The Minnesota State Board of Investment (SBI) is an agency you may not have heard of but is the State's fiscal backbone. It invests the State's holdings, in particular, the retirement savings of its employees.
Minnesota state government is the largest employer in the State of Minnesota, with over 41,000 active employees in more than 100 state agencies, boards, and commissions across the State. Almost another 58,000 are employed in Education at colleges and universities. Local Governments in cities, towns, and counties employ another 280,000 with another 140,000 in Education. In addition, the Minnesota State Retirement system currently pays monthly benefits to over 20,000 retirees survivors and disabled employees.
That is why the investing strategy of the SBI is so essential. Those workers are counting on good returns for their contributions to their pensions so that they can collect those payments when they retire. So even if you hate pensions, think that everybody should have a defined contribution retirement or 401K or think it's unfair that public sector workers have them and private-sector workers don't, here is why you should care.
The Minnesota House of Representatives 2022 legislative session ended on its constitutionally required date of May 23 at midnight. Here's a recap of what did and didn't get done.
On March 9, 2019, the New Republican House Caucus released the Freedom and Opportunity Budget.