| 1 | 1 | | 1.1 A bill for an act |
|---|
| 2 | 2 | | 1.2 relating to retirement; firefighter relief associations; repealing the investment |
|---|
| 3 | 3 | | 1.3 business recipient disclosure annual reporting requirement; repealing Minnesota |
|---|
| 4 | 4 | | 1.4 Statutes 2024, section 356A.06, subdivision 5. |
|---|
| 5 | 5 | | 1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
|---|
| 6 | 6 | | 1.6 Section 1. REPEALER. |
|---|
| 7 | 7 | | 1.7 Minnesota Statutes 2024, section 356A.06, subdivision 5, is repealed. |
|---|
| 8 | 8 | | 1Section 1. |
|---|
| 9 | 9 | | REVISOR VH/EH 25-0543704/04/25 |
|---|
| 10 | 10 | | State of Minnesota |
|---|
| 11 | 11 | | This Document can be made available |
|---|
| 12 | 12 | | in alternative formats upon request |
|---|
| 13 | 13 | | HOUSE OF REPRESENTATIVES |
|---|
| 14 | 14 | | H. F. No. 3278 |
|---|
| 15 | 15 | | NINETY-FOURTH SESSION |
|---|
| 16 | 16 | | Authored by Lillie and O'Driscoll04/30/2025 |
|---|
| 17 | 17 | | The bill was read for the first time and referred to the Committee on State Government Finance and Policy 356A.06 INVESTMENTS; ADDITIONAL DUTIES. |
|---|
| 18 | 18 | | Subd. 5.Investment business recipient disclosure.The chief administrative officer of a covered |
|---|
| 19 | 19 | | pension plan, with respect to investments made by the plan, and the executive director of the State |
|---|
| 20 | 20 | | Board of Investment, with respect to investments of plan assets made by the board, shall annually |
|---|
| 21 | 21 | | disclose in writing the recipients of investment business placed with or investment commissions |
|---|
| 22 | 22 | | allocated among commercial banks, investment bankers, brokerage organizations, or other investment |
|---|
| 23 | 23 | | managers. The disclosure document must be prepared within 60 days after the close of the fiscal |
|---|
| 24 | 24 | | year of the plan and must be available for public inspection during regular office hours at the office |
|---|
| 25 | 25 | | of the plan. The disclosure document must also be filed with the executive director of the Legislative |
|---|
| 26 | 26 | | Commission on Pensions and Retirement within 90 days after the close of the fiscal year of the |
|---|
| 27 | 27 | | plan. For the State Board of Investment and the St. Paul Teachers Retirement Fund Association, a |
|---|
| 28 | 28 | | disclosure document included as part of a regular annual report when filed with the executive |
|---|
| 29 | 29 | | director of the Legislative Commission on Pensions and Retirement is considered to have been filed |
|---|
| 30 | 30 | | on a timely basis. An officer or member of the board of trustees of a covered pension plan governed |
|---|
| 31 | 31 | | by sections 424A.091 to 424A.096 or the Bloomington Fire Department Relief Association may |
|---|
| 32 | 32 | | file the disclosure document with the executive director of the Legislative Commission on Pensions |
|---|
| 33 | 33 | | and Retirement by email. |
|---|
| 34 | 34 | | 1R |
|---|
| 35 | 35 | | APPENDIX |
|---|
| 36 | 36 | | Repealed Minnesota Statutes: 25-05437 |
|---|