Minnesota Statutes Retirement (Ch. 352-356B) § 353G.02. Plan and fund creation

Subd. 3. Retirement fund. (a) The statewide volunteer firefighter fund is established. The retirement fund contains the assets attributable to the defined contribution plan and the defined benefit plan.

(b) The State Board of Investment shall invest those portions of the retirement fund not required for immediate purposes in the statewide volunteer firefighter account of the Minnesota supplemental investment fund undersection 11A.17.

(c) The commissioner of management and budget is the ex officio treasurer of the retirement fund. The commissioner of management and budget's general bond to the state covers all liability for actions taken as the treasurer of the retirement fund.

(d) The revenues of the plan beyond investment returns are governed bysection 353G.08and must be deposited in the fund. The disbursements of the plan are governed bysection 353G.08. The commissioner of management and budget shall transmit a detailed statement showing all credits to and disbursements from the retirement fund to the executive director monthly.

Subd. 4. Periodic audit; biennial actuarial valuation; biennial funding report. (a) The legislative auditor shall periodically audit the retirement fund.

(b) The executive director must retain an approved actuary undersection 356.214to perform biennial actuarial valuations of each fire department account in the monthly division. The actuarial valuation must conform withsection 356.215and the standards for actuarial work. The actuarial valuation must contain sufficient detail for each participating employer to ascertain the actuarial condition of its account in the retirement fund and the amount of its required contribution to the account.

(c) The executive director must perform biennial funding assessments of each fire department account in the lump-sum division. The assessment must comply withsection 353G.08, subdivision 1.

Subd. 5. Legal advisor; attorney general. (a) The legal advisor of the board and the executive director with respect to the statewide volunteer firefighter plan is the attorney general.

(b) The board may sue, petition, be sued, or be petitioned under this chapter with respect to the plan or the fund in the name of the board.

(c) The attorney general shall represent the board in all actions by the board or against the board with respect to the plan or the fund.

(d) Venue of all actions related to the plan or fund is in the court for the first judicial district unless the action is an appeal to the court of appeals undersection 356.96.