benefit of the governmental subdivision 
 employees other than: 

    (1) to a supplemental pension plan that was established, 
 maintained, and operated before May 6, 1971; 

    (2) to a plan that provides solely for group health, 
 hospital, disability, or death benefits; 

    (3) to the individual retirement account plan established 
 by chapter 354B; 

    (4) to a plan that provides solely for severance pay under 
 section 465.72 to a retiring or terminating employee; 

    (5) for employees other than personnel employed by the 
 state university board or the community college board and 
 covered by the board of trustees of the Minnesota state colleges 
 and universities supplemental retirement plan under chapter 
 354C, if provided for in a personnel policy of the public 
 employer or in the collective bargaining agreement between the 
 public employer and the exclusive representative of public 
 employees in an appropriate unit, in an amount matching employee 
 contributions on a dollar for dollar basis, but not to exceed an 
 employer contribution of $2,000 a year per employee; 

    (i) to the state of Minnesota deferred compensation plan 
 under section 352.96; or 

    (ii) in payment of the applicable portion of the 
 contribution made to any investment eligible under section 
 403(b) of the Internal Revenue Code, if the employing unit has 
 complied with any applicable pension plan provisions of the 
 Internal Revenue Code with respect to the tax-sheltered annuity 
 program during the preceding calendar year; or 

    (6) for personnel employed by the state university board or 
 the community college board and not covered by clause (5), to 
 the supplemental retirement plan under chapter 354C, if provided 
 for in a personnel policy or in the collective bargaining 
 agreement of the public employer with the exclusive 
 representative of the covered employees in an appropriate unit, 
 in an amount matching employee contributions on a dollar for 
 dollar basis, but not to exceed an employer contribution of 
 $2,700 a year for each employee.  

    Subd. 1a. Repealed, 2000 c 461 art 13 s 4 

    Subd. 1b.    Vendor restrictions.  A personnel policy 
 for unrepresented employees or a collective bargaining agreement 
 or a school board may establish limits on the number of vendors 
 that it will utilize and conditions under which the vendors may 
 contact employees both during working hours and after working 
 hours. 

    Subd. 1c.    State board of investment review.  Any 
 insurance company, mutual fund company, or similar company 
 providing investments eligible under section 403(b) of the 
 Internal Revenue Code and eligible to receive employer 
 contributions under this section may request the state board of 
 investment, in conjunction with the department of commerce, to 
 review the financial standing of the company, the 
 competitiveness of its investment options and returns, and the 
 level of all charges and fees impacting those returns.  The 
 state board of investment may establish a fee for each review.  
 The state board of investment must maintain and have available a 
 list of all reviewed companies.  In reviewing companies under 
 this section, the state board of investment must not be 
 considered to be acting as a fiduciary or to be engaged in a 
 fiduciary activity under chapter 356A or common law. 

    Subd. 2.    Limit on certain contributions or benefit 
 changes.  No change in benefits or employer contributions in a 
 supplemental pension plan to which this section applies after 
 May 6, 1971, is effective without prior legislative 
 authorization. 

    HIST: 1971 c 222 s 1; 1980 c 600 s 7; 1981 c 224 s 172; 1988 c 
 605 s 9; 1988 c 709 art 11 s 6; 1989 c 319 art 12 s 3; 1992 c 
 464 art 1 s 42; 1992 c 487 s 4; 1993 c 192 s 90; 1993 c 239 art 
 3 s 1; 1993 c 300 s 12; 1995 c 141 art 3 s 16; art 4 s 7; 1995 c 
 212 art 4 s 64; 1999 c 222 art 18 s 1; 2000 c 461 art 12 s 15; 
 art 13 s 1-3