356A.02 FIDUCIARY STATUS AND ACTIVITIES.
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356A.02 FIDUCIARY STATUS AND ACTIVITIES.
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Subdivision 1. Fiduciary status.
For purposes of this chapter, the following persons are fiduciaries:
(1)any member of the governing board of a covered pension plan;
(2)the chief administrative officer of a covered pension plan or of the State Board of Investment;
(3)any member of the State Board of Investment; and
(4)any member of the Investment Advisory Council.
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Subd. 2. Fiduciary activity.
The activities of a fiduciary identified in subdivision 1 that must be carried out in accordance with the requirements of section 356A.04 include, but are not limited to:
(1)the investment and reinvestment of plan assets;
(2)the determination of benefits;
(3)the determination of eligibility for membership or benefits;
(4)the determination of the amount or duration of benefits;
(5)the determination of funding requirements or the amounts of contributions;
(6)the maintenance of membership or financial records;
(7)the expenditure of plan assets; and
(8)the selection of financial institutions and investment products.