https://minnesotalawyer.com/statutes/chapter-11a/Recent content in Chapter 11A — Statement of Purpose on MinnesotaLawyer.comHugoen-ushttps://minnesotalawyer.com/statutes/chapter-11a/11a.01/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.01/This section states the purpose of Chapter 11A, which creates the State Board of Investment (SBI) to manage Minnesota’s public funds. The Legislature created the SBI to centralize and professionalize the investment of state retirement funds and other public money. The goal is to earn the best possible returns for public employees and taxpayers while protecting the safety of public funds.https://minnesotalawyer.com/statutes/chapter-11a/11a.02/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.02/This section defines key terms used throughout Chapter 11A, which governs the State Board of Investment. Defined terms include ‘board,’ ‘fund,’ ‘securities,’ and ‘investment manager.’ These definitions establish clear meanings for technical financial and legal terms used in the investment laws.https://minnesotalawyer.com/statutes/chapter-11a/11a.03/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.03/This section establishes the composition and organization of the State Board of Investment. The board consists of the governor, the state auditor, the secretary of state, and the attorney general, plus additional members. The board members elect a chair and must meet regularly to oversee the investment of public funds.https://minnesotalawyer.com/statutes/chapter-11a/11a.04/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.04/This section describes the duties and powers of the State Board of Investment, including its authority to invest public funds, hire investment managers, and set investment policies. The board may invest in a wide range of assets and must act in the best interests of the fund beneficiaries. The section also authorizes appropriations to fund the board’s operations.https://minnesotalawyer.com/statutes/chapter-11a/11a.041/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.041/This section was repealed by the Legislature in 2009. The statutory text no longer has any legal effect. It is retained in the statute numbering for historical reference only.https://minnesotalawyer.com/statutes/chapter-11a/11a.07/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.07/This section establishes the position of Executive Director of the State Board of Investment and outlines the director’s duties. The executive director is appointed by the board and is responsible for day-to-day management of the investment office, supervising staff, and carrying out the board’s investment policies. The director serves at the pleasure of the board.https://minnesotalawyer.com/statutes/chapter-11a/11a.075/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.075/This section requires the State Board of Investment to publicly disclose expense reimbursements paid to board members and investment managers. The disclosure rules promote transparency and accountability in how public investment funds are spent on administrative costs. Reports must be filed with the Legislature on a regular basis.https://minnesotalawyer.com/statutes/chapter-11a/11a.08/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.08/This section creates the Investment Advisory Council, which advises the State Board of Investment on investment policy and strategy. The council is made up of investment professionals and representatives of pension fund beneficiaries. The council reviews the board’s investment policies and provides recommendations but does not have final decision-making authority.https://minnesotalawyer.com/statutes/chapter-11a/11a.09/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.09/This section establishes the standard of care — the prudent-investor rule — that the State Board of Investment and investment managers must meet when managing public funds. They must act with the care, skill, and diligence of a prudent person familiar with investment matters. The standard focuses on the overall portfolio rather than individual investments.https://minnesotalawyer.com/statutes/chapter-11a/11a.10/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.10/This section describes the duties of state officials other than the board itself, such as the commissioner of finance, when working with the State Board of Investment. These officials must cooperate with the board and provide information needed to manage state funds. The section clarifies the division of responsibilities between the board and other state financial officers.https://minnesotalawyer.com/statutes/chapter-11a/11a.11/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.11/This section provides a standing appropriation for the expenses of the State Board of Investment and authorizes funds for investment activities. The board’s operational costs, including staff salaries, investment management fees, and consulting expenses, are paid from the funds it manages. The appropriation ensures the board can operate without depending on the annual legislative budget process for investment-related expenses.https://minnesotalawyer.com/statutes/chapter-11a/11a.12/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.12/This section governs how investment gains and losses are allocated and recorded across the various public funds managed by the State Board of Investment. Gains are credited and losses are charged to the appropriate fund accounts based on their share of the investment pool. Accurate accounting ensures that each fund receives its fair share of investment returns.https://minnesotalawyer.com/statutes/chapter-11a/11a.13/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.13/This section requires the State Board of Investment to maintain proper documentation of all investment assets and transactions. The board must keep records of securities owned, investment agreements, and other documents proving ownership of public assets. These records must be available for audit and legislative review.https://minnesotalawyer.com/statutes/chapter-11a/11a.14/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.14/This section establishes the Minnesota Combined Investment Funds, a pooled investment vehicle that combines assets from multiple public pension funds to achieve greater investment efficiency. By pooling assets, the state can invest in larger and more diverse assets than any single fund could access alone. Each fund retains a proportional share of the combined pool’s value.https://minnesotalawyer.com/statutes/chapter-11a/11a.15/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.15/This section governs the State Bond Fund, which holds proceeds from state bond sales and is managed by the State Board of Investment. Bond proceeds must be invested safely until they are needed for the projects they were borrowed to fund. The section specifies permitted investments for bond proceeds and how the fund is administered.https://minnesotalawyer.com/statutes/chapter-11a/11a.16/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.16/This section governs the Permanent School Fund, a permanent endowment that supports Minnesota’s public schools. The fund is made up primarily of money from the sale of school lands granted to Minnesota when it became a state. The State Board of Investment manages the fund’s