Minnesota Agencies

The Committee will advise the state board of investment and the board of trustees of the Minnesota state colleges and universities concerning the administration of the individual retirement account plan and the supplemental retirement plan. Along with any other consultants selected by the board, the Committee will advise the state board of investment on selection of financial institutions and on the type of investment products to be offered by these institutions for the plans. The Advisory Committee will also advise the board of trustees of the Minnesota State Colleges and Universities on administration of teh plans, including selection of a third-party plan administrator, if any, for the individual retirement account plan.

The exclusive representatives of the state university instructional unit, the community college instructional unit, and the technical college instructional unit shall each appoint two members to the committee. The exclusive representatives of the general professional unit, the supervisory employees unit and the state university administrative unit shall each appoint one member to the committee. The chancellor of the Minnesota state colleges and universities shall appoint three members, at least one of whom shall be a personnel administrator. No member of the committee shall be retired.