MN HF4367

Changes terminology from "employ" to "retain" for investment advisors, consultants, and external firms hired by the State Board of Investment, and clarifies they may provide services beyond just investing and managing assets

Establishes a standing appropriation from fund assets to cover all State Board of Investment administrative expenses, including fees charged by advisors, consultants, and external firms, deposited into an operating account in the special revenue fund

Grants the executive director authority to modify billing procedures or expense apportionment for any fund receiving investment services, when determined appropriate or necessary

Removes the requirement for biennial direct appropriation requests from the state general fund, instead requiring expenses to be apportioned proportionally among all funds based on weighted average assets under management

Revises expense reconciliation procedures for retirement funds, allowing the executive director to retain fiscal year-end surpluses and credit them against the following year's estimated expenses rather than quarterly crediting/debiting