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Minnesota Legislature

Office of the Revisor of Statutes

INDIVIDUAL RETIREMENT ACCOUNT PLAN (IRAP)

See also HIGHER EDUCATION SUPPLEMENTAL RETIREMENT PLAN

Accounting and bookkeeping

Financial and actuarial reporting practices, Minn. Statutes 2019 16A.055

Refund repayments, Minn. Statutes 2019 356.441

Actuarial valuations, copies, Minn. Statutes 2019 356A.07

Administration

Costs, payment, Minn. Statutes 2019 354B.25

Minnesota Historical Society, duties, Minn. Statutes 2019 354D.06, 2019 354D.08

Minnesota State Colleges and Universities Board of Trustees, duties, Minn. Statutes 2019 136F.47, 2019 354B.25, 2019 354D.06

Annuities

Annuity contracts, Minn. Statutes 2019 354B.24, 2019 354D.08

Assignment, Minn. Statutes 2019 354B.30

Automatic deposit, Minn. Statutes 2019 356.401

Creditors remedies, use prohibited, Minn. Statutes 2019 354B.30

Custodial accounts, Minn. Statutes 2019 354B.24, 2019 354D.08

Qualified annuities, using for refund repayments, Minn. Statutes 2019 356.441

Appropriations to, withholding, investment reporting noncompliance, Minn. Statutes 2019 356.219

Assets, Minn. Statutes 2019 356.63, 2019 356A.06

Assignments, annuities or benefits, Minn. Statutes 2019 354B.30

Attachment, annuities or benefits, exemption, Minn. Statutes 2019 354B.30

Benefits

Assignment, Minn. Statutes 2019 354B.30

Automatic deposit, Minn. Statutes 2019 356.401

Benefit provisions summary, Minn. Statutes 2019 356A.07

Creditors remedies, use prohibited, Minn. Statutes 2019 354B.30

Definitions, Minn. Statutes 2019 356.635, 2019 356A.01

Distribution, notice, Minn. Statutes 2019 356.001

Eligible rollover distributions, Minn. Statutes 2019 356.635

Fiduciaries, duties, Minn. Statutes 2019 356A.02

Internal Revenue Code compliance, Minn. Statutes 2019 356.635

Ownership, Minn. Statutes 2019 354B.25, 2019 354D.08

Subpoena authority, Minn. Statutes 2019 356.401

Breach of fiduciary duty

Cofiduciaries, liability, Minn. Statutes 2019 356A.10

Generally, Minn. Statutes 2019 356A.09

Indemnification, Minn. Statutes 2019 356A.11

Lawsuits, Minn. Statutes 2019 356A.12

Certificates and certification

Economic interest statements, list of filings, Minn. Statutes 2019 356A.06

Timing of reports, Minn. Statutes 2019 356.219

Cofiduciaries

Duties, generally, Minn. Statutes 2019 356A.10

Service of process on, Minn. Statutes 2019 356A.12

Compensation and salaries

Covered salary, Minn. Statutes 2019 354B.20

Fiduciaries, Minn. Statutes 2019 356A.06, 2019 356A.08

Part-time teacher mobility program, Minn. Statutes 2019 354B.31

Contested cases, adverse determination of eligibility, benefits, or other rights, Minn. Statutes 2019 356A.07

Continuing education, fiduciaries, Minn. Statutes 2019 356A.13

Contracts and agreements

Financial institutions, investments, approval, Minn. Statutes 2019 354D.08

Professional or technical service contracts, exclusion, Minn. Statutes 2019 16C.08

Copies, plan documents, summaries, and reports, Minn. Statutes 2019 356A.07

Covered employment

Definitions, Minn. Statutes 2019 354B.20, 2019 354D.01

Generally, Minn. Statutes 2019 354B.211

Covered persons, see Participants under this topic

Creditors remedies, annuities or benefits, use prohibited, Minn. Statutes 2019 354B.30

Custodian bank accounts, establishment, Minn. Statutes 2019 356.001

Data, access, marriage dissolution actions, Minn. Statutes 2019 356.49

Dedicated fund, uses, Minn. Statutes 2019 356.63

Default coverage, Minn. Statutes 2019 354B.211

Deferred annuities, former Teachers Retirement Association members, Minn. Statutes 2019 354B.26

Definitions

Generally, Minn. Statutes 2019 354B.20, 2019 354D.01

Internal Revenue Code compliance, Minn. Statutes 2019 356.635

Loss of survivor benefits, Minn. Statutes 2019 356.406

Public pension fiduciary responsibility, Minn. Statutes 2019 356A.01, 2019 356A.06

Depositories, designation, Minn. Statutes 2019 356A.06

Disclosure, fiduciaries, Minn. Statutes 2019 356A.03, 2019 356A.06

Dissolution of marriage, retirement benefits or rights, information regarding, Minn. Statutes 2019 356.49

Division of plan, based on election or nonelection of Social Security coverage, Minn. Statutes 2019 355.091

