HF 3805
Introduction - 89th Legislature (2015 - 2016)
Posted on 04/04/2016 01:36 p.m.
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A bill for an act
relating to retirement; authorizing Minnesota public pension plans to accept
certain additional sources of funding; proposing coding for new law in Minnesota
Statutes, chapter 356.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
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[356.631] ADDITIONAL SOURCES OF FUNDING.
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Notwithstanding any other provision of law to the contrary, in addition to all sources
of funding described in Minnesota Statutes, section 356.63, paragraphs (a) and (b), any
public retirement plan described in Minnesota Statutes, section 356.63, paragraph (b), is
authorized to accept for deposit in its fund the following:
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(1) gifts;
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(2) donations;
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(3) bequests;
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(4) life insurance death benefits, including benefits pursuant to a life insurance
premium financing or other arrangement covering the lives of retirees and survivors under
any such pension plan; and
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(5) other similar sources of funding.
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new text begin EFFECTIVE DATE. new text end
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This section is effective the day following final enactment.
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