Minnesota HF4367 modifies billing, expense, and reporting practices for the State Board of Investment.

Minnesota HF4367 amends the practices for billing, expenses, and reporting of the State Board of Investment. The bill modifies the apportionment of expenses among the state general fund and retirement funds, requiring annual reconciliation of actual expenses. It also mandates quarterly billing procedures for interdepartmental payments and directs the executive director to establish a formula for measuring management performance and return on investment. The bill ensures that any surplus or deficit is credited or debited to the respective funds and retained or refunded as appropriate.

Minnesota HF4367 modifies billing, expense, and reporting practices for the State Board of Investment.

Minnesota HF4367 amends the practices for billing, expenses, and reporting of the State Board of Investment. The bill modifies the apportionment of expenses among the state general fund and retirement funds, requiring annual reconciliation of actual expenses. It also mandates quarterly billing procedures for interdepartmental payments and directs the executive director to establish a formula for measuring management performance and return on investment. The bill ensures that any surplus or deficit is credited or debited to the respective funds and retained or refunded as appropriate.