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

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Investment Options Investment Options The MSRS invests its funds through the Minnesota State Board of Investment (SBI) in compliance with Minnesota Statutes, Chapter 11A. It shall be the sole responsibility of the SBI to ensure that all investment options offered under the Plan are appropriate and in compliance with any and all state laws pertaining to such investments. Once the funds are invested, in accordance with the Trust Document, they are held intrust for the sole purpose of paying reimbursements for qualified medical expenses and paying administrative expenses. The Trust is for the sole purpose of the Participant and cannot be reclaimed by the employer or by creditors of the employer. A Participant has the right to direct the investments of their account. If a Participant does not provide such direction, the Participant's account shall be invested in the default investment option selected by the Plan Sponsor. Participant Investment Direction Participants shall have the option to direct the investment of their account from among the investment options offered by the Plan. The Participant's right to transfer among or out of any such investment options shall be subject to any timing or other restrictions imposed upon Participants by the providers of the investment options chosen by the Participant, including, but not limited to market -timing restrictions, excessive trading restrictions and redemption fees. The Trustee or Custodian, as applicable, shall hold title to such investment options. A Participants right to direct the investment of account balances shall apply only to making selections among the options made available under the Plan and only to the extent specified by the Administrator pursuant to uniform rules. The terms of this paragraph, including any trading restrictions or fees, shall also apply to beneficiary and alternate payee accounts. (a) Each Participant shall designate in a manner prescribed by the Administrator one or more investment options in which they wish to have their account invested and may change such investment directions in accordance with and at the time or times specified under uniform rules established by the Administrator or the investment provider, as applicable. The Participant's account shall be debited or credited as appropriate to reflect all gains or losses on such investments. (b) Neither the Administrator, the Trustee, the Custodian, nor any other person shall be liable for any loss incurred by virtue of an investment in the default investment option, following the Participant's investment direction, or by reason of any reasonable administrative delay in implementing such directions. (c) The SBI may from time to time change the investment options made available under the Plan pursuant to uniform rules established by the Administrator. If an investment option is eliminated, all Participants who chose that investment option shall have money remaining in the eliminated investment option on the elimination date reinvested in the replacement investment option. The Participants shall have no right to require the Administrator to select or retain any investment option. Any change with respect to investment options made by the Administrator, however, shall be subject to the terms and conditions (including any rules or procedural requirements) of the affected investment options. HCSP Plan Document 9 December 1, 2023