reglab/statecodes huggingface dataset:
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.403 — Normal Retirement Age; Savings Clause.

356.403 NORMAL RETIREMENT AGE; SAVINGS CLAUSE.
The intent of the legislature in sections 352.01, subdivision 25; 353.01, subdivision 37; 354.05, subdivision 38; and 354A.011, subdivision 15a, is to create a normal retirement age for persons first covered by those sections after May 16, 1989, that is the same as the retirement age in the federal Social Security law, including future amendments to that law. If a court determines that the legislature may not incorporate by reference the future changes in federal Social Security law, the legislature reserves the right to amend the appropriate sections to make the normal retirement age conform to the retirement age in the federal Social Security law. No person first covered by any of those sections after May 16, 1989, has a right to a normal retirement age that is less than the retirement age in the federal Social Security law.
History:
2002 c 392 art 11 s 25
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.407 — Restoration Of Survivor Benefits.

356.407 RESTORATION OF SURVIVOR BENEFITS.
Subdivision 1.
Restoration upon termination of remarriage.
Notwithstanding any provision to the contrary of the laws governing any of the retirement plans enumerated in subdivision 2, any person who was receiving a surviving spouse's benefit from any of those plans and whose benefit terminated solely because of remarriage is, if the remarriage terminates for any reason, again entitled upon reapplication to a surviving spouse's benefit; provided, however, that the person is not entitled to retroactive payments for the period of remarriage. The benefit resumes at the level which the person would have been receiving if there had been no remarriage.
Subd. 2.
Covered funds.
The provisions of this section apply to the following retirement funds:
(1) the general employees retirement plan of the Public Employees Retirement Association established under chapter 353;
(2) the public employees police and fire plan of the Public Employees Retirement Association established under chapter 353;
(3) the State Patrol retirement plan established under chapter 352B;
(4) the legislators retirement plan established under chapter 3A;
(5) the elective state officers retirement plan established under chapter 352C; and
(6) the Teachers Retirement Association established under chapter 354.
History:
2002 c 392 art 11 s 28; 2010 c 359 art 12 s 31; 2015 c 68 art 13 s 48; art 14 s 24
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.408 — Termination Of Survivor Designation.

356.408 TERMINATION OF SURVIVOR DESIGNATION.
Subdivision 1.
Authorization to terminate optional annuity form.
A public pension plan retired member receiving a joint and survivor retirement annuity or a person receiving a joint and survivor disability benefit from a plan listed in section 356.30, subdivision 3, and the designated survivor of that person may mutually agree to terminate the survivor designation by filing a termination statement on a form and in the manner specified by the chief administrative officer of the applicable public pension plan. Upon filing a valid termination statement accepted by the chief administrative officer, the rights of the designated survivor to receive a benefit upon death of the plan retired or disabled annuitant are terminated, and the retired or disabled annuitant must receive a normal single-life annuity.
Subd. 2.
Revised annuity form.
The replacement single life annuity must be actuarially equivalent to the joint and survivor annuity as of the first day of the month following acceptance of the valid termination statement by the chief administrative officer and payment of this revised prospective annuity begins on that same date.
Subd. 3.
Application.
This section does not apply if the designated survivor is the spouse or former spouse of the plan member.
Subd. 4.
Termination statement form requirements.
The annuity form termination statements must be in written form and must be notarized. Before accepting any signed form or forms, the chief administrative officer of the applicable pension plan must offer counseling to the retired or disabled annuitant and the designated survivor regarding the implications of the annuity form waiver. The forms must indicate that this counseling has been offered and either has been completed or has been waived by the retired or disabled annuitant and the designated survivor.
Subd. 5.
Prohibition against further annuity form revisions.
No retired or disabled annuitant who waives the annuity form under this section may further revise the annuity form at any later date.
History:
2013 c 111 art 7 s 7
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.431 — Conversion Of Lump-sum Postretirement And Supplemental Payment To An Increased Monthly Annuity.

356.431 CONVERSION OF LUMP-SUM POSTRETIREMENT AND SUPPLEMENTAL PAYMENT TO AN INCREASED MONTHLY ANNUITY.
Subdivision 1.
Lump-sum postretirement payment conversion.
For benefits paid to eligible persons under Minnesota Statutes 2014, section 356.42, the amount of the most recent lump-sum benefit payable to an eligible recipient under Minnesota Statutes 2014, section 356.42 must be divided by 12. The result must be added to the monthly annuity or benefit otherwise payable to an eligible recipient, must become a permanent part of the benefit recipient's pension, and must be included in any pension benefit subject to future postretirement adjustments.
Subd. 2.
[Repealed, 2009 c 169 art 1 s 77]
History:
2002 c 392 art 11 s 32; 2005 c 10 art 5 s 3; 2010 c 359 art 12 s 33; 2015 c 68 art 13 s 54
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.441 — Payment Acceptance Allowed.

