Minnesota Statutes

Minn. Stat. § 356A.04 (2026)

General Standard Of Fiduciary Conduct

✓ current as of May 2026

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Subdivision 1.Duty.

A fiduciary of a covered pension plan owes a fiduciary duty to:

(1) the active, deferred, and retired members of the plan, who are its beneficiaries;

(2) the taxpayers of the state or political subdivision, who help to finance the plan; and

(3) the state of Minnesota, which established the plan.

Subd. 2.Prudent person standard.

A fiduciary identified in section 356A.02 shall act in good faith and shall exercise that degree of judgment and care, under the circumstances then prevailing, that persons of prudence, discretion, and intelligence would exercise in the management of their own affairs, not for speculation, considering the probable safety of the plan capital as well as the probable investment return to be derived from the assets.

Notes of Decisions

Cited in 3 cases, 1995–1996 · leading case: Axelson v. Minneapolis Teachers' Ret. Fund Ass'n, 544 N.W.2d 297 (Minn. 1996).

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Axelson v. Minneapolis Teachers' Ret. Fund Ass'n, 544 N.W.2d 297 (Minn. 1996). · cites it 4× “Minn.Stat. § 356A.04, subd. 1 (1994). The MTRFA Board members, in the exercise of them fiduciary duties, are held to a prudent person standard, requiring them to “exercise that degree of judgment and care, under the circumstances then prevailing, that persons of prudence,…”

Application of Allers, 533 N.W.2d 646 (Minn. Ct. App. 1995). · cites it 2× “Minn.Stat. § 356A.04, subd. 2 (1992). The PERA Board owes the fiduciary duty to (1) the active, deferred, and retired members of the plan; (2) the taxpayers of the state; and (3) the State of Minnesota.”

Axelson v. Minneapolis Teachers' Ret. Fund Ass'n, 532 N.W.2d 594 (Minn. Ct. App. 1995). · cites it 2× “Under Minn.Stat. § 356A.04, subd. 1 (1994), a fiduciary duty is owed to members of the plan, taxpayers who help finance the plan, and the state of Minnesota.”

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