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MN HF2163
Bill
Status
2/25/2014
Primary Sponsor
Mike Nelson
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AI Summary
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State Board of Investment gains authority to determine and make available an appropriate array of diversified investment accounts within the Minnesota supplemental investment fund, replacing the previous fixed list of eight specific accounts.
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Investment options available to participants in the unclassified state employees retirement program, public employees defined contribution plan, deferred compensation program, and health care savings plan are expanded to include federally insured savings accounts, insurance contracts, open-end investment companies, registered investment advisers, and bank investment options.
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Participants in affected plans gain the ability to select individual investment allocations by percentage, with default investment alternatives specified if participants fail to make an election or before initial allocation elections are made.
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State, State Board of Investment, Minnesota State Retirement System Board, Public Employees Retirement Association, and participating employers are shielded from liability for investment losses resulting from participant choices or default options.
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All changes become effective July 1, 2014, with several outdated statutory provisions repealed.
Legislative Description
Retirement; investment authority revised for various defined contribution plans or programs; State Board of Investment authorized to revise, remove, or create investment options for the Minnesota supplemental investment fund; and permissible investments expanded under the unclassified state employees retirement program, the public employees defined contribution plan, the deferred compensation program, and the health care savings plan.
Last Action
Introduction and first reading, referred to Government Operations
2/25/2014