356.441 PAYMENT ACCEPTANCE ALLOWED.
Subdivision 1.
Payment authorization.
The repayment of a refund and interest on that refund or the payment of equivalent contributions and interest for an eligible leave of absence, as permitted under laws governing any public pension plan in Minnesota, may be made:
(1) with funds distributed or transferred from a plan qualified under the federal Internal Revenue Code of 1986, section 401, subsection (a) or (k); 403; 408; or 457, subsection (b), as amended from time to time; or
(2) with funds distributed from an individual retirement account or individual retirement annuity, if done solely in a manner that is eligible for treatment as a nontaxable rollover or transfer under the applicable federal law.
Subd. 2.
Separate accounting requirement.
Nontaxable rollovers or transfer amounts under subdivision 1 received by a public pension fund must be separately accounted for as member contributions not previously taxed. Before accepting any rollovers or transfers to which this section applies, the executive director shall require the member to provide written documentation to demonstrate that the amounts to be rolled over or transferred are eligible for a tax-free rollover or transfer and qualify for that treatment under the federal Internal Revenue Code of 1986, as amended.
History:
2002 c 392 art 11 s 34; 2004 c 267 art 9 s 22
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.461 — Various Retirement Systems; Joint And Survivor Annuity Computation.

356.461 VARIOUS RETIREMENT SYSTEMS; JOINT AND SURVIVOR ANNUITY COMPUTATION.
Subdivision 1.
Joint and survivor annuity computation.
Notwithstanding any provision of section 356.215, subdivision 8, or 356.415 to the contrary, for purposes of computing joint and survivor annuities, the applicable investment return assumption is 6.5 percent.
Subd. 2.
Covered plans.
This section applies to the following retirement plans:
(1) the legislators retirement plan, established under chapter 3A, including constitutional officers as specified in that chapter;
(2) the correctional state employees retirement plan of the Minnesota State Retirement System, established under chapter 352;
(3) the general state employees retirement plan of the Minnesota State Retirement System, established under chapter 352;
(4) the State Patrol retirement plan, established under chapter 352B;
(5) the unclassified state employees retirement program of the Minnesota State Retirement System, established under chapter 352D;
(6) the judges retirement plan, established under chapter 490;
(7) the general employees retirement plan of the Public Employees Retirement Association, established under chapter 353;
(8) the public employees police and fire retirement plan of the Public Employees Retirement Association, established under chapter 353;
(9) the local government correctional service retirement plan of the Public Employees Retirement Association, established under chapter 353E; and
(10) the Teachers Retirement Association, established under chapter 354.
History:
2014 c 296 art 4 s 8; 2015 c 68 art 14 s 26; 1Sp2019 c 8 art 8 s 23
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.49 — Provision Of Information In Event Of Marriage Dissolution.

356.49 PROVISION OF INFORMATION IN EVENT OF MARRIAGE DISSOLUTION.
Subdivision 1.
Information for pending marriage dissolution.
(a) Upon receipt of a written request by a person with access to the data under subdivision 3 who cites this statute, a public or private pension plan administrator must provide the court and the parties to a marriage dissolution action involving a plan member or former plan member with information regarding pension benefits or rights of the plan member or former plan member. The pension plan shall provide this information upon the request of the court or a party to the action without requiring a signed authorization from the plan member or former plan member.
(b) The information must include the pension benefits or rights of the plan member or former plan member as of the first day of the month following the date of the request, or as of the end of the previous fiscal year for the plan, and as of the date of valuation of marital assets under section 518.58, if the person requesting the information specifies that date. The information must include the accrued service credit of the person, the credited salary of the person for the most current five-year period, a summary of the benefit plan, and any other information relevant to the calculation of the present value of the benefits or rights.
Subd. 2.
[Repealed, 2015 c 68 art 13 s 65]
Subd. 3.
Access to data.
Notwithstanding any provision of chapter 13 to the contrary, an administrator may release private or confidential data on individuals to the court, the parties to a marriage dissolution, their attorneys, and an actuary appointed under section 518.582, to the extent necessary to comply with this section, but only if the administrator has received a copy of the legal petition showing that an action for marriage dissolution has commenced and a copy of the affidavit of service showing that the petition has been served on the responding party to the action.
History:
2002 c 392 art 11 s 38
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.59 — Interest Rates.

