1.1 A bill for an act
1.2 relating to retirement; firefighter relief associations; repealing the investment
1.3 business recipient disclosure annual reporting requirement; repealing Minnesota
1.4 Statutes 2024, section 356A.06, subdivision 5.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. REPEALER.
1.7 Minnesota Statutes 2024, section 356A.06, subdivision 5, is repealed.
1Section 1.
25-05437 as introduced04/04/25 REVISOR VH/EH
SENATE
STATE OF MINNESOTA
S.F. No. 3454NINETY-FOURTH SESSION
(SENATE AUTHORS: FRENTZ)
OFFICIAL STATUSD-PGDATE
Introduction and first reading04/28/2025
Referred to State and Local Government 356A.06 INVESTMENTS; ADDITIONAL DUTIES.
Subd. 5.Investment business recipient disclosure.The chief administrative officer of a covered
pension plan, with respect to investments made by the plan, and the executive director of the State
Board of Investment, with respect to investments of plan assets made by the board, shall annually
disclose in writing the recipients of investment business placed with or investment commissions
allocated among commercial banks, investment bankers, brokerage organizations, or other investment
managers. The disclosure document must be prepared within 60 days after the close of the fiscal
year of the plan and must be available for public inspection during regular office hours at the office
of the plan. The disclosure document must also be filed with the executive director of the Legislative
Commission on Pensions and Retirement within 90 days after the close of the fiscal year of the
plan. For the State Board of Investment and the St. Paul Teachers Retirement Fund Association, a
disclosure document included as part of a regular annual report when filed with the executive
director of the Legislative Commission on Pensions and Retirement is considered to have been filed
on a timely basis. An officer or member of the board of trustees of a covered pension plan governed
by sections 424A.091 to 424A.096 or the Bloomington Fire Department Relief Association may
file the disclosure document with the executive director of the Legislative Commission on Pensions
and Retirement by email.
1R
APPENDIX
Repealed Minnesota Statutes: 25-05437