Legislative Session number- 81

Bill Name: SF3411

Relating to retirement; modifying excess contribution return requirements under
the higher education individual retirement account (IRA) and supplemental
retirement plans; creating an exception to the prohibition on distributions from
the supplemental retirement plan before termination of employment under certain
collective bargaining agreement negotiation conditions; expanding application of
public plan fiduciary responsibility requirements to the public employees
defined contribution plan under the public employees retirement association
(PERA), the higher education plans and the arts board and humanities commission
retirement plans and expanding the list of fiduciaries; expanding fiduciary
activities to the selection of financial institutions and investment products;
providing for the application of certain investment strategies to the state
unclassified employees retirement plan under the Minnesota state retirement
system (MSRS), the public employees defined contribution plan, the higher
education plans and the arts board and humanities commission plans; authorizing
the board of trustees of the Minnesota state colleges and universities (MnSCU)
to extend certain vendor contracts under certain mutual agreement conditions
(ra)