356.59 INTEREST RATES.
Subdivision 1.
Applicable interest rates.
Whenever the payment of interest is required with respect to any payment, including refunds, remittances, shortages, contributions, or repayments, the rate of interest is the rate or rates specified in subdivisions 2 to 5 for each public retirement plan.
Subd. 2.Minnesota State Retirement System.
The interest rates for all retirement plans administered by the Minnesota State Retirement System are as follows:
Annual
Monthly
before July 1, 2015
8.5 percent
0.71 percent
from July 1, 2015, to June 30, 2018
8.0 percent
0.667 percent
from July 1, 2018, to June 30, 2023
7.5 percent
0.625 percent
after June 30, 2023
7.0 percent
0.583 percent
Subd. 3.Public Employees Retirement Association.
The interest rates for all retirement plans administered by the Public Employees Retirement Association are as follows:
before July 1, 2015
8.5 percent
from July 1, 2015, to June 30, 2018
8.0 percent
from July 1, 2018, to June 30, 2023
7.5 percent
after June 30, 2023
7.0 percent
Subd. 4.Teachers Retirement Association.
The interest rates for the retirement plan administered by the Teachers Retirement Association are as follows:
Annual
Monthly
before July 1, 2018
8.5 percent
0.71 percent
from July 1, 2018, to June 30, 2023
7.5 percent
0.625 percent
after June 30, 2023
7.0 percent
0.583 percent
Subd. 5.St. Paul Teachers Retirement Fund Association.
The interest rates for the retirement plan administered by the St. Paul Teachers Retirement Fund Association are as follows:
Annual
Monthly
before July 1, 2015
8.5 percent
0.71 percent
from July 1, 2015, to June 30, 2018
8.0 percent
0.667 percent
from July 1, 2018, to June 30, 2023
7.5 percent
0.625 percent
after June 30, 2023
7.0 percent
0.583 percent
History:
2018 c 211 art 6 s 39; 2023 c 45 art 1 s 2
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.611 — Limitation On Public Employee Salaries For Pension Purposes.

356.611 LIMITATION ON PUBLIC EMPLOYEE SALARIES FOR PENSION PURPOSES.
Subdivision 1.
[Repealed, 2005 c 169 s 2]
Subd. 2.
Federal compensation limits.
(a) For members of a covered pension plan enumerated in section 356.30, subdivision 3, and of the plan established under chapter 353D, compensation in excess of the limitation specified in section 401(a)(17) of the Internal Revenue Code, as amended, for changes in the cost of living under section 401(a)(17)(B) of the Internal Revenue Code, may not be included for contribution and benefit computation purposes.
(b) Notwithstanding paragraph (a), for members specified in paragraph (a) who first contributed to a plan specified in that paragraph before July 1, 1995, the annual compensation limit specified in section 401(a)(17) of the Internal Revenue Code on June 30, 1993, applies if that provides a greater allowable annual compensation.
(c) To the extent required by sections 3401(h) and 414(u)(12) of the federal Internal Revenue Code, an individual receiving a differential wage payment as defined in section 3401(h)(2) of the federal Internal Revenue Code from an employer shall be treated as employed by that employer, and the differential wage payment will be treated as compensation for purposes of applying the limits on annual additions under section 415(c) of the federal Internal Revenue Code.
Subd. 3.
MS 2016 [Repealed, 2018 c 211 art 13 s 21]
Subd. 3a.
MS 2016 [Repealed, 2018 c 211 art 13 s 21]
Subd. 4.
MS 2016 [Repealed, 2018 c 211 art 13 s 21]
Subd. 5.
MS 2016 [Repealed, 2018 c 211 art 13 s 21]
History:
1994 c 528 art 4 s 11; 1995 c 262 art 1 s 15; 2002 c 392 art 11 s 43; 2004 c 267 art 2 s 6-8; art 10 s 1; 1Sp2005 c 8 art 1 s 23; 2007 c 13 art 2 s 17; 2008 c 349 art 5 s 33,34,37; 2009 c 169 art 4 s 43,44; 2012 c 286 art 9 s 1-5
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.62 — Payment Of Employee Contribution.

356.62 PAYMENT OF EMPLOYEE CONTRIBUTION.
(a) For purposes of any public pension plan, as defined in section 356.63, paragraph (b), each employer shall pick up the employee contributions required under law or under the pension plan document for all salaries. If the United States Treasury Department rules that under section 414(h) of the Internal Revenue Code of 1986, as amended through December 31, 1992, that these picked up contributions are not includable in the employee's adjusted gross income until they are distributed or made available, then these picked up contributions must be treated as employer contributions in determining tax treatment under the Internal Revenue Code of 1986 and the employer shall discontinue withholding federal income taxes on the amount of these contributions. The employer shall pay these picked up contributions from the same source of funds as is used to pay the salary of the employee. The employer shall pick up these employee contributions by a reduction in the cash salary of the employee.
(b) Employee contributions that are picked up must be treated for all purposes of the public pension plan in the same manner and to the same extent as employee contributions that were made before the date on which the employee contributions pick up began. The amount of the employee contributions that are picked up must be included in the salary upon which retirement coverage is credited and upon which retirement and survivor's benefits are determined. For purposes of this section, "employee" means any person covered by a public pension plan. For purposes of this section, "employee contributions" include any sums deducted from the employee's salary or wages or otherwise paid in lieu thereof, regardless of whether they are denominated contributions by the public pension plan.
(c) The employing unit shall supply each employee and the commissioner of revenue with an information return indicating the amount of the employer's picked-up contributions for the calendar year that were not subject to withholding. This return must be provided to the employee not later than January 31 of the succeeding calendar year. The commissioner of revenue shall prescribe the form of the return and the provisions of section 289A.12 must apply to the extent not inconsistent with the provisions of this section.
History:
3Sp1982 c 1 art 2 s 7; 1983 c 148 s 6; 1983 c 216 art 1 s 85; 1990 c 480 art 1 s 46; 1993 c 375 art 8 s 14; 2001 c 7 s 66; 2002 c 379 art 1 s 78; 2002 c 392 art 11 s 44; 2003 c 2 art 1 s 42; 2015 c 68 art 13 s 55
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.63 — Limitation On Use Of Public Pension Plan Assets.

