Chapter 356A — Fiduciary Status and Activities

356A.01 Definitions This section defines key terms used in the public pension fiduciary responsibility law. It explains what words like … 356A.02 Fiduciary Status and Activities This section identifies who is considered a fiduciary of a public pension plan. A fiduciary is anyone who manages plan … 356A.03 Prohibition of Certain Persons From Fiduciary Status This section bars certain people from serving as fiduciaries of public pension plans. People convicted of crimes … 356A.04 General Standard of Fiduciary Conduct This section sets the general standard of care for pension fiduciaries. They must act solely in the interest of plan … 356A.05 Duties Applicable to All Activities This section lists duties that apply to all fiduciary activities including maintaining accurate records, providing … 356A.06 Investments; Additional Duties This section sets additional duties for pension fiduciaries when making investment decisions. They must consider the … 356A.07 Benefit Summary; Annual Reports; Additional Duties This section requires pension plans to provide benefit summaries to participants and publish annual reports. The reports … 356A.08 Plan Administration; Additional Duties This section sets additional duties for plan administration, including processing benefit claims promptly, maintaining … 356A.09 Fiduciary Breach; Remedies This section explains what happens when a fiduciary breaches their duty. A fiduciary who violates their responsibilities … 356A.10 Cofiduciary Responsibility and Liability This section explains when one fiduciary can be held responsible for another fiduciary's breach of duty. A co-fiduciary … 356A.11 Fiduciary Indemnification This section allows a public pension plan to indemnify (reimburse) a fiduciary for legal costs and liability, as long as … 356A.12 Jurisdiction; Service of Process; and Statute of Limitations This section establishes that Minnesota courts have jurisdiction over fiduciary breach claims. It sets a six-year … 356A.13 Continuing Fiduciary Education This section requires pension fiduciaries to complete continuing education on their fiduciary duties. The education must …