Subd. 1. Fiduciary status.

For purposes of this chapter, the following persons are fiduciaries:

1. (1) any member of the governing board of a covered pension plan;
2. (2) the chief administrative officer of a covered pension plan or of the State Board of Investment;
3. (3) any member of the State Board of Investment; and
4. (4) any member of the Investment Advisory Council.

Subd. 2. Fiduciary activity.

The activities of a fiduciary identified in subdivision 1 that must be carried out in accordance with the requirements of section 356A.04 include, but are not limited to:

1. (1) the investment and reinvestment of plan assets;
2. (2) the determination of benefits;
3. (3) the determination of eligibility for membership or benefits;
4. (4) the determination of the amount or duration of benefits;
5. (5) the determination of funding requirements or the amounts of contributions;
6. (6) the maintenance of membership or financial records;
7. (7) the expenditure of plan assets; and
8. (8) the selection of financial institutions and investment products.