356.63 LIMITATION ON USE OF PUBLIC PENSION PLAN ASSETS.
(a) Money held by or credited to a public pension plan as assets, including employer and employee contributions, state aid, appropriations from the state or a governmental subdivision, and accrued earnings on investments, constitutes a dedicated fund. The dedicated fund may be used exclusively to pay retirement annuities, service pensions, disability benefits, survivor benefits, refunds of contributions, or other benefits provided under the benefit plan document or documents governing the public pension plan, and to pay reasonable administrative expenses approved by the governing board of the public pension plan or by another appropriate authority. No assets of a public pension plan may be loaned or transferred to the state or a governmental subdivision or be used to amortize an unfunded actuarial accrued liability in another public pension plan or fund, whether or not the plan providing the assets consolidates or has consolidated with the plan receiving the assets. Nothing in this section prohibits a public pension plan or the State Board of Investment from investing the assets of a plan as authorized by law, including the investment of the assets of public pension plans by the State Board of Investment in a commingled investment fund.
(b) A public pension plan for purposes of this section means a pension plan or fund specified in section 356.20, subdivision 2, or 356.30, subdivision 3, or a retirement or pension plan or fund, including a supplemental retirement plan or fund, established, maintained, or supported by a governmental subdivision or public body whose revenues are derived from taxation, fees, assessments, or other public sources.
History:
2002 c 392 art 11 s 45
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.631 — Additional Sources Of Funding.

356.631 ADDITIONAL SOURCES OF FUNDING.
Notwithstanding any other provision of law to the contrary, in addition to all sources of funding described in Minnesota Statutes, section 356.63, any public retirement plan described in Minnesota Statutes, section 356.63, paragraph (b), is authorized to accept, at its discretion, for deposit in its fund the following:
(1) gifts;
(2) donations;
(3) bequests; and
(4) life insurance death benefits.
History:
2018 c 211 art 17 s 2
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.64 — Real Estate Investments.

356.64 REAL ESTATE INVESTMENTS.
(a) Notwithstanding any law to the contrary, any public pension plan whose assets are not invested by the State Board of Investment may invest its funds in Minnesota situs nonfarm real estate ownership interests or loans secured by mortgages or deeds of trust if the investment is consistent with section 356A.04.
(b) An investment otherwise authorized by this section must also comply with the requirements and limitations of section 11A.24, subdivision 6.
History:
2002 c 392 art 11 s 46; 2010 c 359 art 12 s 35
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.645 — Investment Of Defined Contribution Plans And Volunteer Firefighters Relief Associations.

356.645 INVESTMENT OF DEFINED CONTRIBUTION PLANS AND VOLUNTEER FIREFIGHTERS RELIEF ASSOCIATIONS.
The State Board of Investment shall determine the investments to be made available to plan participants in plans defined in sections 352.965, 352.98, and 383B.46 and chapters 352D and 353D and to volunteer firefighters relief associations under chapter 424A. Investments made available to plan participants and relief associations must include at least one or more of the following:
(1) shares in the Minnesota supplemental investment fund established in section 11A.17;
(2) savings accounts in federally insured financial institutions;
(3) life insurance contracts, fixed annuity contracts, and variable annuity contracts from companies that are subject to regulation by the commissioner of commerce;
(4) investment options from open-end investment companies registered under the federal Investment Company Act of 1940, United States Code, title 15, sections 80a-1 to 80a-64;
(5) investment options from a firm that is a registered investment adviser under the Investment Advisers Act of 1940, United States Code, title 15, sections 80b-1 to 80b-21; and
(6) investment options of a bank as defined in United States Code, title 15, section 80b-2, subsection (a), paragraph (2), or a bank holding company as defined in the Bank Holding Company Act of 1956, United States Code, title 12, section 1841, subsection (a), paragraph (1).
History:
2014 c 296 art 13 s 21; 2018 c 211 art 15 s 8; 2022 c 65 art 9 s 12
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.646 — Plan Participant Investment Responsibility.