assets, and only the income — not the principal — may be used for school support.https://minnesotalawyer.com/statutes/chapter-11a/11a.17/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.17/This section creates the Minnesota Supplemental Investment Fund, which allows governmental entities to invest money they hold temporarily in a pooled fund managed by the State Board of Investment. Local governments, school districts, and other public entities can invest idle funds to earn returns rather than leaving the money in a non-interest-bearing account.https://minnesotalawyer.com/statutes/chapter-11a/11a.18/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.18/This section was repealed by the Legislature in 2009. The statutory text no longer has any legal effect. It is retained in the statute numbering for historical reference only.https://minnesotalawyer.com/statutes/chapter-11a/11a.181/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.181/This section was repealed by the Legislature in 2009. The statutory text no longer has any legal effect. It is retained in the statute numbering for historical reference only.https://minnesotalawyer.com/statutes/chapter-11a/11a.19/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.19/This section was repealed by the Legislature in 1990. All subdivisions of this section have been formally repealed and the text no longer has any legal effect. It is retained in the statute numbering for historical reference only.https://minnesotalawyer.com/statutes/chapter-11a/11a.20/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.20/This section authorizes the State Board of Investment to invest state treasury funds that are not currently needed to pay the state’s bills. Rather than leaving idle cash in a non-interest-bearing account, the board can invest it in short-term securities to earn income for the state. The investments must be safe and liquid so the money is available when needed.https://minnesotalawyer.com/statutes/chapter-11a/11a.21/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.21/This section governs the investment of funds in the Highway Fund, which is used to build and maintain Minnesota’s road network. The State Board of Investment manages any surplus highway funds not immediately needed for road projects. Investments must be safe and liquid to ensure money is available when construction projects require payment.https://minnesotalawyer.com/statutes/chapter-11a/11a.22/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.22/This section was repealed by the Legislature in 1989. The statutory text no longer has any legal effect. It is retained in the statute numbering for historical reference only.https://minnesotalawyer.com/statutes/chapter-11a/11a.23/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.23/This section authorizes and governs the investment of Minnesota’s public retirement fund assets by the State Board of Investment. The board may invest retirement funds in stocks, bonds, real estate, and other assets subject to the prudent-investor standard. This section also addresses how retirement system boards interact with the SBI regarding investment authority.https://minnesotalawyer.com/statutes/chapter-11a/11a.235/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.235/This section creates a special investment account for certain funds belonging to the City of Duluth, allowing those funds to be managed by the State Board of Investment. The account holds Duluth assets that meet the criteria for participation in the SBI’s investment programs. This arrangement lets Duluth benefit from professional investment management at low cost.https://minnesotalawyer.com/statutes/chapter-11a/11a.236/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.236/This section creates an investment account for financial assurance money collected from companies that hold permits to mine in Minnesota. Mining permit holders must post financial assurance funds to guarantee they will clean up mining sites after operations end. The State Board of Investment manages these funds to preserve them and earn returns while they are held.https://minnesotalawyer.com/statutes/chapter-11a/11a.24/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.24/This section lists the types of investments that the State Board of Investment is authorized to make with public funds. Permitted investments include domestic and international stocks, bonds, real estate, private equity, and other alternative assets. The section gives the board broad authority to diversify the portfolio while staying within the prudent-investor standard.https://minnesotalawyer.com/statutes/chapter-11a/11a.241/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.241/This section addresses the investment of state retirement funds in companies doing business in Northern Ireland. It requires that companies in the state investment portfolio doing business in Northern Ireland have adopted fair employment practices that do not discriminate based on religion. This reflects Minnesota’s public policy commitment to fair employment internationally.https://minnesotalawyer.com/statutes/chapter-11a/11a.243/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.243/This section was transferred or repealed effective 2007. The statutory text no longer has any legal effect at this citation. It is retained in the statute numbering for historical reference only.https://minnesotalawyer.com/statutes/chapter-11a/11a.244/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.244/This section prohibits or restricts the State Board of Investment from investing public pension funds in companies that do business with Iran’s energy or weapons sectors. Minnesota enacted this restriction as a matter of foreign policy and to protect the state’s moral and financial integrity. The board must take steps to divest prohibited holdings within set time limits.https://minnesotalawyer.com/statutes/chapter-11a/11a.245/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.245/This section was enacted in 2022 in response to Russia’s invasion of Ukraine and prohibits the State Board of Investment from investing state pension funds in companies or assets connected to Russia or Belarus. The board must divest existing holdings in prohibited Russian and Belarusian investments as quickly as prudently possible. This restriction reflects Minnesota’s policy of not using public money to support governments engaged in military aggression.https://minnesotalawyer.com/statutes/chapter-11a/11a.25/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.25/This section provides additional rules and conditions that apply to specific types of investments made by the State Board of Investment. It may include restrictions on concentration limits, counterparty requirements, or other conditions designed to manage investment risk. These provisions supplement the general authority granted in section 11A.24.https://minnesotalawyer.com/statutes/chapter-11a/11a.27/Mon, 01 Jan 0001 00:00:00 +0000https://minnesotalawyer.com/statutes/chapter-11a/11a.27/This section was added in 2025 and contains provisions governing a specific investment program or requirement added by the Legislature in that session. The exact content addresses a new investment policy, reporting requirement, or related matter enacted as part of the 2025 legislative session.