MN HF2945

Modifies investment reporting requirements for trust administrators managing accounts for political subdivisions and public entities under Minnesota Statutes section 471.6175, subdivision 4.

Requires trust administrators to report annually to the state auditor no later than October 25 each year, based on a June 30 fiscal year end.

Annual reports must include market value, contributions and withdrawals, time-weighted annual rates of return net of all costs and fees, and all investment management and plan administrative fees and costs.

Requires trust administrators to certify that reported information is accurate and that rate of return calculations follow CFA Institute measurement and presentation standards.

Effective August 1, 2014, with the first report due no later than October 25, 2015.