356.646 PLAN PARTICIPANT INVESTMENT RESPONSIBILITY.
Subdivision 1.
Member investment responsibility.
The state, State Board of Investment and its executive director and staff, plan administrators and their staff, and participating public employers are not liable and are not responsible for any investment losses due to choices made by participants or due to qualified default investment alternatives.
Subd. 2.
Application.
This section applies to the:
(1) Minnesota state deferred compensation plan, established under section 352.965;
(2) health care savings plan, established under section 352.98;
(3) unclassified employees retirement program, established under chapter 352D;
(4) public employees defined contribution plan, established under chapter 353D;
(5) individual retirement account plan, established under chapter 354B;
(6) higher education supplemental retirement plan, established under chapter 354C; and
(7) Arts Board and Humanities Commission individual retirement account plan, established under chapter 354D.
History:
2014 c 296 art 13 s 22
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.65 — Disposition Of Abandoned Public Pension Fund Amounts.

356.65 DISPOSITION OF ABANDONED PUBLIC PENSION FUND AMOUNTS.
Subdivision 1.
Definitions.
For purposes of this section, unless the context clearly indicates otherwise, each of the following terms has the meaning given to it:
(a) "Public pension fund" means any public pension plan as defined in section 356.63, paragraph (b), and any Minnesota volunteer firefighters relief association which is established under chapter 424A and governed under sections 424A.091 to 424A.096.
(b) "Unclaimed public pension fund amounts" means any amounts representing accumulated member contributions, any outstanding unpaid annuity, service pension or other retirement benefit payments, including those made on warrants issued by the commissioner of management and budget, which have been issued and delivered for more than six months prior to the date of the end of the fiscal year applicable to the public pension fund, and any applicable interest to the credit of:
(1) an inactive or former member of a public pension fund who is not entitled to a defined retirement annuity and who has not applied for a refund of those amounts within five years after the last member contribution was made; or
(2) a deceased inactive or former member of a public pension fund if no survivor is entitled to a survivor benefit and no survivor, designated beneficiary or legal representative of the estate has applied for a refund of those amounts within five years after the date of death of the inactive or former member.
Subd. 2.
Disposition of abandoned amounts.
Any unclaimed public pension fund amounts existing in any public pension fund are presumed to be abandoned, but are not subject to the provisions of sections 345.31 to 345.60. Unless the benefit plan of the public pension fund specifically provides for a different disposition of unclaimed or abandoned funds or amounts, any unclaimed public pension fund amounts cancel and must be credited to the public pension fund. If the unclaimed public pension fund amount exceeds $25 and the inactive or former member again becomes a member of the applicable public pension plan or applies for a retirement annuity under section 356.30 or 356.311, whichever applies, the canceled amount must be restored to the credit of the person.
History:
1981 c 224 s 178; 1983 c 286 s 17; 1992 c 513 art 4 s 41; 2001 c 7 s 67; 2002 c 392 art 11 s 47,48; 2008 c 277 art 1 s 80; 2009 c 101 art 2 s 109; 2010 c 359 art 12 s 36; 2013 c 111 art 5 s 80; 2019 c 50 art 1 s 117
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.82 — Savings Clause.

356.82 SAVINGS CLAUSE.
The intent of the legislature in sections 352.01, subdivision 25; 353.01, subdivision 37; 354.05, subdivision 38; and 354A.011, subdivision 15a is to create a normal retirement age for persons first covered by those sections after the effective date of those sections that is the same as the retirement age in the federal Social Security law, including future amendments to that law. If a court determines that the legislature may not incorporate by reference the future changes in federal Social Security law, the legislature reserves the right to amend the appropriate sections to make the normal retirement conform to the retirement age in the federal Social Security law. No person first covered by any of those sections after the effective date of those sections has a right to a normal retirement age that is less than the retirement age in the federal Social Security law.
History:
1989 c 319 art 13 s 95; 1992 c 464 art 1 s 43
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.91 — Voluntary Membership Dues Deduction.

356.91 VOLUNTARY MEMBERSHIP DUES DEDUCTION.
(a) Upon written authorization of a person receiving an annuity from a public pension fund administered by the Minnesota State Retirement System, the Public Employees Retirement Association, or the Teachers Retirement Association, the executive director of the public pension fund shall deduct from the retirement annuity an amount requested by the annuitant to be paid as membership dues or other payments to any labor organization that is an exclusive bargaining agent representing public employees or an organization representing retired public employees of which the annuitant is a member and shall, on a monthly basis, pay the amount to the organization so designated by the annuitant.
(b) A pension fund and the plan fiduciaries which authorize or administer deductions of dues payments under paragraph (a) are not liable for failure to properly deduct or transmit the dues amounts, provided that the fund and the fiduciaries have acted in good faith.
(c) Any labor organization that is an exclusive bargaining agent representing public employees or an organization representing retired public employees may conduct blind mailings to the annuitants of a retirement system specified in paragraph (a) by requesting that the retirement system mail voluntary membership information and dues deduction cards to annuitants. Such mailings shall not be for the purpose of supporting or opposing any candidate, political party, or ballot measure. The organization requesting the blind mailing shall pay all costs associated with these mailings, including but not limited to copying, labeling, mailing, postage, and record keeping. In lieu of administering a blind mailing in-house, a retirement system may transmit annuitant data necessary for conducting a blind mailing to a mail center pursuant to a secure data share agreement with the mail center which provides that neither the organization nor any other entity shall have direct access to the data transmitted by the retirement system. The retirement system shall have no obligation to approve or disapprove, or otherwise be responsible for, the content of the mailings. No organization shall conduct more than two blind mailings per calendar year.
History:
2008 c 349 art 15 s 1; 2010 c 359 art 12 s 37; 2013 c 111 art 15 s 1; 2014 c 296 art 13 s 23
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.97 — Information Services And Technology.

