2007 Minnesota Statutes

69.775 INVESTMENTS.
(a) The special fund assets of a relief association governed by sections 69.771 to 69.776 must
be invested in securities that are authorized investments under section 356A.06, subdivision 6 or 7.
(b) Notwithstanding the foregoing, up to 75 percent of the market value of the assets of
the special fund, not including any money market mutual funds, may be invested in open-end
investment companies registered under the federal Investment Company Act of 1940, if the
portfolio investments of the investment companies comply with the type of securities authorized
for investment under section 356A.06, subdivision 7.
(c) Securities held by the associations before June 2, 1989, that do not meet the requirements
of this section may be retained after that date if they were proper investments for the association
on that date.
(d) The governing board of the association may select and appoint investment agencies to
act for and in its behalf or may certify special fund assets for investment by the State Board of
Investment under section 11A.17.
(e) The governing board of the association may certify general fund assets of the relief
association for investment by the State Board of Investment in fixed income pools or in a
separately managed account at the discretion of the State Board of Investment as provided in
section 11A.14.
(f) The governing board of the association may select and appoint a qualified private firm to
measure management performance and return on investment, and the firm shall use the formula or
formulas developed by the state board under section 11A.04, clause (11).
History: 1971 c 261 s 5; 1973 c 129 s 7; 1974 c 152 s 11; 1980 c 607 art 14 s 28,45 subd 1;
1981 c 208 s 8; 1984 c 574 s 3; 1986 c 356 s 7; 1986 c 359 s 12; 1989 c 319 art 8 s 8; 1993 c 300
s 9; 1994 c 604 art 2 s 2; 1Sp2005 c 8 art 9 s 8