Minn. Stat. § 356A.01 — MN Code / Part 352_356B / Chapter 356A / Section 356A.01
§ 356A.01 DEFINITIONS.
Status: in_force

§ Subdivision 1. Scope. For purposes of this chapter, the following terms have the meanings given them in this section.

§ Subd. 2. Benefit. "Benefit" means an amount, other than an administrative expense, paid or payable from a pension plan, including a retirement annuity, service pension, disability benefit, survivor benefit, death benefit, funeral benefit, or refund.

§ Subd. 3. Benefit provisions. "Benefit provisions" means the portion of a pension plan that deals specifically with the benefit coverage provided by the plan, including the kinds of coverage, the eligibility for and entitlement to benefits, and the amount of benefits.

§ Subd. 4. Benefit recipient. "Benefit recipient" means a person who has received a benefit from a pension plan or to whom a benefit is payable under the terms of the plan document of the pension plan.

§ Subd. 5. Chief administrative officer. "Chief administrative officer" means the person who has primary responsibility for the execution of the administrative or management affairs of a pension plan.

§ Subd. 6. Cofiduciary. "Cofiduciary" means a fiduciary of a pension plan, other than a fiduciary directly undertaking a fiduciary activity or directly and primarily responsible for a fiduciary activity.

§ Subd. 7. Covered governmental entity. "Covered governmental entity" means a governmental subdivision or other governmental entity that employs persons who are plan participants in a covered pension plan and who are eligible for that participation because of their employment.

§ Subd. 8. Covered pension plan. "Covered pension plan" means a pension plan or fund listed in section 356.20, subdivision 2 , or section 356.30, subdivision 3 , or a plan established under chapter 353D, 354B, 354C, or 354D.

§ Subd. 9. Covered pension plan other than a statewide plan. "Covered pension plan other than a statewide plan" means a pension plan not included in the definition of a statewide plan in subdivision 24.

§ Subd. 10. Direct or indirect profit. "Direct or indirect profit" means a payment of money, the provision of a service or an item of other than nominal value, an extension of credit, a loan, or any other special consideration to a fiduciary or a direct relative of a fiduciary on behalf of the fiduciary in consideration for the performance of a fiduciary activity or a failure to perform a fiduciary activity.

§ Subd. 11. Direct relative. "Direct relative" means any of the persons or spouses of persons related to one another within the third degree of kindred under civil law.

§ Subd. 12. Fiduciary. "Fiduciary" means a person identified in section 356A.02 .

§ Subd. 13. Fiduciary activity. "Fiduciary activity" means an activity described in section 356A.02, subdivision 2 .

§ Subd. 14. Financial institution. "Financial institution" means a bank, savings institution, or credit union organized under federal or state law.

§ Subd. 15. Governing board of a pension plan. "Governing board of a pension plan" means the body of a pension plan that is assigned or that undertakes the chief policy-making powers and management duties of the plan.

§ Subd. 16. Investment Advisory Council. "Investment Advisory Council" means the Investment Advisory Council established by section 11A.08 .

§ Subd. 17. Liability. "Liability" means a secured or unsecured debt or an obligation for a future payment of money, including an actuarial accrued liability or an unfunded actuarial accrued liability, except where the context clearly indicates another meaning.

§ Subd. 18. Office of the pension plan. "Office of the pension plan" means an administrative facility or portion of a facility where the primary business or administrative affairs of a pension plan are conducted and the primary and permanent records and files of the plan are retained.

§ Subd. 19. Pension fund. "Pension fund" means the assets amassed and held in a pension plan, other than the general fund, as reserves for present and future payment of benefits and administrative expenses. For the Bloomington Fire Department Relief Association or a retirement plan governed by chapter 424A, the term means the relief association special fund.

§ Subd. 20. Pension plan. "Pension plan" means all aspects of an arrangement between a public employer and its employees concerning the pension benefit coverage provided to the employees.

§ Subd. 21. Plan document. "Plan document" means a written document or series of documents containing the eligibility requirements and entitlement provisions constituting the benefit coverage of a pension plan, including any articles of incorporation, bylaws, governing body rules and policies, municipal charter provisions, municipal ordinance provisions, or general or special state law.

§ Subd. 22. Plan participant. "Plan participant" means a person who is an active member of a pension plan by virtue of the person's employment or who is making a pension plan member contribution.

§ Subd. 23. State Board of Investment. "State Board of Investment" means the Minnesota State Board of Investment created by the Minnesota Constitution, article XI, section 8.

§ Subd. 24. Statewide plan. "Statewide plan" means any of the following pension plans: (1) the Minnesota State Retirement System or a pension plan administered by it; (2) the Public Employees Retirement Association or a pension plan administered by it; and (3) the Teachers Retirement Association or a pension plan administered by it.