356.97 INFORMATION SERVICES AND TECHNOLOGY.
The executive directors subject to the standard of fiduciary conduct under chapter 356A and the boards to which they report are exempt from the requirements of chapter 16E. An executive director or a board may use services provided by the Department of Information Technology Services.
History:
1Sp2019 c 8 art 6 s 3; 2021 c 31 art 2 s 16
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356 — Retirement Systems, Generally › Section 356.98 — Allocation Of Receivables.

356.98 ALLOCATION OF RECEIVABLES.
If an employing unit is dissolved or closed and amounts are owed to more than one Minnesota public pension plan, any amounts available to cover payments to the plans must be applied first to the employee contributions owed to the applicable plans, and next to the unpaid employer contributions, including any applicable employer additional contributions, and finally to the interest due on the employee and employer amounts. If, at any stage in this allocation process, the available amount is insufficient to fully cover the amount required, the remaining available payment amount must be prorated among the applicable plans based on each plan's share of combined covered payroll.
History:
2007 c 134 art 2 s 46
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356A — Public Pension Fiduciary Responsibility › Section 356A.02 — Fiduciary Status And Activities.

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
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356A — Public Pension Fiduciary Responsibility › Section 356A.03 — Prohibition Of Certain Persons From Fiduciary Status.

356A.03 PROHIBITION OF CERTAIN PERSONS FROM FIDUCIARY STATUS.
Subdivision 1.
Individual prohibition.
For the prohibition period established by subdivision 2, a person, other than a constitutional officer of the state, who has been convicted of a violation listed in subdivision 3, may not serve in a fiduciary capacity identified in section 356A.02.
Subd. 2.
Prohibition period.
A prohibition under subdivision 1 is for a period of five years, beginning on the day following conviction for a violation listed in subdivision 3 or, if the person convicted is incarcerated, the day following unconditional release from incarceration.
Subd. 3.
Applicable violations.
A prohibition under subdivision 1 is imposed as a result of any of the following violations of law:
(1) a violation of federal law specified in United States Code, title 29, section 1111, as amended;
(2) a violation of Minnesota law that is a felony under Minnesota law; or
(3) a violation of the law of another state, United States territory or possession, or federally recognized Indian tribal government, or of the Uniform Code of Military Justice, that would be a felony under the offense definitions and sentences in Minnesota law.
Subd. 4.
Documentation.
In determining the applicability of this section, the appropriate appointing authority, the State Board of Investment, or the covered pension plan, as the case may be, may rely on a disclosure form meeting the requirements of the federal Investment Advisers Act of 1940, as amended through June 2, 1989, and filed with the State Board of Investment or the pension plan.
History:
1989 c 319 art 7 s 3
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356A — Public Pension Fiduciary Responsibility › Section 356A.04 — General Standard Of Fiduciary Conduct.

356A.04 GENERAL STANDARD OF FIDUCIARY CONDUCT.
Subdivision 1.
Duty.
A fiduciary of a covered pension plan owes a fiduciary duty to:
(1) the active, deferred, and retired members of the plan, who are its beneficiaries;
(2) the taxpayers of the state or political subdivision, who help to finance the plan; and
(3) the state of Minnesota, which established the plan.
Subd. 2.
Prudent person standard.
A fiduciary identified in section 356A.02 shall act in good faith and shall exercise that degree of judgment and care, under the circumstances then prevailing, that persons of prudence, discretion, and intelligence would exercise in the management of their own affairs, not for speculation, considering the probable safety of the plan capital as well as the probable investment return to be derived from the assets.
History:
1989 c 319 art 7 s 4
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356A — Public Pension Fiduciary Responsibility › Section 356A.05 — Duties Applicable To All Activities.

356A.05 DUTIES APPLICABLE TO ALL ACTIVITIES.
(a) The activities of a fiduciary of a covered pension plan must be carried out solely for the following purposes:
(1) to provide authorized benefits to plan participants and beneficiaries;
(2) to incur and pay reasonable and necessary administrative expenses; or
(3) to manage a covered pension plan in accordance with the purposes and intent of the plan document.
(b) The activities of fiduciaries identified in section 356A.02 must be carried out faithfully, without prejudice, and in a manner consistent with law and the plan document.
History:
1989 c 319 art 7 s 5
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356A — Public Pension Fiduciary Responsibility › Section 356A.07 — Benefit Summary; Annual Reports; Additional Duties.

