Section 356A.02 - FIDUCIARY STATUS AND ACTIVITIESSubdivision 1.Fiduciary status.For purposes of this chapter, the following persons are fiduciaries:
(1) any member of the governing board of a covered pension plan;(2) the chief administrative officer of a covered pension plan or of the State Board of Investment;(3) any member of the State Board of Investment; and(4) any member of the Investment Advisory Council.Subd. 2.Fiduciary activity.The activities of a fiduciary identified in subdivision 1 that must be carried out in accordance with the requirements of section 356A.04 include, but are not limited to:
(1) the investment and reinvestment of plan assets;(2) the determination of benefits;(3) the determination of eligibility for membership or benefits;(4) the determination of the amount or duration of benefits;(5) the determination of funding requirements or the amounts of contributions;(6) the maintenance of membership or financial records;(7) the expenditure of plan assets; and(8) the selection of financial institutions and investment products.1989 c 319 art 7 s 2; 2000 c 461 art 12 s 17; 2007 c 133 art 3 s 3