Minnesota Statutes Retirement (Ch. 352-356B) § 354D.08. Individual retirement account plan administration; Minnesota Historical Society

Subd. 2. Annuity contracts and custodial accounts. (a) The plan administrator shall arrange for the purchase of fixed annuity contracts, variable annuity contracts, a combination of fixed and variable annuity contracts, or custodial accounts from financial institutions which have been selected by the State Board of Investment and approved by the plan administrator under subdivision 3, as the investment vehicle for the retirement coverage of plan participants and to provide retirement benefits to plan participants. Custodial accounts from financial institutions shall include open-end investment companies registered under the Federal Investment Company Act of 1940, 1as amended.

(b) The annuity contracts or accounts must be purchased with contributions undersection 354D.05, or with money or assets otherwise provided by law by authority of the Minnesota Historical Society and deemed acceptable by the applicable financial institution.

Subd. 5. Individual retirement account plan administrative expenses; Minnesota Historical Society. (a) The reasonable and necessary administrative expenses of the individual retirement account plan for those employees enumerated insection 354D.02, subdivision 2, clause (3), must be paid by plan participants. The plan administrator may charge to plan participants purchasing annuity contracts and custodial accounts pursuant to subdivision 2, paragraph (a), an administrative expenses assessment of a designated amount, not to exceed two percent of member and employer contributions, as those contributions are made.

(b) Any administrative expense charge that is not actually needed for the administrative expenses of the individual retirement account plan must be refunded to member accounts.