2004 Minnesota Statutes

     383B.48 Buying state supplemental investment fund shares. 

    At the time a person becomes eligible for coverage and 
 elects to obtain coverage by the Hennepin County supplemental 
 retirement program and before November 1 of each subsequent 
 year, a participant in the Hennepin County supplemental 
 retirement program shall indicate in writing on a form provided 
 by the county of Hennepin 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 the subsequent 12-month 
 period.  For that 12-month period, the county of Hennepin 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 county of Hennepin 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 calendar quarter 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. 

    HIST: 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