.................... moves to amend H.F. No. 629, the first engrossment, as follows:
Page 2, delete section 1 and insert:
"Section 1. Minnesota Statutes 2012, section 11A.24, subdivision 1, is amended to read:
Subdivision 1. Securities generally.
(a) Pursuant to an investment policy adopted
1.5by the state board,
the state board is authorized to purchase, sell, lend, and exchange the
securities specified in this section, for funds or accounts specifically made subject to this
,. This authority including includes
puts and call options,
1.8and swap contracts marked to market, if these options and contracts are
traded on a
contract market regulated by a governmental agency or by a financial institution regulated
by a governmental agency. These securities may be owned directly or through shares
in exchange-traded or mutual funds, or as units in commingled trusts, subject to any
limitations as specified in this section.
(b) Any agreement to lend securities must be concurrently collateralized with cash
or securities with a market value of not less than 100 percent of the market value of the
loaned securities at the time of the agreement. Any agreement for put and call options
and futures contracts may only be entered into with a fully offsetting amount of cash or
securities. Only securities authorized by this section, excluding those under subdivision 6,
paragraph (a), clauses (1) to (3), may be accepted as collateral or offsetting securities.
1.19EFFECTIVE DATE.This section is effective the day following final enactment.
Page 29, line 18, delete "This article merges
" and insert "Sections 2 to 8 and 25
1.21to 31 merge
Page 29, line 20, delete "this article
" and insert "those sections
Page 29, line 27, delete "section
" and insert "sections 352.045, subdivisions 3 and 4,
" and delete "is
" and insert "are
Page 45, delete line 9 and insert:
"EFFECTIVE DATE.This section is effective the day following final enactment if
2.2Minnesota Statutes, Section 353F.02, subdivision 4, is not repealed in the 2013 legislative
Page 115, line 31, after the period insert "The city of Minneapolis shall continue to
2.5administer the health and dental insurance programs as constituted May 1, 2011, for the
2.6former members of the former Minneapolis relief associations.
Page 116, after line 20, insert:
"Sec. 57. Minnesota Statutes 2012, section 353.665, is amended by adding a
subdivision to read:
2.10 Subd. 5a. Continuing provisions; prior Minneapolis relief associations.
2.11(a) Health insurance account retention. The health insurance account of the former
2.12Minneapolis Firefighters Relief Association and the health insurance account of the
2.13former Minneapolis Police Relief Association shall remain with the financial institution
2.14holding the applicable account on the effective date of this section, if the applicable
2.15financial institution adequately performs all trustee and fiduciary duties with respect to the
2.16applicable account as a condition of the retention of the account.
2.17(b) Health insurance account administrative expenses. Under Laws 2011, first
2.18special session, chapter 8, article 6, section 14, and article 7, section 14, three years of
2.19expected administrative expenses were prepaid from the Minneapolis Firefighters Relief
2.20Association and the Minneapolis Police Relief Association health insurance accounts to
2.21the financial institution holding the applicable account. After the three-year prepayment
2.22period, the beneficiaries of the applicable account are responsible for the payment of
2.23administrative expenses related to the operation of the account.
2.24(c) Successor in interest. The public employees police and fire retirement plan
2.25and fund is the successor in interest to all claims for or against the former Minneapolis
2.26Firefighters Relief Association and the former Minneapolis Police Relief Association. The
2.27public employees police and fire retirement plan and fund is not liable for any claim against
2.28a former Minneapolis relief association, its governing board, or its administrative staff
2.29acting in a fiduciary capacity, under chapter 356A or common law, which is founded upon
2.30a claim of a breach of fiduciary duty if the act or acts constituting the claimed breach were
2.31not undertaken in good faith. The public employees police and fire retirement plan may
2.32assert any applicable defense to any claim in any judicial or administrative proceeding that
2.33the applicable Minneapolis relief association, its board, or its administrative staff would
2.34otherwise have been entitled to assert, and the public employees police and fire retirement
2.35plan may assert any applicable defense that it has in its capacity as a statewide agency.
3.1(d) Indemnification. The Public Employees Retirement Association shall indemnify
3.2any former fiduciary of the Minneapolis relief associations consistent with the provisions
3.3of section 356A.11. The indemnification may be effected by the purchase by the Public
3.4Employees Retirement Association of reasonable fiduciary liability tail insurance for the
3.5officers and directors of the former Minneapolis relief association.
Page 135, line 24, delete "69 to 75
" and insert "70 to 76
Page 135, line 25, delete "68 and 76 to 80
" and insert "69 and 77 to 81
Page 150, lines 7, 20, 23, and 32, delete "clause (20),
Page 151, line 9, delete "clause (20),
Renumber the sections in sequence
Amend the title accordingly