Economic interest statements, fiduciaries, Minn. Statutes 2019 356A.06

Election of participation

Appointees, acting, interim, or temporary, Minn. Statutes 2019 354B.211

Arts Board employees, Minn. Statutes 2019 354D.02, 2019 354D.04

Humanities Center employees, Minn. Statutes 2019 354D.02, 2019 354D.04

Minnesota Historical Society employees, Minn. Statutes 2019 354D.02, 2019 354D.04

Minnesota State Retirement System members, Minn. Statutes 2019 352.021

Technical colleges faculty, Minn. Statutes 2019 354B.211

Timeliness, Minn. Statutes 2019 354B.211

Employee contributions

Exemptions and exceptions, Minn. Statutes 2019 356.401

Salary savings leave, effect, Minn. Statutes 2019 43A.49

Employees of the retirement plan, indemnification, breach of fiduciary duty, Minn. Statutes 2019 356A.11

Employer contributions

Additional contributions, Minn. Statutes 2019 354B.24

Arts Board employees, Minn. Statutes 2019 354D.05

Exemptions and exceptions, Minn. Statutes 2019 356.401

Generally, Minn. Statutes 2019 354B.23

Humanities Center employees, Minn. Statutes 2019 354D.05

Minnesota Historical Society employees, Minn. Statutes 2019 354D.05

Part-time teacher mobility program, Minn. Statutes 2019 354B.31

Sabbatical leave, Minn. Statutes 2019 354B.24

Employers

Benefit provision summaries, duties, Minn. Statutes 2019 356A.07

Contributions, see Employer contributions under this topic

Dissolution, allocation of receivables, Minn. Statutes 2019 356.98

Duties, Minn. Statutes 2019 356.001

Employing units

Contributions, see Employer contributions under this topic

Defined, Minn. Statutes 2019 354B.20

Establishment, Minn. Statutes 2019 356.24

Exclusions from coverage, Minn. Statutes 2019 354B.20

Execution (creditors remedies), annuities or benefits, exemption, Minn. Statutes 2019 354B.30

Fees, administrative expenses, Minn. Statutes 2019 354B.25

Fiduciaries

Activities, generally, Minn. Statutes 2019 356A.02

Assets, title, Minn. Statutes 2019 356A.06

Breach of conduct or duties, Minn. Statutes 2019 356A.09 to 2019 356A.12

Compensation and salaries, Minn. Statutes 2019 356A.06, 2019 356A.08

Continuing education, Minn. Statutes 2019 356A.13

Definitions, Minn. Statutes 2019 356A.01

Direct or indirect profits, Minn. Statutes 2019 356A.06

Disclosure, Minn. Statutes 2019 356A.03, 2019 356A.06

Duties, Minn. Statutes 2019 356A.02, 2019 356A.04, 2019 356A.05

Economic interest statements, Minn. Statutes 2019 356A.06

Felony violations, documentation, service prohibition, Minn. Statutes 2019 356A.03, 2019 609B.177

Generally, Minn. Statutes 2019 356A.01 to 2019 356A.13

Investments, duties, Minn. Statutes 2019 356A.02, 2019 356A.06

Nonliability, self-directed investments by participants, Minn. Statutes 2019 356A.06

Prohibited transactions, Minn. Statutes 2019 356A.06

Service of process on, Minn. Statutes 2019 356A.12

Standard of conduct, Minn. Statutes 2019 356A.04

Financial reports, copies, distribution, Minn. Statutes 2019 356.20, 2019 356A.07

Former participants, marriage dissolution actions, information requirements, Minn. Statutes 2019 356.49

Funds and accounts

Dedicated fund, Minn. Statutes 2019 356.63

Theft or embezzlement from, reporting by employees, Minn. Statutes 2019 609.456

Garnishment, annuities or benefits, exemption, Minn. Statutes 2019 354B.30

Governing board, see Board of trustees under MINNESOTA STATE COLLEGES AND UNIVERSITIES SYSTEM (MNSCU)

Governing body rules and policies, defined as plan documents, Minn. Statutes 2019 356A.01

Information services, Minn. Statutes 2019 356.97

Interest rates, omitted deductions, Minn. Statutes 2019 354B.23

Investment of funds

Fiduciaries, duties, Minn. Statutes 2019 356A.02, 2019 356A.06

Financial institutions, selection, review, Minn. Statutes 2019 354B.25, 2019 354D.08

Investment products, Minn. Statutes 2019 354B.25

Participant investment responsibility, Minn. Statutes 2019 356.646

Policy statement, Minn. Statutes 2019 356.219

Reports about, Minn. Statutes 2019 356.219

Requirements, generally, Minn. Statutes 2019 356A.06

Lawsuits, breach of fiduciary duty, Minn. Statutes 2019 356A.12

Leaves of absence, sabbatical leave, Minn. Statutes 2019 354B.24

Liability, cofiduciaries, Minn. Statutes 2019 356A.10

Loans by, Minn. Statutes 2019 354B.30

Mail and mailing

Benefit distribution notice, Minn. Statutes 2019 356.001

Retirement annuities, information, applications, Minn. Statutes 2019 356.46

Member contributions

Additional contributions, Minn. Statutes 2019 354B.24

Arts Board employees, Minn. Statutes 2019 354D.05

Generally, Minn. Statutes 2019 354B.23

Humanities Center employees, Minn. Statutes 2019 354D.05

Minnesota Historical Society employees, Minn. Statutes 2019 354D.05

Minnesota State Retirement System refunds, transfer to, Minn. Statutes 2019 354D.07

