Agenda - Council - 03/11/2025 - Laserfiche WebLink

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Legal Authority State Minnesota Statutes, Chapter 352.98, authorized the Administrator to establish a plan or plans, known as the Health Care Savings Plan (HCSP), through which public employers and employees may save to be reimbursed for post -employment health care expenses. The law mandates MSRS to make available one or more trusts, authorized under the Internal Revenue Code to be eligible for tax -preferred or tax-free treatment. The Board of Directors of Minnesota State Retirement System (MSRS) has authority to oversee the Plan and establish Plan rules, pursuant to Minn. Stat. §352.03, subd. 4. The terms of the Plan will be governed under Minnesota law. Federal The State, acting through the MSRS, intends that the Trust, hereby established, shall be exempt from income tax and FICA tax as an integral part of the State as provided under the Internal Revenue Code of 1986, as amended (the "IRS Code"), IRS Revenue Ruling 87-2, and other relevant guidance. Fiduciary Responsibility The Board of Directors of Minnesota State Retirement System (MSRS) are fiduciaries as provided in Minnesota Statutes, sections 352.03 and 356A, and as such, the Board of Directors is willing to hold and administer the Trust Fund for the benefit of eligible HCSP Participants and beneficiaries under and in accordance with the terms of the HCSP Plan Document and the HCSP Trust Document. Recordkeeper The Plan Recordkeeper, as contracted by the Administrator, shall be responsible for the administration of investments held in the Plan. The Plan Recordkeeper 's duties shall include: ■ Receiving contributions under the terms of the Plan; ■ Making reimbursements from Plan assets held in Trust in accordance with written instructions received from an authorized representative of the Plan Administrator; ■ Keeping accurate records of the Trust assets and making such records available to the Plan Administrator. The Plan Recordkeeper's duties shall be limited to those described above. The Administrator shall be responsible for any other administrative duties required under the Plan or by applicable law. HCSP Plan Document December 1, 2023 T