Minnesota Statutes

Minn. Stat. § 356A.05 (2026)

Duties Applicable To All Activities

✓ current as of May 2026

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(a) The activities of a fiduciary of a covered pension plan must be carried out solely for the following purposes:

(1) to provide authorized benefits to plan participants and beneficiaries;

(2) to incur and pay reasonable and necessary administrative expenses; or

(3) to manage a covered pension plan in accordance with the purposes and intent of the plan document.

(b) The activities of fiduciaries identified in section 356A.02 must be carried out faithfully, without prejudice, and in a manner consistent with law and the plan document.

Notes of Decisions

Cited in 3 cases (1 in the last 5 years), 1995–2026 · 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 2× “The MTRFA Board is required to carry out its duties in accordance with the law and the plan documents, Minn.Stat. § 356A.05(b) (1994), and owes a fiduciary duty to: (1) the active, deferred, and retired members of the plan, who are its beneficiaries; (2) the taxpayers of the…”

Axelson v. Minneapolis Teachers' Ret. Fund Ass'n, 532 N.W.2d 594 (Minn. Ct. App. 1995). · cites it 2× “Minn.Stat. § 356A.05(b) (1994). These activities include the determination of, eligibility for, and amount and duration of benefits.”

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.05(a)(1), (b) (2024). Smith points to no authority supporting her claim that the board had a duty to “take corrective action” when notified about the errors in Dr.”

— Minn. Stat. § 356A.05(a)(1) — 1 case

In the Matter of the Denial of the Application of Kathleen Smith for MSRS Gen. Employees Ret. Plan Total & ... (Minn. Ct. App. 2026). “” Minn. Stat. § 356A.05(a)(1), (b) (2024). Smith points to no authority supporting her claim that the board had a duty to “take corrective action” when notified about the errors in Dr.”

— Minn. Stat. § 356A.05(b) — 2 cases

Axelson v. Minneapolis Teachers' Ret. Fund Ass'n, 544 N.W.2d 297 (Minn. 1996). “The MTRFA Board is required to carry out its duties in accordance with the law and the plan documents, Minn.Stat. § 356A.05(b) (1994), and owes a fiduciary duty to: (1) the active, deferred, and retired members of the plan, who are its beneficiaries; (2) the taxpayers of the…”

Axelson v. Minneapolis Teachers' Ret. Fund Ass'n, 532 N.W.2d 594 (Minn. Ct. App. 1995). “Minn.Stat. § 356A.05(b) (1994). These activities include the determination of, eligibility for, and amount and duration of benefits.”

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