This bill amends various sections of the Minnesota Statutes related to the State Board of Investment, specifically focusing on the board's practices for billing, expenses, and reporting. Key modifications include the insertion of new language that emphasizes the board's responsibility to formulate policies and procedures for public engagement regarding proposed actions. Additionally, the bill changes the terminology from "employ" to "retain" when referring to external investment managers, and it mandates that the board report management fees in its annual report. The bill also introduces a new provision allowing the executive director to modify billing procedures and apportionment of expenses as deemed necessary.

Furthermore, the bill outlines the apportionment of expenses for the State Board of Investment, specifying that expenses must be allocated based on actual costs and weighted average assets under management. It establishes a clear process for how expenses are billed and paid, ensuring that funds are deposited into the State Board of Investment operating account. The executive director is given discretion to manage any fiscal year-end surplus, which can be retained for future expenses or refunded to respective retirement funds. Overall, the bill aims to enhance transparency and accountability in the financial operations of the State Board of Investment.

Statutes affected:
Introduction: 11A.07