Minnesota Statutes 424A.095 – Investments
Subdivision 1.Authorized investments.
(a) The special fund assets of a relief association governed by sections 424A.091 to 424A.096 must be invested in securities that are authorized investments under section 356A.06, subdivision 6 or 7, whichever applies.
Terms Used In Minnesota Statutes 424A.095
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Special fund: means the special fund of a volunteer firefighters relief association or the account for volunteer firefighters within the special fund of a partially salaried and partially volunteer firefighters relief association. See Minnesota Statutes 424A.001
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
- Volunteer firefighter: means a person who is a member of the applicable fire department or the independent nonprofit firefighting corporation and is eligible for membership in the applicable relief association and:
(i) is engaged in providing emergency response services or delivering fire education or prevention services as a member of a fire department;
(ii) is trained in or is qualified to provide fire suppression duties or to provide fire prevention duties under subdivision 8; and
(iii) meets any other minimum firefighter and service standards established by the fire department or specified in the articles of incorporation or bylaws of the relief association. See Minnesota Statutes 424A.001
(b) The governing board of the association may select and appoint a qualified private firm to measure management performance and return on investment, and the firm must use the formula or formulas developed by the state board under section 11A.04, clause (11).
Subd. 2.Investment report.
(a) Annually, the state auditor must provide an investment report to each relief association that has complied with the reporting requirements under section 356.219, subdivisions 1 and 3. The investment report must contain the following information:
(1) the relief association’s average annual rates of return for at least the previous one-, three-, five-, ten-, 15-, and 20-year periods for which the state auditor has investment information;
(2) the relief association’s asset allocation;
(3) the average annual one-year and ten-year benchmark rates of return;
(4) the average annual one-year and ten-year rates of return for the statewide volunteer firefighter plan;
(5) the one-year and ten-year average annual rates of return for the State Board of Investment supplemental investment fund; and
(6) a graphical comparison between:
(i) the relief association’s average annual rates of return for the previous year and for the previous multiyear periods provided under clause (1); and
(ii) the average annual rates of return for the same periods for the supplemental investment fund’s balanced fund or any successor fund.
(b) The state auditor shall select the benchmark rates of return based on the best practice in the industry.
(c) The relief association’s board of trustees must certify to the state auditor that the board reviewed the investment report. The certification must accompany the audited financial statements or detailed financial statement under section 424A.014, subdivision 1 or 2, whichever applies. A copy of the report must be kept on file by the relief association and must be available for inspection by any member of the public.