Bill Text: MN SF2343 | 2013-2014 | 88th Legislature | Introduced
Bill Title: State government investment reporting modification
Sponsorship: Partisan Bill (Democrat 2)
Status: (Passed) 2014-05-21 - Secretary of State Chapter 307 [SF2343 Detail]
Download: Minnesota-2013-SF2343-Introduced.html
1.2relating to state government; modifying investment reporting;amending Minnesota Statutes 2012, section 471.6175, subdivision 4.1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2012, section 471.6175, subdivision 4, is amended to read:
1.6 Subd. 4. Account maintenance. (a) A political subdivision or other public entity
1.7may establish a trust account to be held under the supervision of the trust administrator for
1.8the purposes of this section. A trust administrator shall establish a separate account for
1.9each participating political subdivision or public entity. The trust administrator may charge
1.10participating political subdivisions and public entities fees for reasonable administrative
1.11costs. The amount of any fees charged by the Public Employees Retirement Association is
1.12appropriated to the association from the account. A trust administrator may establish other
1.13reasonable terms and conditions for creation and maintenance of these accounts.
1.14 (b) The trust administrator must report to the political subdivision or other public
1.15entity on the investment returns of invested trust assets and on all investment fees or costs
1.16incurred by the trust.The annual rates of return, along with investment and administrative
1.17fees and costs for the trust, must be disclosed in the political subdivision's or public entity's
1.18annual financial audit in a manner prescribed by the state auditor.
1.19 (c)Effective for fiscal years beginning after December 31, 2013, the Annually, no
1.20later than October 25, each trust administratormust shall report electronically to the
1.21state auditorthe portfolio and performance information specified in section
356.219,
1.22subdivision 3
, based upon a fiscal year end of June 30. The report must contain, in the
1.23manner prescribed by the state auditor., the:
1.24(1) market value;
2.1(2) contributions and withdrawals made by the public entity;
2.2(3) time-weighted annual rates of return net of all costs and fees; and
2.3(4) all investment management and plan administrative fees and costs for the trust
2.4for the year.
2.5The trust administrator shall certify that the information provided in the report is
2.6true and correct, and shall certify that the procedures used to compute rates of return are
2.7consistent with the measurement and presentation standards set by the CFA Institute.
2.8EFFECTIVE DATE.This section is effective August 1, 2014, with the initial
2.9report due under Minnesota Statutes, section 471.6175, subdivision 4, paragraph (c), made
2.10no later than October 25, 2015.
1.5 Section 1. Minnesota Statutes 2012, section 471.6175, subdivision 4, is amended to read:
1.6 Subd. 4. Account maintenance. (a) A political subdivision or other public entity
1.7may establish a trust account to be held under the supervision of the trust administrator for
1.8the purposes of this section. A trust administrator shall establish a separate account for
1.9each participating political subdivision or public entity. The trust administrator may charge
1.10participating political subdivisions and public entities fees for reasonable administrative
1.11costs. The amount of any fees charged by the Public Employees Retirement Association is
1.12appropriated to the association from the account. A trust administrator may establish other
1.13reasonable terms and conditions for creation and maintenance of these accounts.
1.14 (b) The trust administrator must report to the political subdivision or other public
1.15entity on the investment returns of invested trust assets and on all investment fees or costs
1.16incurred by the trust.
1.17
1.18
1.19 (c)
1.20later than October 25, each trust administrator
1.21state auditor
1.22
1.23manner prescribed by the state auditor
1.24(1) market value;
2.1(2) contributions and withdrawals made by the public entity;
2.2(3) time-weighted annual rates of return net of all costs and fees; and
2.3(4) all investment management and plan administrative fees and costs for the trust
2.4for the year.
2.5The trust administrator shall certify that the information provided in the report is
2.6true and correct, and shall certify that the procedures used to compute rates of return are
2.7consistent with the measurement and presentation standards set by the CFA Institute.
2.8EFFECTIVE DATE.This section is effective August 1, 2014, with the initial
2.9report due under Minnesota Statutes, section 471.6175, subdivision 4, paragraph (c), made
2.10no later than October 25, 2015.
