Minnesota Statutes

Minn. Stat. § 356A.02 (2026)

Fiduciary Status And Activities

✓ current as of May 2026

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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.

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.

Notes of Decisions

Cited in 2 cases (1 in the last 5 years), 1995–2026 · leading case: Axelson v. Minneapolis Teachers' Ret. Fund Ass'n, 532 N.W.2d 594 (Minn. Ct. App. 1995).

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Axelson v. Minneapolis Teachers' Ret. Fund Ass'n, 532 N.W.2d 594 (Minn. Ct. App. 1995). · cites it 2× “Minn.Stat. § 356A.02, subd. 2 (1994). There is no statutory provision which expressly provides for the purchase of retirement service credits for time spent in the Peace Corps, nor is there any provision prohibiting the offering of such credits.”

In the Matter of the Denial of the Application of Kathleen Smith for MSRS Gen. Employees Ret. Plan Total & ... (Minn. Ct. App. 2026). · cites it 2× “Minn. Stat. §§ 356A.02, subd. 1(1)-(2), .”

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