356A.02 FIDUCIARY STATUS AND ACTIVITIES. Subdivision 1. Fiduciary status. For purposes of this chapter, the following persons are fiduciaries: (1) any member of the governing board of a covered pension plan; (2) the chief administrative officer of a covered pension plan or of the State Board of Investment; (3) any member of the State Board of Investment; and (4) any member of the Investment Advisory Council. Subd. 2. Fiduciary activity. The activities of a fiduciary identified in subdivision 1 that must be carried out in accordance with the requirements of section 356A.04 include, but are not limited to: (1) the investment and reinvestment of plan assets; (2) the determination of benefits; (3) the determination of eligibility for membership or benefits; (4) the determination of the amount or duration of benefits; (5) the determination of funding requirements or the amounts of contributions; (6) the maintenance of membership or financial records; (7) the expenditure of plan assets; and (8) the selection of financial institutions and investment products. History: 1989 c 319 art 7 s 2; 2000 c 461 art 12 s 17; 2007 c 133 art 3 s 3
Minnesota Legal Code