Part-time teacher mobility program, Minn. Statutes 2019 354B.31

Sabbatical leave, Minn. Statutes 2019 354B.24

Members, see Participants under this topic

Military service credit, Internal Revenue Code compliance, Minn. Statutes 2019 356.635

Participants

Benefit distribution upon plan termination, Minn. Statutes 2019 356.001

Contributions, see Member contributions under this topic

Death caused by surviving beneficiary, loss of survivor benefits, Minn. Statutes 2019 356.406

Definitions, Minn. Statutes 2019 354B.20, 2019 356.406, 2019 356A.01

Employment condition, Minn. Statutes 2019 354B.22

Marriage dissolution actions, information requirements, Minn. Statutes 2019 356.49

Payments by, administration expenses, Minn. Statutes 2019 354B.25, 2019 354D.08

Proof of death, notice received, Minn. Statutes 2019 356.001

Reemployed first class city Teachers Retirement Association retirees, ineligibility, Minn. Statutes 2019 354A.31

Reemployed retired teachers, ineligibility, Minn. Statutes 2019 352.1155, 2019 354.445

Reports received, Minn. Statutes 2019 356.20, 2019 356A.07

Retirees, insurance benefits, purchase, Minn. Statutes 2019 43A.27

Self-directed investments, nonliability of fiduciaries, Minn. Statutes 2019 356A.06

Payments by

Allowable expenses, Minn. Statutes 2019 356.001

Benefit distribution upon plan termination, Minn. Statutes 2019 356.001

Fiduciaries, duties, Minn. Statutes 2019 356A.02

Payroll deductions

Member contributions, Minn. Statutes 2019 354B.23, 2019 354B.24

Omitted deductions, Minn. Statutes 2019 354B.23

Plan documents, copies to members, Minn. Statutes 2019 356A.07

Prior service credit

Purchase procedures, strike periods, Minn. Statutes 2019 356.195

Purchases, Minn. Statutes 2019 356.551

Purpose, Minn. Statutes 2019 356.001

Records and record keeping

Fiduciaries, duties, Minn. Statutes 2019 356A.02

Investments, liquidity documentation, Minn. Statutes 2019 356A.06

Refunds

Automatic deposit, Minn. Statutes 2019 356.401

Excess administrative expenses, Minn. Statutes 2019 354B.25, 2019 354D.08

Repayment to, Minn. Statutes 2019 356.441

Reports given

Administrative expenses, Minn. Statutes 2019 354B.25

Investment of funds, Minn. Statutes 2019 356.219

Marriage dissolution actions, pension benefits or rights, Minn. Statutes 2019 356.49

State auditor, duties, Minn. Statutes 2019 356.219

Timing of reports, Minn. Statutes 2019 356.219

Retirement annuities, Minn. Statutes 2019 356.46

Retirement plan alternatives, see Election of participation under this topic

Sabbatical leave, Minn. Statutes 2019 354B.20, 2019 354B.24

Salary savings leave, effect, Minn. Statutes 2019 43A.49

Salary, see Compensation and salaries under this topic

Service credit, salary savings leave, effect, Minn. Statutes 2019 43A.49

Social Security

Coverage, eligibility, Minn. Statutes 2019 354B.22

Teachers Retirement Association members, Minn. Statutes 2019 354.05, 2019 354B.22

Spouses, retirement annuities, Minn. Statutes 2019 356.46

State aid, withholding, investment reporting noncompliance, Minn. Statutes 2019 356.219

Statutes of limitations, breach of fiduciary duty, Minn. Statutes 2019 356A.12

Subpoenas, overpayment of benefits, Minn. Statutes 2019 356.401

Supplemental investment fund, investment options, Minn. Statutes 2019 354B.25

Survivor benefits

Generally, Minn. Statutes 2019 356.406

Overpayment of benefits, subpoenas, Minn. Statutes 2019 356.401

Termination of plan or fund, Minn. Statutes 2019 356.001

Theft or embezzlement from, reporting by employees, Minn. Statutes 2019 609.456

Transfer of coverage, technical colleges faculty, effect, Minn. Statutes 2019 354B.211

Transfer of funds, Teachers Retirement Association, transfers from, Minn. Statutes 2019 354B.23

Unclaimed plan account amounts, Minn. Statutes 2019 354B.20, 2019 354B.25

Violations and penalties

Fiduciaries, felony violations, service prohibition, Minn. Statutes 2019 609B.177

Investment reporting, noncompliance, Minn. Statutes 2019 356.219

Waivers, state aid or appropriations, withholding for investment reporting noncompliance, Minn. Statutes 2019 356.219