MN SF2343

Modifies Minnesota Statutes section 471.6175, subdivision 4, regarding trust account investment reporting requirements for political subdivisions and public entities.

Removes requirement that annual investment rates of return and fees be disclosed in political subdivisions' annual financial audits as prescribed by the state auditor.

Requires trust administrators to report electronically to the state auditor annually by October 25 (based on June 30 fiscal year end) including: market value, contributions and withdrawals, time-weighted annual rates of return net of costs and fees, and all investment management and plan administrative fees and costs.

Requires trust administrators to certify the accuracy of reports and that rate-of-return computation procedures comply with CFA Institute measurement and presentation standards.

Effective August 1, 2014, with initial reports due no later than October 25, 2015.