356A.07 BENEFIT SUMMARY; ANNUAL REPORTS; ADDITIONAL DUTIES.
Subdivision 1.
Benefit provisions summary.
The chief administrative officer of a covered pension plan shall prepare and provide each active plan participant with a summary of the benefit provisions of the plan document. The summary must be provided within 30 days of the start or resumption of a participant's membership in the plan, or within 30 days of the date on which the start or resumption of membership was reported to a covered pension plan by a covered governmental entity, whichever is later. The summary must contain a notice that it is a summary of the plan document but is not itself the plan document, and that in the event of a discrepancy between the summary and the plan document as amended, the plan document governs. A copy of the plan document as amended must be furnished to a plan participant or benefit recipient upon request. The chief administrative officer may utilize the services of the covered governmental entity in providing the summary. The summary must be in a form reasonably calculated to be understood by an average plan participant.
Subd. 2.
Annual financial report.
A covered pension plan shall provide each active plan participant and benefit recipient with a copy of the most recent annual financial report required by section 356.20 and a copy of the most recent actuarial evaluation, if any, required by section 356.215, 356.216, or 424A.093, or by Laws 2013, chapter 111, article 5, section 39, or a summary of those reports.
Subd. 3.
Distribution.
A covered pension plan may distribute the summaries required by this section through covered governmental entities so long as the plan has made arrangements with the entities to assure, with reasonable certainty, that the summaries will be distributed, or made easily available, to active plan participants.
Subd. 4.
Review procedure.
If a review procedure is not specified by law for a covered pension plan, the chief administrative officer of the plan shall propose, and the governing board of the plan shall adopt and implement, a procedure for reviewing a determination of eligibility, benefits, or other rights under the plan that is adverse to a plan participant or benefit recipient. The review procedure must include provisions for timely notice to the plan participant or benefit recipient and reasonable opportunity to be heard in any review proceeding conducted and may, but need not be, a contested case under chapter 14.
History:
1989 c 319 art 7 s 7; 2013 c 111 art 5 s 69,80
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356A — Public Pension Fiduciary Responsibility › Section 356A.08 — Plan Administration; Additional Duties.

356A.08 PLAN ADMINISTRATION; ADDITIONAL DUTIES.
Subdivision 1.
Public meetings.
A meeting of the governing board of a covered pension plan or of a committee of the governing board of the covered pension plan is governed by chapter 13D.
Subd. 2.
Limit on compensation.
No fiduciary of a covered pension plan or a direct relative of a fiduciary may receive any direct or indirect compensation, fee, or other item of more than nominal value from a third party in consideration for a pension plan disbursement.
History:
1989 c 319 art 7 s 8; 1Sp2001 c 10 art 4 s 2
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356A — Public Pension Fiduciary Responsibility › Section 356A.09 — Fiduciary Breach; Remedies.

356A.09 FIDUCIARY BREACH; REMEDIES.
Subdivision 1.
Occurrence of breach.
A fiduciary breach occurs if a fiduciary violates the general standard of fiduciary conduct as specified in section 356A.04 in carrying out the activities of a fiduciary. A fiduciary breach also occurs if a fiduciary of a covered pension plan violates the provisions of section 356A.06, subdivision 9.
Subd. 2.
Remedies.
Remedies available for a fiduciary breach by a fiduciary are those specified by statute or available at common law.
History:
1989 c 319 art 7 s 9
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356A — Public Pension Fiduciary Responsibility › Section 356A.10 — Cofiduciary Responsibility And Liability.

356A.10 COFIDUCIARY RESPONSIBILITY AND LIABILITY.
Subdivision 1.
Cofiduciary responsibility in general.
A cofiduciary has a general responsibility to oversee the fiduciary activities of all other fiduciaries unless the activity has been allocated or delegated in accordance with subdivision 3. A cofiduciary also has a general responsibility to correct or alleviate a fiduciary breach of which the cofiduciary had or ought to have had knowledge.
Subd. 2.
Cofiduciary liability.
A cofiduciary is liable for a fiduciary breach committed by another fiduciary when the cofiduciary has a responsibility to oversee the fiduciary activities of the other fiduciary or to correct or alleviate a breach by that fiduciary.
Subd. 3.
Limitation on cofiduciary responsibility.
A cofiduciary may limit cofiduciary responsibility and liability through the allocation or delegation of fiduciary activities if the allocation or delegation:
(1) follows appropriate procedures;
(2) is made to an appropriate person or persons; and
(3) is subject to continued monitoring of performance.
Subd. 4.
Bar to liability in certain instances.
A properly made delegation or allocation of a fiduciary activity is a bar to liability on the part of a fiduciary making the delegation or allocation unless the fiduciary has or ought to have knowledge of the breach and takes part in the breach, conceals it, or fails to take reasonable steps to remedy it.
Subd. 5.
Extent of cofiduciary liability.
Unless liability is barred under subdivision 4, cofiduciary liability is joint and several, but a cofiduciary has the right to recover from the responsible fiduciary for any damages paid by the cofiduciary.
History:
1989 c 319 art 7 s 10
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356A — Public Pension Fiduciary Responsibility › Section 356A.11 — Fiduciary Indemnification.

356A.11 FIDUCIARY INDEMNIFICATION.
Subdivision 1.
Indemnified fiduciaries.
A fiduciary who is a member of the governing board of a pension plan, the State Board of Investment or the Investment Advisory Council, or who is an employee of a covered pension plan or of the State Board of Investment may be indemnified from liability for fiduciary breach. Indemnification is at the discretion of the governing board of the plan or of the State Board of Investment in the case of members of the state board or of the Investment Advisory Council. A decision to indemnify a fiduciary must apply to all eligible fiduciaries of similar rank.
Subd. 2.
Allowable indemnification.
An indemnified fiduciary must be held harmless from reasonable costs or expenses incurred as a result of any actual or threatened litigation or other proceedings.
History:
1989 c 319 art 7 s 11
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356A — Public Pension Fiduciary Responsibility › Section 356A.12 — Jurisdiction; Service Of Process; And Statute Of Limitations.

356A.12 JURISDICTION; SERVICE OF PROCESS; AND STATUTE OF LIMITATIONS.
Subdivision 1.
Jurisdiction.
The district court has jurisdiction over a challenge of a fiduciary action or inaction.
Subd. 2.
Service of process.
For a fiduciary or cofiduciary alleged in the complaint to be responsible for an alleged breach, personal service of process must be obtained.
Subd. 3.
Limitations on legal actions.
A legal action challenging a fiduciary action or inaction must be timely. Notwithstanding any limitation in chapter 541, an action is timely if it is brought within the earlier of the following periods:
(1) the period ending three years after the date of the last demonstrable act representing the alleged fiduciary breach or after the final date for performance of the act the failure to perform which constitutes the alleged breach; or
(2) the period ending one year after the date of the discovery of the alleged fiduciary breach.
History:
1989 c 319 art 7 s 12
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356A — Public Pension Fiduciary Responsibility › Section 356A.13 — Continuing Fiduciary Education.

356A.13 CONTINUING FIDUCIARY EDUCATION.
Subdivision 1.
Obligation of fiduciaries.
A fiduciary of a covered pension plan shall make reasonable effort to obtain knowledge and skills sufficient to enable the fiduciary to perform fiduciary activities adequately. At a minimum, a fiduciary of a covered pension plan shall comply with the program established in accordance with subdivision 2.
Subd. 2.
Continuing fiduciary education program.
The governing boards of covered pension plans shall each develop and periodically revise a program for the continuing education of any of their board members and any of their chief administrative officers who are not reasonably considered to be experts with respect to their activities as fiduciaries. The program must be designed to provide those persons with knowledge and skills sufficient to enable them to perform their fiduciary activities adequately.
History:
1989 c 319 art 7 s 13
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356B — Public Pension Administration › Section 356B.01 — Definitions.

356B.01 DEFINITIONS.
(a) For the purposes of this chapter, each of the following terms has the meaning given, unless the context of the term indicates otherwise.
(b) "Agency" means:
(1) an agency as defined in section 14.02, subdivision 2; or
(2) the Minnesota State Colleges and Universities system governed by chapter 136F.
(c) "Commission" means the Legislative Commission on Pensions and Retirement.
(d) "Pension system" means:
(1) the Minnesota State Retirement System;
(2) the Public Employees Retirement Association;
(3) the Teachers Retirement Association; or
(4) the St. Paul Teachers Retirement Fund Association.
(e) "Volunteer firefighter relief association" has the meaning given to relief association in section 424A.001, subdivision 4.
History:
2021 c 22 art 7 s 1
2023 Minnesota Statutes › Chapters 352 - 356B — Retirement › Chapter 356B — Public Pension Administration › Section 356B.02 — Drafting Pension And Retirement Bills.

356B.02 DRAFTING PENSION AND RETIREMENT BILLS.
(a) Notwithstanding section 3C.035, an agency or pension system intending to urge the legislature to adopt a bill affecting the pension system, one or more plans administered by the pension system, or one or more volunteer firefighter relief associations; or relating to pensions or retirement shall deliver the drafting request for the bill to the executive director of the commission no later than November 1 before the regular session of the legislature at which adoption will be urged.
(b) The executive director of the commission may accept a drafting request from an agency or a pension system after November 1 if the executive director of the commission determines that the request relates to a matter that could not reasonably have been foreseen by November 1 or for which the requester provides other reasonable justification for delay.
History:
2021 c 22 art 7 s 2